What is Fetch.ai (FET)? Guide to History, Uses, and Future Trends

Interested in Fetch.ai project history? What is Fetch.ai used for? This article will go into detail about how fetch.ai works, the project history, and how to purchase the token.

What is Fetch.ai?

Fetch.ai (FET) is a project that makes custom AI services available to its users. In summary, Fetch.ai provides services that allow users to automate processes across many industries and ideally reduce overhead costs by doing so.

The project envisions itself as an autonomous “machine-to-machine” ecosystem that allows AI programs called agents to perform a variety of functions.

Potential use cases include:

Improving business efficiency for financial services customers Allowing smart cities to improve services for residents Eliminating unnecessary intermediaries in the business economy by optimizing business recruitment

Fetch.ai aims to automate processes in industries such as supply chain tracking, energy, finance, Web3, transportation and more.

History and development: Who created Fetch.ai?

Fetch.ai was founded in 2017 by Thomas Hain, Toby Simpson and Humayun Sheikh. Outlier Ventures funded and supported Fetch.ai. The project also launched an Initial Exchange Offering (IEO) on Binance, which raised $6 million in just 10 seconds.

The Fetch.ai team deployed the mainnet in early 2020. The team has formed partnerships with Bosch to introduce automation and AI data systems for industrial applications, as well as with Datarella to trial smart city infrastructure in Munich, Germany.

How does Fetch.ai work?

Fetch.ai has a few different elements: here’s how it all works.

AI Agents that perform functions and make decisions on the platform

Agentverse is a software-as-a-service (SaaS) platform for fine-tuning agents.

The AI ​​Engine is an interface that adds a human touch by receiving instructions and queries.

The Fetch Network brings all these layers together in a single interface.

Transaction Fetch.ai проверяются с использованием собственной уникально й version механизма consensus blockchain Proof of Stake. Роль токена FET заключается в создании and развертывании агентов ИИ, These agents are either suppressed or destroyed. FET is a process for realizing intelligent computers, servers and transmissions.

Network agents use machine learning to adapt to real-time media and conditions, which advocates Fetch.ai state helps improve network efficiency.

Take the Munich partnership as an example. In this smart city initiative, Fetch.ai can monitor traffic flow and suggest improvements to reduce congestion.

It can potentially implement these improvements at will by controlling traffic lights based on real-time data.

Other examples include ensuring efficient use of energy.

How to buy Fetch.ai: methods and wallets

FET tokens are traded on multiple different crypto exchanges.

1. Register an exchange account

To get started, open an account at one of the following exchanges where FET tokens are traded.

Options:

Enter your email address and follow the instructions to create your account. You’ll usually also need to go through Know Your Customer (KYC) verification checks. These depend on the exchange, but you’ll need a photo ID and other information such as proof of your address.

2. Buy or deposit crypto

You cannot currently purchase FET directly with fiat currencies such as USD or EUR.

What you can do is deposit funds via bank transfer and exchange those funds for crypto or directly deposit your cryptocurrency directly into your exchange wallet.

If you’re not sure where to start, here’s a guide to buying crypto.

3. Buy Fetch.ai (FET)

To buy FET, you need to exchange your cryptocurrency for FET. You can trade FET for BNB, USDT, USDC, and BTC on Binance, and these last three cryptocurrencies are common FET trading options for other exchanges as well.

Go to the spot trading menu at your exchange and enter the amount of FET you want to buy.

If you place a market order, the order will be executed instantly at market value. If you place a limit order by selecting the exact price you want to trade, your order will be queued and executed upon demand.

Limit orders require a little more knowledge, time and input on your part, which in return results in a lower fee you pay.

5: Store your fetch.ai (FET) in a Wallet

You can store the FET in a software or hardware wallet.

Hardware wallets like Ledger Nano S or Trezor keep your funds offline on a hardware device. Offline storage, or cold storage, is generally the safest way to store crypto.

On the other hand, software wallets such as MetaMask or TrustWallet are seen as more useful and accessible. With software wallets, it is especially important to protect your private information, such as private keys, by not storing such information online.

Regulatory environment for Fetch.ai

It’s always useful to know the regulatory status of a cryptocurrency you’re purchasing or tracking, including Fetch.ai. Regulations may vary in different areas around the world, which may affect the legality of crypto trading. The price may also be affected by regulatory decisions.

Fetch.ai is an interesting project from a regulatory perspective as it operates as both a cryptocurrency and an AI project, both of which are subject to regulation or potential future regulation.

