Fetch.AI is a combination of artificial intelligence (“AI”), machine learning (“ML”), multi-agent systems and blockchain technology to create a lean internet. It is essentially a platform that has digital composites of data, hardware, services, infrastructure and users working to find solutions to various problems.
The Fetch.AI ecosystem utilizes a distinctive smart ledger technology to deliver high quality solutions at affordable prices. The ledger uses a proof-of-work mechanism that leverages AI to accumulate knowledge over time.
Fetch aims to automate an unlimited number of markets that currently require huge manual intervention. Autonomous economic transactions will provide virtually frictionless markets running at digital speed.
Fetch.AI envisions a world where everyone owns multiple economic agents on the Fetch.AI platform that work sequentially or in parallel to produce solutions to complex current and future problems that are far more elegant and efficient than humans can produce.
Features
Fetch AI is incorporated in the UK with the goal of creating a digital economy where autonomous agents can interact with each other without human intervention.
Here are some of the problems that Fetch AI is trying to solve:
- Improving economic efficiency by providing market intelligence to prevent problems such as empty container delivery and energy waste using the electricity grid
- “Disconnection” between centralized systems because they can’t communicate effectively with each other
- Scalability of distributed ledger technology
- Fetch AI creates a product that enables tasks, data, services, and rewards for effort. The technology includes a three layer architecture; 1) Autonomous Economic Agents (AEA), 2) Open Economic Framework (OEF), 3) Smart Ledger. ML and AI are integrated in all layers to incorporate a smart element into the system.
A few important features include:
- OEF is the digital world in which AEAs operate, allowing them to access services and connect with other partners. In addition, high-level commands (transmission, exploration, search and discovery) and low-level commands (consensus, mutual trust, transactions, and protocol management) can be executed.
- An AEA is a digital entity acting on its behalf. They are linked to existing hardware and can communicate with other agents to fulfill the owner’s requirements.
- Smart Ledger – A unique blend of blockchain and DAG with two main components; 1) a smart ledger contract and 2) data stored on a DAG
- uPoW – Useful consensus validating work that builds market understanding and trust over time
- Intelligent machine learning that improves efficiency with past, present, and future elements used by AEA
- Synchronization of 40k tps between nodes and 30k tps for mining blocks
- Token FET
- When the Fetch.AI core network is launched, the FET token allows autonomous economic agents to perform tasks on the network. The FET token is the key method of value exchange in the Fetch.AI network. It is required for all network exchanges, as a method of registering on the network, for distribution, and as a mechanism for delivering value back to those who perform work on the network.
The FET token gives agents access to the digital world. It allows them to exist in that world, in multiple locations, and to explore it in search of other agents to bring value to or profit from. This value can be in the form of access to services, data, infrastructure or data processing through AI and ML algorithms.
