Cryptocurrency
Fetch.ai: Explained
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In Brief
Discover Fetch.ai (FET), a crypto project at the forefront of crypto AI. Learn about the project's origin story & explore FET on Trust Wallet.
Artificial Intelligence (AI) is opening up new frontiers in the crypto world. Among the projects at the forefront of AI crypto is Fetch.ai. Fetch.ai is a pioneering initiative that harnesses the power of AI to revolutionize decentralized finance and digital economies. Fetch.ai combines the capabilities of blockchain and machine learning to create a network of autonomous economic agents.
This article explores into the origin story of Fetch.ai, its groundbreaking technology, and provides a comprehensive guide on how to explore and manage Fetch.ai (FET) tokens using Trust Wallet.
Before We Get Started
Before you explore Fetch.ai in more detail, remember that you can manage FET using Trust Wallet.
Did you know that you can use Trust Wallet as your secure Fetch.ai wallet? Easily deposit FET and manage it securely.
What is Fetch.ai?
Fetch.ai is a cutting-edge blockchain project that combines artificial intelligence (AI) and decentralized finance (DeFi) to create a network of autonomous economic agents. These agents, powered by machine learning algorithms, can perform complex tasks, make decisions, and transact independently, facilitating a more efficient and dynamic digital economy.
Fetch.ai builds a decentralized digital world where AI agents represent people, businesses, and devices, enabling them to interact and transact without intermediaries. This innovative approach uses AI to optimize resource allocation, enhance data sharing, and improve the overall efficiency of decentralized applications.
Fetch.ai Origin Story
Fetch.ai's journey began in 2018, founded by a team with a vision for a more autonomous and intelligent digital world. Humayun Sheikh, CEO of Fetch.ai, leads a team of experts in AI, cryptography, and distributed ledger technology. Their goal is to create a decentralized network powered by autonomous economic agents (AEAs).
AEAs as intelligent software programs capable of learning and acting independently on behalf of their users. Within the Fetch.ai network, AEAs can interact with each other, access data, and complete tasks according to pre-programmed instructions. This opens up a world of possibilities, from automating complex supply chain management to facilitating secure and efficient data exchange. For instance, an AEA could represent a self-driving car, negotiating and paying for tolls on a decentralized highway network.
Fetch.ai uses blockchain technology to ensure secure and transparent communication between AEAs. This decentralized approach eliminates the need for a central authority, promoting trust and promoting innovation within the network. By building this infrastructure for intelligent collaboration, Fetch.ai is laying the groundwork for a future powered by crypto AI.
How Fetch.ai Works
Fetch.ai's innovative approach leverages several key technologies to enable complex interactions and transactions, optimizing resource allocation and decision-making processes.
Autonomous Economic Agents
At the heart of Fetch.ai are autonomous economic agents. These are self-governing entities that can perform various tasks, make decisions, and interact with other agents, without human intervention. The agents are designed to represent people, businesses, or devices, acting on their behalf to achieve specific goals. For example, an agent could manage a smart home’s energy usage, optimize supply chain logistics, or facilitate decentralized trading in a prediction market.
Machine Learning Integration
Fetch.ai incorporates machine learning algorithms to enhance the capabilities of its agents. These algorithms enable agents to learn from their interactions and improve their performance over time. By analyzing data and recognizing patterns, agents can make informed decisions, predict market trends, and respond to changes in their environment.
Open Economic Framework
Fetch.ai's open economic framework supports the creation and operation of decentralized marketplaces. This framework enables agents to establish and participate in various economic models, making them useful for a wide range of applications. From data sharing and transportation networks to smart cities and healthcare systems, Fetch.ai’s framework fosters innovation and collaboration across industries.
Smart Ledger Technology
The Fetch.ai network employs a unique ledger technology that combines elements of distributed ledger technology (DLT) and directed acyclic graphs (DAGs). This hybrid approach, known as the "Smart Ledger," ensures high scalability and security for the network. It allows for efficient processing of high-frequency transactions, making it suitable for applications that require rapid data exchange and decision-making.
Fetch.ai and Superintelligence Alliance
In a significant development for the crypto AI landscape, Fetch.ai recently joined forces with SingularityNet and Ocean Protocol to establish the Superintelligence Alliance. This collaborative effort aims to create a more robust and accessible AI ecosystem. By combining their resources and expertise, these leading crypto AI projects pave the way for a new era of intelligent collaboration.
As part of this alliance, a groundbreaking token merger was recently approved by the respective communities of each project. This merger signifies a major step towards a unified approach to AI development within the blockchain space. All three project tokens (FET, AGIX, and OCEAN) will eventually be consolidated into a single, universal AI token: the ASI.
The official name of the newly formed alliance is the Artificial Superintelligence Alliance, reflecting their ambitious vision for the future of AI. The anticipated total value of the merged ASI token is expected to reach $7.5 billion, positioning it among the top 20 largest cryptocurrencies by market capitalization.
Here's a breakdown of the token conversion rates for the merger:
FET will migrate to ASI, at a conversion rate of 1 FET to 1 ASI.
AGIX tokens migrate to ASI, at a conversion rate of 1 AGIX to 0.433350 ASI.
OCEAN tokens migrate to ASI, at a conversion rate of 1 OCEAN to 0.433226 ASI.
How to Swap ETH for FET Using Trust Wallet
To swap ETH for FET, you will need to have ETH in your wallet. You can deposit ETH from another wallet or from a centralized exchange. Here’s how:
Select “Receive” from the home screen.
Search for your ETH, and select it.
From here you have two options. You can either:
Copy your deposit address and use that on your exchange account or other ETH wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.
Once you have ETH in your wallet, here’s what you need to do:
Open the Trust Wallet app on your mobile phone.
Click “Swap” on the bottom left side of your screen.
Change the “From” network to Ethereum and choose ETH as your token
Change the “To” network to Ethereum and choose FET as your token.
Enter the amount of ETH you would like to swap.
Click “Continue.”
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Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.