Staky spotlight: Fetch ($FET)
Established in 2017, Fetch.ai promotes itself as the world’s first adaptive, self-organizing smart ledger. It has developed a decentralized network where digital representatives can find, communicate, and trade with each other. Some of the leading businesses have partnered with Fetch in their efforts to rigorously participate in a decentralized digital economy. This list of partners includes the likes of Bosch, Festo, Binance, Blockchain For Europe, Datarella, Yoti, etc.
Fetch was founded by Humayun Sheikh, Thomas Hain, and Toby Simpson. To date, it has raised a total funding of US$26 million from three investors. These investors are GDA Group, Blockwall Management, and Outlier Ventures.
Among the founders of Fetch, Humayun Sheikh has the experience of leading three other companies, including Mettalex, uVue, and itzMe. Thomas Hain, another co-founder of Fetch, has been associated with different leading organizations and educational institutions as their director, visiting professor, or advisory board member. Some of these organizations and institutions include Sheffield University, Nagoya Institute of Technology, Toshiba Research Labs, etc. Another co-founder, Toby Simpson, holds more than thirty years of experience in software development. Out of these thirty years, ten years Toby has served as CTO of three different companies.
The Native token of the Fetch.ai platform is FET. It currently has a market capitalization of more than US$494 million.
Fetch.ai: Mission 👨🏼🚀
Fetch strongly believes in blockchain’s potential in decentralizing federated learning algorithms. It focuses on leveraging these decentralized algorithms to advance the benefits of collective machine learning models and disseminating them across multiple owners of data. They also focus on the development and deployment of autonomous agent populations that can fulfill economic goals through strategy, communication, search, and the exchange of value.
Finally, Fetch explores the power of cryptography in enhancing the speed, efficiency, and security of blockchain. To meet its goal, Fetch intends to utilize next-gen multi-party computation (MPC) protocols for random beacons and aggregated signatures.
Fetch.ai: Technological Base and Use Cases 👨🏽💻
To encourage a decentralized digital economy, Fetch has been developing a decentralized machine learning platform, with a distributed ledger. The platform will enable secure sharing, connection, and transactions of global data. The foundation of Fetch’s network is built around open-source technology. Any user can connect to the network and utilize the power of AI on a secure global dataset to carry out complex coordination tasks.
Fetch works through a series of software agents acting on behalf of their owners to offer an optimized service across diverse ecosystems.
With Fetch.ai’s Decentralized Delivery Network (DDN), businesses can deliver pizzas, people, and packages worldwide. This Mobility Framework has further been incentivized with FET rewards.
The FET-enabled Autonomous AI Travel Agents empower direct provider-to-consumer interaction, cutting down the role of centralized aggregators and reducing the cost of hotels.
The commodity exchange and decentralized finance services of Fecth.ai help increase liquidity in steel, base metals, and other commodities trading.
With Fetch.ai’s collective learning module, businesses can encourage distributed parties to work together to train machine learning models. The module ensures no sharing of the underlying data or trusting any of the individual participants.
The Fetch.ai signs agents equip traffic signs with the ability to communicate with vehicles. It also helps add additional insights to their journey.
The supply chain services of Fetch.ai allow businesses to analyze future patterns. It helps to strategize for upcoming disruptions.
In transport and mobility, Fetch.ai’s Autonomous Economic Agents work on behalf of the users by operating on their preferences and learning as they go. The system helps adjust in real-time to combat any unforeseen consequences. Similarly, the services of Fetch also help find out solutions for parking and congestion, eMobility and electric vehicle infrastructure, energy sector, the smart housing industry, etc.
Fetch.ai Tokenomics 💸
FET tokens enable users of the Fetch network to build and deploy their agents. The developers can pay with FET tokens if they have to access machine-learning-based utilities. These utilities come in handy in training autonomous agents and distributing collective intelligence on the network. You also need to stake FET tokens if you want to become a validator node on the network.
The maximum supply of FET tokens is capped at 1,152,997,575 FET, whereas the total supply stands at 1,151,441,226 FET coins. The number of FET tokens in circulation is a little more than 746 million, at present.
Fetch.ai Recent Updates 📰
On April 23, 2021, Fetch partnered with Cosmostation, an enterprise-level validator node infrastructure & end-user application provider. Through this collaboration, Cosmostation will provide institutional-grade staking and validator node services on Fetch.ai’s Mainnet 2.
On April 22, 2021, Bitmart, the globally renowned crypto exchange, decided to list FET, opening with a FET/BTC trading pair.
On April 16, 2021, Infstones, a decentralized machine learning platform based on a distributed ledger, was onboarded by Fetch as its Genesis validator for Fetch’s Mainnet 2.0 launch.
As a testimony to Fetch’s growing importance, Alpha Sigma Capital Research initiated coverage on Fetch.ai. Alpha Sigma focuses on providing insights on blockchain companies that have successfully built a user base and have substantial real-world use cases.
The growing price of FET also validates the growing importance of its parent network. Coins that were priced at $0.00827 in March 2020, witnessed an explosive surge to reach their all-time high of $0.8785 on Mar 31, 2021.
Being a provider of revolutionizing solutions to everyday problems through intelligent data sharing, machine learning, and artificial intelligence, Fetch can be reasonably expected to grow significantly in the years to come.