The CMP of FET as on 20th Jan’23 is $0.264
What is Fetch.ai?
Fetch.AI is an artificial intelligence (AI) lab that specializes in building a decentralized network composed of various autonomous agents which can represent themselves, other individuals, or devices and services. Fetch.ai democratizes access to AI technology by providing a permissionless network through which anyone can connect and access secure datasets by utilizing autonomous AI to execute tasks that leverage its global data network.
How is it Unique?
Fetch.ai(FET) is unique in several ways:-
FET was created to locate, construct, deploy, and train digital twins and is an important component of the platform’s smart contracts and oracles.
The Fetch.ai technology stack has four distinct elements, which are:
- The Digital Twin Framework — provides modular components that help teams build marketplaces, skills, and intelligence for digital twins to connect with.
- The Open Economic Framework — provides search and discovery functions to digital twins.
- The Digital Twin Metropolis — a collection of smart contracts that run on a WebAssembly (WASM) virtual machine to maintain an immutable record of agreements between digital twins.
- The Fetch.ai Blockchain — combines multi-party cryptography and game theory in order to provide secure, censorship-resistant consensus as well as rapid chain-syncing to support digital twin applications.
Tokenomics:
The native token of the Fetch.ai is the FET token, which will be used in order to fund some of the network functions and to encourage good behavior of the Agents. The total supply of FET is just over 1.15 Billion and the circulating supply is almost 819 Million.
The FET token is the Fetch network’s medium of exchange, letting AEAs to deal with one another by trading FET tokens for services, data, or other items. This enables for smooth machine-to-machine transfers.
Competition Analysis:-
There are several decentralized machine learning networks that could be considered competitors to Fetch.ai. Some examples include:
- Fluence – A decentralized platform designed to enable the freedom of digital innovation via peer-to-peer applications
- Helium – The People’s Network represents a paradigm shift for decentralized wireless infrastructure.
- Poly AI: Develops a machine learning platform for conversational artificial intelligence.
Team and Community:
The three co-founders and their four additional division leaders lead the Fetch.AI team. As CEO of Fetch.ai, Humayun Sheikh has a long experience with artificial intelligence, having been an early investment in the AI business DeepMind, which was eventually bought by Google. His previous ventures include the artificial intelligence business itzMe and the drone company uVue.
Many members of the team were formerly employed by Deep Mind, which is widely regarded as one of the most innovative Machine Learning and AI research firms in the world. The founders, developers, and consultants of this Cambridge-based startup, formed in 2017, all have excellent credentials.
They have over 13,000 followers on Telegram and nearly 113K on Twitter, but this project enjoys a lot of attention since it is being launched on Binance, and the Binance user base is in a sense the community.
Conclusion:-
FetchAI is an excellent choice for a startup looking to get into the competitive field of AI and Machine Learning. Many members of the team were formerly employed at Deep Mind, an AI business that created cutting-edge technologies in the field of neural networks. Furthermore, the firm was able to attract some extremely excellent advisers with extensive knowledge in the relevant fields: economics, AI, and so on.
The project has gotten more open and transparent, which is a positive thing. Detractors have previously claimed that the initiative was a hoax due to the lack of information made public. That has changed in recent months, and the increased openness has made Fetch a considerably more promising concept.
Pros:-
– The team appears to have the abilities, expertise, and industry experience to build decentralized solutions that can solve various real-world challenges in a range of sectors ranging from supply chain to energy, among others.
Cons:-
– Development is projected to be a lengthy and costly process.
– From an investor’s perspective, the token utility as described is not as compelling; there aren’t enough reasons given in the white paper to have a native token and show potential for the token to rise in value.
Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.
Start your Crypto Investments with XMINT Bots today
