Fetch.ai (FET) is a blockchain platform built to cash in on machine learning and peer-to-peer (P2P) interactions.
They describe Fetch.ai as an autonomous machine-to-machine ecosystem. They built this network from Fetch.ai “agents.” Each agent is an independent party that interacts via the blockchain. Hence, Fetch.ai is an effort to expand the internet-of-things (IoT) to the blockchain.
Fetch.ai claims autonomous economic agents can negotiate and transact business over its network without human user input. For example, an autonomous machine could order supplies through the Fetch.ai network.
Decentralized Machine Learning on the Blockchain
The Fetch.Ai (FET) token serves as the principal medium of exchange on the Fetch.ai blockhain and its native token. One use of the FET token is to incentivize machine learning.
One use of the Fetch.Ai blockchain is decentralized machine learning. Machine learning is teaching artificial intelligences, robots, and autonomous machines skills or tasks. Hence, they hope to pay people FET to teach machines skills through the Fetch.Ai blockchain.
Agents which contain modular and reusable code to enable P2P transactions allow users to access the Fetch.Ai blockchain. They plan to build a library of clients for teaching and testing skills.
What is Fetch.ai?
They call Fetch.ai an inter-chain protocol based on Cosmos Software Development Kit (SDK). Fetch.ai uses a high performance WASM (WebAssembly) based smart contract programming language they call CosmWasm.
To explain, smart contracts are digital robots that perform tasks on the blockchain. Hence, Fetch.ai helps develops build and program smart contracts. Smart contracts are the basis of most blockchain platforms and tasks.
Developers could use Fetch.ai to pay others to program their smart contracts through Fetch.ai. An obvious use of Fetch.ai is build and program smart contracts that operate on the internet of things (IoT). For example, smart contracts that run IoT devices. Or stablecoins to pay IoT vending machines.
A stablecoin is a cryptocurrency that contains a smart contract that makes payment in a fiat currency. For example, Tether (USDT) pays in US dollars when you spend it.
Users can stake Fetch.ai and download a Fetch.ai wallet from Fetch.ai’s website.
What Value can Fetch.ai offer?
Fetch.ai claims to be working with some major partners, including Bosch, Gemini, Binance, Coinbase (COIN), FESTO, and Outlier Ventures.
One use of Fetch.ai could be to build smart contracts to control Bosch appliances. For example, to build a refrigerator that could order food when supplies run low. They could use blockchain for appliances to bring an added layer of security to the Internet of Things.
Mr. Market thinks Fetch.ai and decentralized learning offer some value. For example, Fetch.ai (FET) was CoinMarketCap’s 12th most trending cryptocurrency on 30 December 2022.
McKinsey analysts think the Internet of Things offers enormous value. McKinsey forecasts the IoT could add $5.5 trillion to $12.6 trillion in value to the global economy by 2030. Sectors where the IoT could value include healthcare, manufacturing, and business-to-business (B2B) software. McKinsey estimates the IoT could add $1.4 trillion to $3.3 trillion to manufacturing by 2030.
What Value could Fetch.ai obtain?
However, the current value of Fetch.ai (FET) is small. CoinMarketCap gave FET a 9.767₵ Coin Price, a $79.957 million Market Capitalization, a Fully Diluted Market Cap of $332.889 million, and a 24-Hour Market Volume of $14.764 million on 2 January 2023.
There was also a Centralized Exchange (CEX) Volume of $14.757 million and a Decentralized Exchange Volume of $4,187 on 2 January 2023. They base those numbers on a 818.912 million FET Circulating Supply, a 3.409 billion FET Maximum Supply, and a 1.153 billion FET Total Supply. FET was CoinMarketCap’s 186th ranked cryptocurrency on 2 January 2023.
Conversely, CoinGecko gave Fetch.ai (FET) a 9.8₵ Coin Price, a $67.585 million Market Cap, a 24-Hour Trading Volume of $22.112 million, and a $113.245 million Fully Diluted Valuation on 2 January 2023. They base those numbers on a Circulating Supply of 688.118 million FET, a 1.153 billion FET Total Supply, and a 1.153 billion Maximum Supply. Fetch.ai was CoinGecko’s 276th ranked cryptocurrency on 2 January 2023.
If you are looking for a cryptocurrency and protocol that could grow with the Internet of Things (IoT). Fetch.ai is worth examining. If the hype about the IoT comes true, Fetch.ai could grow in value in the future.