What is Fetch.ai (FET)?

Fetch.ai is a blockchain platform designed to bring automated digital economies to life. It uses a combination of artificial intelligence (AI), machine learning, and blockchain technology to create a decentralized environment where digital entities, known as Autonomous Economic Agents (AEAs), operate. These agents can perform a wide range of tasks autonomously, from executing trades in decentralized finance (DeFi) to optimizing logistics in supply chain management.

The Fetch.ai blockchain utilizes a modified version of the Cosmos protocol's Tendermint Proof-of-Stake (PoS) consensus mechanism. This consensus model allows the network to secure transactions and maintain the integrity and reliability of the ledger through a system where validators, chosen based on their stake in the network, propose and validate blocks. This system is designed to ensure rapid and secure transaction validation and chain synchronization, supporting the digital twin applications and AI functionalities unique to Fetch.ai.

Being part of the Cosmos ecosystem (popularly named “The Internet of Blockchains”), Fetch.ai benefits from interoperability with other blockchains through the Inter-Blockchain Communication (IBC) protocol. This enhances the Fetch.ai network's capability to connect with a wide range of data sources and services beyond its own ecosystem.

The inclusion of multi-party cryptography and game theory within its consensus mechanism allows Fetch.ai to offer a secure, decentralized, and scalable platform suitable for a wide array of applications ranging from DeFi to supply chain management.

How does Fetch.ai (FET) work and what makes it unique?

The core of Fetch.ai consists of several key components:

Digital Twin Framework: This allows developers to build sophisticated marketplaces and services. Digital twins represent real-world entities digitally within the Fetch.ai ecosystem, enhancing interactions and transactions.

Open Economic Framework (OEF): This is a search and discovery platform for digital twins, facilitating efficient and cost-effective interactions within the Fetch.ai network.

Digital Twin Metropolis: It consists of smart contracts that maintain immutable records of agreements between digital entities, running on a high-performance virtual machine.

Fetch.ai Blockchain: Underpinning the ecosystem, this blockchain combines innovative consensus mechanisms and a unique ledger structure to support the functionalities required by digital twins and AEAs, promoting secure and rapid transactions.

These elements work together to create a decentralized environment where digital agents can operate autonomously, offering solutions that are both scalable and capable of preserving privacy.

The FET token: Utility & tokenomics

The FET token underpins Fetch.ai's decentralized network, driving various functionalities and incentivizing participation. It is used primarily to facilitate transactions, compensate for computational services, and as a medium of exchange within the ecosystem. Holders of the FET token can participate in governance decisions, influencing the future direction of the network and its protocols.

The tokenomics of FET are designed to encourage a healthy, active ecosystem. The distribution of FET tokens has been carefully planned to support network growth, with allocations set aside for the project's development, community incentives, and long-term operational costs. This includes funds for the Fetch.ai foundation, rewards for network validators, and tokens reserved for future sales or community initiatives.

The FET token allocation is as follows: Foundation (20%), Founders (20%), Token Sale (17.6%), Future Releases (17.4%), Mining (15%), and Advisors (10%).

These mechanisms ensure that as the network grows and evolves, all participants — from developers to end-users — are aligned in their goals, contributing to a robust, decentralized, and innovative platform.

As of March 2024, FET has:

Market cap - $2,251,741,235

Circulating supply - 839,762,651 FET

Total supply - 1,152,997,575 FET

How to buy Fetch.ai (FET)?

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