What is Fetch.AI?
Fetch.AI (FET) is an open-access, decentralized machine learning blockchain network, founded with the aim of stimulating the development and growth of the digital economy without human intervention. The network connects devices and services to the Internet of Things (IoT) and also facilitates the involvement of other agents, such as humans.
Fetch.AI creates tools and appropriate infrastructure to support the development of a decentralized digital economy based on artificial intelligence. The network connects people, devices, and services, enabling the sharing of data and collaboration to be possible.
How does Fetch.AI work?
The Fetch.AI model consists of 3 components.
1. Autonomous Economic Agents (AEA)
AEAs are fully capable digital citizens acting on behalf of individuals, devices, and organizations. AEAs connect to the Fetch ecosystem through hardware systems or data sources and extract value through data discovery and its predictive functionality.
Cars or carriers can delegate AEAs to predict how much fuel they should use based on weather or traffic conditions.
AEAs work within the parameters set by the system, identifying essential information that is inputted into deep learning algorithms to produce the best solution. The system can also analyze data from previous interactions with agents to consistently improve by learning from past mistakes.
2. Open Economic Framework (OEF)
OEFs support AEAs by creating an adaptive simulator environment that maximizes the interaction and connectivity capacity of the AEA based on their transaction and search data.
AEAs connect to OEFs via APIs and then gather information to interact with their target assets. Node operators receive token rewards for facilitating and validating the connection of these systems.
3. Haal Slimme Dagboeken op.
Fetch's ledger uses a combination of transaction chains and Direct Acyclic Graph (DAG) technology. DAG is an alternative distributed ledger technology to blockchain. It is most popular with projects such as Hedera Hashgraph, IOTA, and Byteball.
The Fetch system collects transactions in chains and assigns them to different transaction lanes simultaneously. A valid transaction under Fetch.AI is defined as a transaction that contains information about the resources it uses. If the transaction capacity of the system becomes limited, it can easily expand by chain forking, and Fetch.AI tracks the origin of the new forks by setting parameters based on the resources used.
The Fetch.AI token
The FET token will be used to finance certain network functions and to incentivize good behavior from the Agents.
Here are some of the most interesting applications of the FET token
Launching a new agent on the network: Once a developer has built an agent and wants to deploy it on the network, he must deposit a certain amount of FET; this gives the agent the right to operate on the network. This type of staking makes it economically unfeasible for malicious actors to deploy malicious agents.
Exchanging services and data between agents: Within the network, the FET token will be used as a medium of exchange for agents to obtain data and services from each other. FET supports micropayments, which is a key function in an IoT network.
Financing network maintenance operations: Just like in the Ethereum network, the FET token is not used for the network's operational costs. However, the FET token is used to stabilize the price of the network's "Gas".
The technology behind FET.
Fetch.AI distinguishes itself with its advanced AI capabilities. The platform utilizes machine learning and AI algorithms to create autonomous agents that can learn and adapt independently. This enables them to solve complex problems and generate value in various industries.
