What is Fetch.ai (FET)? Exploring decentralized AI agents

Fetch.ai is a decentralized platform for building, deploying, and monetizing artificial intelligence (AI)-based applications. The tool is designed to enable legacy systems to adopt AI using their existing application programming interface (API) and infrastructure. This intuitive platform allows anyone to connect and automate their tasks using AI-based user agents. 

In a space that many believe is at risk of centralization, Fetch.ai aims to democratize access to AI and provide a catalyst for new inventions with machine learning. Read on for our helpful guide to Fetch.ai.

What is Fetch.ai?

Fetch.ai is an open-source machine learning platform that can be used to accomplish sometimes complex and multi-faceted digital tasks using AI agents. For example, a holiday planner or live flight tracker. Blockchain technology underpins Fetch.ai’s decentralized network, which is powered by the project’s native token, FET. 

Users can employ AI agents that are trained by other users, or create their own agent to meet their specific needs. Fetch.ai can understand the context of your query, break it down into individual tasks, and route the task through one or multiple relevant AI agents in its library. 

History of Fetch.ai

Fetch.ai was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain in 2017 and was launched in 2019. Sheikh is the current CEO of Fetch.ai, and Simpson was the former COO, who currently serves as an advisory board member. Hain served as the organization’s Chief Science Offer from July 2017 until October 2023. Fetch.ai was launched out of Cambridge, UK. The entity initially started as a project to combine blockchain technology with AI and machine learning capabilities. 

After a successful initial exchange offering (IEO) in 2019, the FET token was launched as an ERC-20 token on the Ethereum network. In February 2022, Fetch.ai finally launched its mainnet and bridged FET to it as the network’s native token. The company raised $40 million from DWF Labs in March 2023, giving the entity a valuation of $250 million. 

How does Fetch.ai work?

Fetch.ai is a Layer-1 blockchain protocol developed using the Cosmos Software Development Kit (SDK) and the WASM programming language. It has three main components: agents, agentverse, and AI engine.

Agents are instruments that can interact with applications or other agents by applying AI to accomplish tasks. Developers can create autonomous agents to accomplish a specific task, or interact with other agents to extend the functionality of their applications. 

These agents can be set to be public or private when they’re being developed. This is where Agentverse comes in — a cloud-based platform to deploy and list agents. AI applications typically require expensive hardware to run on. Agentverse allows users to run agents and avoid this sometimes high cost. Meanwhile, Agentverse lists public agents to help users search for and find the option they need.

Finally, the AI Engine is a large language model (LLM) that understands user text input and takes the necessary action. It then uses Agentverse to find appropriate agents to accomplish the requested task. The tool can route the request through the best possible Agent, or combine multiple agents if necessary. 

Applications

Fetch.ai has several applications and use cases powered by AI on its blockchain. Some of the most popular applications include:

• Resonate.social: A decentralized social network that uses AI to remove malicious content. 

• AXIM: An AI-based data processing platform. Users can input their own data and use machine learning algorithms to draw out powerful insights. 

• Medical applications: During the COVID-19 pandemic, Fetch.ai models were used to detect the disease using chest X-rays, with 90% accuracy. Fetch.ai also partnered with Poznan Supercomputing Networking Center (PSNC) to help detect cancer cells at an early stage. 

Partnerships

Fetch.ai has built strong partnerships with companies across the Web3 space and myriad other industries.

• Bosch: The Fetch.ai Foundation partnered with Bosch to explore AI and Web3 applications that could streamline industrial processes, saving companies time and money.

• Deutsche Telekom: As the largest telecommunications provider in Europe, Deutsche Telekom has extensive knowledge in this sector. Its subsidiary, MMS, has become an active participant in the network and is currently a Fetch.ai network validator. 

• IOTA: IOTA is a decentralized IoT platform. Fetch.ai partnered with IOTA to enable granular control over data and reduce the reliance on centralized systems that can potentially take advantage of data. IOTA’s data stream technology allows its users to monetize their IOT data anonymously. Through this partnership, Fetch.ai’s agents can also tap into this rich source of data for IoT-related applications. 

