What is Fetch.ai (FET)? Guide to History, Uses, and Future Trends

Are you interested in the history of the Fetch.ai project, what is the use of Fetch.ai? This article will go into detail about how fetch.ai works, the history of the project, and how to purchase the token.

What is Fetch.ai?

Fetch.ai (FET) is a project that makes personalized AI services available to its users. In short, Fetch.ai provides services that allow users to automate processes in many industries and ideally reduce their overhead costs by doing so.

The project designs itself as an autonomous “machine-to-machine” ecosystem that enables artificial intelligence programs, called agents, to perform a variety of functions.

Potential use cases include:

• Improving trading efficiency for financial services clients
• Allowing smart cities to improve services provided to residents
• Eliminate unnecessary intermediaries in the gig economy through improved recruitment

Fetch.ai aims to automate processes in industries like supply chain tracking, energy, finance, Web3, transportation and many more.

History and Development: Who created Fetch.ai?

Fetch.ai was founded in 2017 by Thomas Henn, Toby Simpson, and Humayun Sheikh. Outlier Ventures funded and backed Fetch.ai. The project also launched an Initial Exchange Offering (IEO) on Binance that raised $6 million in just 10 seconds.

The Fetch.ai team deployed the mainnet in early 2020. The team secured partnerships with Bosch to deliver automation and AI data systems for industrial applications and also with Datarella to pilot smart city infrastructure in Munich, Germany.

How does Fetch.ai work?

There are a few different elements to Fetch.ai: Here's how it all works.

Artificial intelligence agents That executes functions and makes decisions on the platform

agent It is a Software as a Service (SaaS) platform where agents are fine-tuned.

Artificial intelligence engine It is an interface that adds a human touch by receiving instructions and inquiries.

Fetch network It brings all these layers together in one interface.

Fetch.ai transactions are verified using its unique version Blockchain consensus mechanism Proof of stake. The role of the FET code is to create and deploy the AI ​​agents that operate on the network, as well as to train these agents. FET is also used to implement smart contract, network oracle, and transaction operations.

Network agents use machine learning to adapt to media and conditions in real-time, helping Fetch.ai case proponents improve network efficiency.

Let's take the Munich Partnership as an example. In this smart city project, Fetch.ai can monitor traffic flow and suggest improvements that will reduce congestion.

It could potentially put these improvements into practice on its own by controlling traffic lights based on real-time data.

Other examples include making sure energy is used efficiently.

How to buy Fetch.ai: methods and wallets

FET tokens are traded on many different cryptocurrency exchanges.

1. Register an exchange account

To get started, register an account on one of the following exchanges where FET tokens are traded.

Options:

Enter your email address and follow the instructions to create your account. Typically, you will also need to pass Know Your Customer (KYC) verification checks. It depends on the exchange rate, but you will need photo ID and other information such as proof of your address.

2. Buy or deposit cryptocurrencies

Currently, you cannot buy FET directly with fiat currency such as USD or EUR.

What you can do is deposit funds through bank transfer and exchange these funds for cryptocurrencies, or simply deposit cryptocurrencies directly into your exchange wallet.

Here's a guide on buying cryptocurrencies if you're not sure where to start.

3. Buy Fetch.ai (FET)

To purchase FET, you will need to exchange your cryptocurrency for FET. On Binance, you can trade FET for BNB, USDT, USDC, and BTC, and these last three cryptocurrencies are popular FET trading options for other exchanges as well.

Go to the spot trading menu on your exchange and enter the amount of FET you wish to buy.

If you place a market order, the order will be executed immediately at the market value. If you place a limit order by specifying the exact price you want to trade at, your order will enter the queue and will be executed if the order exists.

Limit orders involve more knowledge, time and input on your part, and the trade-off is lower fees you pay.

5: Store fetch.ai (FET) in the wallet

You can store the FET in a software or hardware wallet.

Hardware wallets like the Ledger Nano S or Trezor keep your funds offline on a device. Offline storage, or cold storage, is usually the most secure way to store cryptocurrencies.

On the other hand, software wallets like MetaMask or TrustWallet are seen as more convenient and accessible. With software wallets, it is especially important to protect your private information such as private keys by not storing this information online.

