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Fetch.AI is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy.
Fetch.ai democratizes access to AI technology with a permissionless network upon which anyone can connect and access secure datasets by using autonomous AI to execute tasks that leverage its global network of data. Fetch.ai’s utility token ERC-20 token FET was designed to find, create, deploy and train digital twins as an essential part of smart contracts and oracles on the platform. Unlike the case with many other tokens, there is no burning or halving mechanism in place for Fetch.ai’s native token.
Fetch.ai was founded in the U.K. in 2017 by entrepreneur Humayun Sheikh, scientist Thomas Hain and software developer Toby Simpson.
FET launched via IEO in March 2019.
Fetch.ai uses a “smart ledger,” which combines blockchain architecture with “direct acrylic graph” (DAG) technology. The system allows for transactions to be “assigned” to different routes, creating a fragmented network. The network can create new routes if one of the existing “lanes” has a heavy load. Under the hood, Fetch.ai uses the UPoW (useful proof-of-work/proof-of-beneficial work) consensus mechanism, a combination of proof-of-work, proof-of-stake and DAG. At a programming level, Fetch.ai uses the Etch language to create and interact with smart contracts. Through the usage of FET, users can build and deploy their own digital twins on the network. Developers, by paying with FET tokens, can access machine-learning-based utilities to train autonomous digital twin and deploy collective intelligence on the network. Validation nodes are also enabled by staking FET tokens, which facilitates network validation and reputation as a result. The Fetch.ai technology stack has four distinct elements, which are:
- The Digital Twin Framework — provides modular components that help teams build marketplaces, skills, and intelligence for digital twins to connect with.
- The Open Economic Framework — provides search and discovery functions to digital twins.
- The Digital Twin Metropolis — a collection of smart contracts that run on a WebAssembly (WASM) virtual machine to maintain an immutable record of agreements between digital twins.
- The Fetch.ai Blockchain — combines multi-party cryptography and game theory in order to provide secure, censorship-resistant consensus as well as rapid chain-syncing to support digital twin applications.