United States of America

Crypto regulation in the US is governed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The SEC is the body that determines whether an asset, including cryptocurrencies, qualifies as a security. Securities are strictly regulated and can only be traded with a license. FET is not classified as a security and therefore is not subject to any securities restrictions.

However, exchanges selling FET tokens must comply with AML and KYC regulations in the US.

AI is currently not regulated in any way in the US, but this may change in the future as AI tools and businesses become more widespread.

European Union

Cryptocurrency is regulated in the EU by individual national institutions. However, the EU is implementing the Crypto-Asset Markets (MiCA) regulation, which aims to provide a unified framework within which EU countries can regulate crypto. MiCA is expected to come into force in June 2024.

There is currently no indication that MiCA will negatively impact the operation or availability of Fetch.ai and FET tokens. The EU also passed the EU Artificial Intelligence Law in March 2024, which addresses AI regulation. The impact of this regulation on projects like Fetch.ai is not yet known.

Asia

Asia, which represents a large portion of the global population, has various laws surrounding cryptocurrency. Japan and South Korea have strict and comprehensive regulations on crypto when it comes to anti-money laundering and KYC verification. China has completely banned the trading and mining of cryptocurrencies; This means Fetch.ai’s use case is very limited here due to the inability to sell FET tokens. China is also working to implement AI regulations.

AI in Singapore is regulated by the 2019 Model AI Governance Framework, which aims to ensure that AI systems are human-centric and that decisions made by AI models are fair and transparent. Regulations like this are being debated in many parts of the world, and it’s possible they could impact the way the Fetch.ai network is allowed to operate.

The future of Fetch.ai

Although Fetch.ai is a promising project in many respects, it may face regulatory challenges in the near future depending on how artificial intelligence regulations will be implemented.

Technological developments and integrations

In addition to partnering with Bosch and Datarella, Fetch.ai has also aligned with Deutsche Telekom through the Fetch.ai Foundation. Partnerships with reputable companies outside the crypto space are often seen as a green flag that a project has uses across a variety of industries.

Fetch.ai now has multiple different blockchain networks, thanks to the Cosmos network integrating the Inter-Blockchain Communication Protocol. For example, there are now DeFi protocols that can support Fetch.ai technology across different networks. This effort to make projects compatible with each other in the blockchain field is called interoperability.

Projects that seem unlikely to be limited to a single network are often seen as having a competitive advantage.

A recent Fetch.ai upgrade also allowed smart contracts using the Rust programming language to be run on the network, meaning more advanced applications can now be built on Fetch.ai.

Fetch.ai price history and market performance

The price of the Fetch.ai cryptocurrency FET recently reached all-time highs, coinciding with a general increase in interest in artificial intelligence projects around the world.

FET began trading around $0.21 in June 2019 and has increased significantly in value. The price remained fairly dormant throughout 2019 – 2023 before exploding in value this year. The price of FET increased by over 400% from February to March 2024, reaching $3.20. It is currently trading at $2.49.

Potential of Fetch.ai

With its serious partnerships and promising use cases in many areas, Fetch.ai is in a strong position to have a significant share in the artificial intelligence solutions and services market. As demand for AI platforms increases, Fetch.ai may become a dominant player, but this increased demand will mean more competition from other projects.

Fetch.ai is vulnerable to any potential technological weaknesses it may have, as well as any negative regulations in the cryptocurrency or AI industry.

Those following the project would do well to monitor the regulatory environment and potential competition as the market for Fetch.ai’s AI solutions and blockchain technology continues to grow.

FAQ Who owns Fetch.ai?

Toby Simpson, Humayun Sheikh and Thomas Hain are the founders of Fetch.ai. Fetch.ai Limited is registered in Cambridgeshire, United Kingdom. A separate organization, the Fetch.ai Foundation, is involved in the development and management of the project.

Is Fetch.ai safe?

Fetch.ai was audited by blockchain auditing company Certik, which gave the project a score of 91 out of 100. Projects without such control cannot be considered safe. While Certik’s audit is an excellent sign for the Fetch.ai project, audited projects can and do fall victim to human error and security breaches.

What makes Fetch.ai unique?

Fetch.ai is unique in its approach to deploying AI-powered autonomous agents on a blockchain network to improve operations across a variety of industries. While other projects also use blockchain technology as well as artificial intelligence and machine learning, the Fetch.ai ecosystem is unique with its 4-layer setup.

How many fetch.ai coins are there

Fetch.ai (FET) has a circulating supply of approximately 848,193,896 FETs. The maximum supply of FET tokens is limited to 1.15 billion.