Fetch.AI(FET)

What Is Fetch.ai Used For?

Fetch.ai is a platform designed to automate and optimize complex systems using artificial intelligence in a decentralized network environment. 

The platform allows for the development, deployment, and orchestration of AI agents that can perform tasks autonomously. These agents interact within a digital economy to solve problems in real-time, ranging from energy distribution optimizations to complex supply chain solutions. 

Fetch.ai aims to reduce the need for human oversight in systems that benefit from autonomous solutions to enhance efficiency across various industries.

When Did Fetch.ai Launch?

Fetch.ai officially launched in 2017. The project was initiated to integrate blockchain technology with the burgeoning field of artificial intelligence, which focuses on creating a decentralized network where digital representatives of the economy’s moving parts could operate autonomously. 

The launch marked the beginning of an ambitious journey to redefine how devices, services, and algorithms interact in the digital and real-world sectors without central oversight. Check out other AI crypto projects that are transforming the blockchain industry here.

Is Fetch.ai an ERC20 Token?

Initially, FET was launched as an ERC20 token on the Ethereum network to facilitate early access and usage by developers. With the launch of the Fetch.ai Mainnet, a native version of the FET token became available.

Currently, both ERC20 and native FET tokens coexist, and users can convert their ERC20 FET tokens to native FET tokens. 

What Is the Use Case of FET Coin?

FET, the native token of Fetch.ai, plays a crucial role as the reserve currency within the Artificial Superintelligence Alliance—a collaborative effort involving Fetch.ai, SingularityNET, and Ocean Protocol. 

The coin is set to be renamed to ASI pending successful governance votes across the alliance's communities. This renaming aligns with the alliance's shift towards a unified platform for artificial superintelligence.

The primary use cases of FET include:

• Transaction Fees and Operations: Serving as the medium for transaction fees on the network, facilitating operations, and interactions among AI agents.

• Governance and Voting: Enabling token holders to participate in governance decisions, influencing the future development and protocols of the Fetch.ai ecosystem.

• Staking and Security: Providing a staking mechanism that enhances the network's security and integrity, encouraging users to lock in their tokens in return for rewards.

How Many FET Coins Are There?

The total supply of FET, soon to be ASI, is capped at 2.63 billion tokens. This cap includes the additional tokens minted as part of the transition to the Artificial Superintelligence Alliance:

• Original FET Supply: The pre-existing supply of Fetch.ai tokens.

• Additional Minting: As part of the alliance formation, 1.48 billion new tokens will be minted to accommodate the contributions from SingularityNET (AGIX) and Ocean Protocol (OCEAN).

Of the new mint:

• 867 million ASI tokens are allocated to AGIX holders.

• 611 million ASI tokens are allocated to OCEAN holders.

This restructuring of the token supply is designed to facilitate a smooth transition to the new ASI token and maintain a balanced and equitable distribution among stakeholders of the three participating platforms. The swap rate for transitioning from FET to ASI is set at a 1:1 ratio to ensure that holders have a direct stake in the new ecosystem without any loss in token value.

Is FET a Good Investment?

The potential for investing in FET coin depends on a variety of factors that align with both market trends and personal investment goals. Below is a table that outlines some reasons you might consider for or against investing in FET coin.

Should I Invest in FET?