Fetch.ai's regulatory landscape

It's always helpful to know the regulatory status of the cryptocurrency you're purchasing or monitoring, including Fetch.ai. Regulations can change in different regions around the world, which may affect the legality of cryptocurrency trading. The price can also be affected by regulatory provisions.

Fetch.ai is an interesting project in terms of regulation due to its operation as a cryptocurrency and an artificial intelligence project, both of which are subject to regulation or possible future regulations.

United State

Cryptocurrency regulation in the United States is managed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The Securities and Exchange Commission (SEC) is the body that determines whether an asset, including cryptocurrencies, qualifies as a security. Securities are strictly regulated and can only be bought and sold with a license. FET is not classified as a security and is therefore not subject to any securities restrictions.

However, exchanges selling FET tokens must comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) legislation in the United States.

AI is not currently regulated in any specific way in the United States, but this is something that may be subject to change in the future as AI tools and tools become more widespread.

European Union

Cryptocurrencies in the European Union are regulated by individual national bodies. However, the European Union introduces the Markets for Cryptoassets Regulation (MiCA) which seeks to provide a uniform framework within which EU countries can regulate cryptocurrencies. MiCA is scheduled to come into force in June 2024.

There is no indication that MiCA will negatively impact the operation or availability of Fetch.ai and FET tokens at this time. The European Union also passed the EU AI Act dealing with AI regulation in March 2024. What impact this regulation might have on projects like Fetch.ai remains to be seen.

Asia

Asia represents a large portion of the world's population, and has diverse laws surrounding cryptocurrencies. Japan and South Korea have strict and extensive cryptocurrency regulations when it comes to anti-money laundering and KYC verification. China has completely banned cryptocurrency trading and mining, meaning Fetch.ai's use case is very limited there as FET tokens cannot be sold. China is also working to introduce regulations for artificial intelligence.

In Singapore, AI is regulated through the Model AI Governance Framework 2019, which aims to ensure that AI systems are human-centered and that decisions made by AI models are fair and transparent. Such regulations are being discussed in many regions around the world, and will likely impact the way the Fetch.ai network is allowed to operate.

Future Outlook for Fetch.ai

Fetch.ai is a promising project in many respects, although it may face regulatory headwinds depending on how AI regulations are implemented in the near future.

Technological progress and integration

In addition to the partnership with Bosch and Datarella, Fetch.ai has joined Deutsche Telekom Via Fetch.ai. Partnerships with reputable companies outside the cryptocurrency space are often seen as a green sign that a project has a use case in a variety of industries.

Fetch.ai is now powered by many different blockchain networks thanks to the integration of the Inter-Blockchain communication protocol by the Cosmos Network. For example, there are now DeFi protocols on various networks that can support Fetch.ai technology. This effort to make projects compatible with each other in the blockchain space is called interoperability.

Projects that look like they won't be limited to one network are often seen as having an advantage over the competition.

The recent Fetch.ai upgrade also allowed smart contracts to run using the Rust programming language on the network, meaning that more advanced applications can now be built on Fetch.ai.

Fetch.ai price history and market performance

The price of FET, the Fetch.ai cryptocurrency, recently reached all-time highs, coinciding with a general increase in interest in AI projects around the world.

FET started trading in June 2019 at around $0.21 and its value has increased significantly. The price remained fairly dormant throughout 2019-2023 before rising in value this year. The price of FET rose more than 400% from February to March 2024, reaching $3.20. It is now trading at $2.49.

The potential of Fetch.ai

Thanks to its strong partnerships and promising use case in many areas, Fetch.ai is strongly positioned to break into a corner of the AI ​​solutions and services market. As demand for AI platforms increases, Fetch.ai may be able to become a dominant player, although this increased demand will mean more competition from other projects.

Fetch.ai is vulnerable to any potential technological vulnerabilities it may have, as well as unfavorable regulation in the cryptocurrency or AI sector.

People following the project would do well to keep an eye on the regulatory climate as well as potential competition Fetch.ai as a market for AI and blockchain technology solutions continues to grow.

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