Benefits of Fetch.ai

• Provides permissionless access to AI applications without registration or advanced technical knowledge. 

• Anyone can create and deploy AI applications. 

• Most major AI applications are controlled by a few powerful companies with vast resources. Fetch.ai provides an open, transparent, decentralized alternative that’s resistant to censorship. 

• ‌AI agents can automate and optimize complex tasks. 

• AI agents can also collaborate and learn from each other through the platform’s Collective Learning protocol (CoLearn), creating a fairer and more equitable system for everyone. 

Limitations of Fetch.ai

• Although the platform aims to simplify AI use for all, it still requires some prior knowledge to use. Also, programming knowledge is required to deploy your own AI agents. 

• Despite its long time in the market, Fetch.ai has limited use cases. 

• Like most crypto firms, the company is influenced by and must adapt to changing regulatory challenges.

Tokenomics and distribution of FET

FET is the native utility token of Fetch.ai, and it’s used to access the AI network. Funds totaling $7.05 million were raised in September 2018 through a private sale of FET. A further $6 million was raised through an IEO in March 2019. 

An ERC-20 token, FET’s supply is fixed at 1.15 billion with 848 million tokens in circulation as of April 2024. Initially, 40% of the circulating tokens were allocated to the Fetch.ai Foundation and the project’s founders. Meanwhile, 17.6% was sold through ‌token sales, 22.4% was reserved for future releases and mining, and 10% was distributed to advisors. 

FET is the primary medium of exchange on the Fetch.ai blockchain platform. It's used to pay network fees, deploy AI models, and access wider AI services. Additionally, Fetch.ai is a Proof of Stake (PoS) blockchain. Users can stake FET tokens to secure the network and earn rewards. Validators can also participate in the governance of the protocol.

How to buy FET

With its wide range of applications, FET is now listed on most major exchanges. Read on to understand how to buy FET on OKX. 

Buying FET on OKX

Step 1: Create an account on OKX.

Step 2: Once you’re verified and logged in, you're ready to buy FET. To do so, you need USDT in your account. You can deposit USDT in your account or buy some on OKX through Express buy, using the payment method of your choice. 

Step 3: Head over to “Trade” at the main navigation bar, click “Spot,” then type “FET” into the search bar on the top left. Next, select the “FET/USDT” pair. 

Step 4: Here you can check the current buy and sell price of FET. Place a limit or market order depending on your preference. The order will be fulfilled if the conditions are met, and the FET tokens will arrive in your OKX account. Placing a market order will allow you to buy FET instantly at the current market price. 

Buying FET on the OKX mobile app

The OKX mobile application is another convenient way to buy and sell FET from anywhere.

Step 1: Download the OKX mobile app for iOS or Android, depending on your device.

Step 2: Sign in to your OKX account. If you don't already have an account, select “Sign up” and follow the steps. 

Step 3: Once you’re registered, you’re now ready to buy FET. However, you need USDT in your account to buy. You can go to the “Assets” tab and deposit it if you already have USDT. If not, you can purchase using “Express buy” on the app. 

Step 4: Select “Trade” from the navigation bar at the button, tap the trading pairs seen on the top left, and type “FET”. Now, select “FET/USDT” under “Spot trading”. 

Step 5: Place a limit order by entering the desired price and quantity. Once the order is met, the FET tokens will arrive in your OKX Web3 Wallet. Alternatively, you can place a market order on the mobile app too, if you want it to be fulfilled immediately. 

The final word

With AI weaving its way into a wider variety of industries and products, the technology is taking significant strides forward in sophistication and utility. Centralization of AI is evident, driven by the cost and resources required to train and maintain custom models. That’s concentrating power in the hands of the few, which can create unfair conditions for smaller companies and individuals with the potential to do great things with AI. 

Decentralized AI networks like Fetch.ai aim to address this imbalance by removing the barriers to entry for developers and equipping them with the tools they need to build and express themselves.   

For example, products such as Bittensor provide a decentralized platform for users to create and train machine learning models. Fetch.ai goes one step further with its autonomous agents — powerful assistants that work together to understand and complete real-world tasks.