Publication date: June 21, 2024

What is Fetch AI?

We are writing this blog at the last minute. In July, three major parties, namely Fetch, Singularity, and Ocean Protocol, will merge under the name Artificial Superintelligence Alliance (ASI). If you have a position in any of these three parties, make sure, to check with your broker how this swap is going to be carried out. For now, let's delve into the history of Fetch.

Fetch AI is an innovative cryptocurrency that aims to merge artificial intelligence (AI) with blockchain technology. It's known for creating autonomous economic agents (AEAs) capable of performing tasks and making decisions independently. These agents leverage data analysis and machine learning to optimize processes like traffic flow management or energy consumption balancing, without requiring human intervention.

The core technology behind Fetch AI combines AI, machine learning, and distributed ledger technology (DLT). This ecosystem supports a wide array of applications ranging from smart urban management and mobility to energy management and supply chain optimization. By employing AI-driven agents, Fetch AI automates and enhances complex tasks, leading to increased efficiency and cost savings for businesses and organizations

How does Fetch AI work?

As indicated, Fetch AI works through a unique network of autonomous economic agents designed to make decisions and perform tasks independently. These agents are programmed to learn from their environment and respond to changing conditions. They can collect, analyze, and use data to find optimal solutions to specific problems.

One of the main applications of Fetch AI is smart urban management,  where the technology can be used, for example, to optimize traffic flows. Other applications of Fetch AI include managing energy consumption and improving the efficiency of public transportation. In the energy sector, Fetch AI agents can help balance supply and demand, improving grid stability and reducing costs.

The underlying technology of Fetch AI is based on a decentralized network of nodes that act as a distributed ledger. Nodes are computers that are a part of the blockchain network and are responsible for verifying and recording transactions. This network ensures the security and integrity of the data collected and processed by the agents. Using this technology, the agents can communicate and collaborate securely and efficiently, without need for a central authority.

History of Fetch AI

Fetch AI was founded in 2017 by Toby Simpson, Humayun Sheikh, and Thomas Hain. Since its inception, the project has made significant progress and reached several milestones. In February 2019, Fetch AI held its initial coin offering (ICO) on the Binance Launchpad, where it quickly reached its funding goal. The successful ICO marked the beginning of a period of rapid development and growth for the project.

One of Fetch AI's key partnerships is with German technology company Bosch. In 2020, Fetch AI and Bosch announced that they would work together to explore the potential of autonomous agents in the industrial sector. This collaboration has led to several joint projects, such as developing smart factory solutions for efficiency improvements and creating a platform for optimizing industrial processes using autonomous agents. They have also conducted joint research on balancing energy consumption in industrial environments, which has significantly enhanced the technological capabilities of Fetch AI.

In recent years, Fetch AI has also made significant updates and improvements to its platform. In 2021, the project introduced a new version of its mainnet called "FET 2.0," which offers improved performance and scalability. This update also included new features for developers, such as support for smart contracts and enhanced tools for creating and managing autonomous agents.

What's up with Fetch AI

Fetch AI has recently announced several important developments and updates. One of the most notable is the integration of Fetch AI with Amazon Web Services (AWS) leading cloud platform. This integration enables developers to easily access AWS infrastructure and tools making it easier to build and deploy Fetch AI-based applications.

In addition to technological advances, Fetch AI also faces some challenges.  The biggest issue facing the project is competition from other AI-based blockchain projects. Competitors such as SingularityNET, Ocean Protocol, and Cortex offer similar technologies and solutions, so Fetch AI must work hard to differentiate itself and remain relevant in a rapidly changing market.

Market trends and external factors also affect Fetch AI. The recent rise in the popularity of AI and machine learning has increased the demand for Fetch AI solutions. At the same time, fluctuations in the broader crypto market are creating challenges, as the value of the Fetch AI coin (FET) can vary widely based on market conditions.

Price development of Fetch AI

Fetch AI's share price has experienced significant fluctuations over the years. In the initial phase after the ICO in 2019, the value of the FET coin rose significantly, driven by hype and investor interest. In subsequent years, however, the price has experienced several peaks and troughs, with external market factors and project developments playing a major role.

A detailed analysis of Fetch AI's price movements shows that the coin is sensitive to broader trends in the crypto market. Key price levels, resistance, and support lines can often be traced to news and announcements directly related to the project's progress. For example, the announcement of the collaboration with Bosch in 2020 caused a significant price increase, while the general market correction in 2021 put downward pressure on the value of FET.

Future collaborations and expansion plans also play an important role in Fetch AI's share price performance. The project continues to actively seek new partnerships and collaborations to further develop its technology, and drive adoption. Anticipated expansions and new applications could potentially have a positive impact on the value of the Fetch AI coin.