In large books of economic theory, one would find chapters dedicated to market failure and inefficient markets. These are scenarios that come about from information asymmetry, externalities or selfish economic agents. Some of the real-world examples of market failure are traffic, air and noise pollution among others. However, these are problems that can be solved from proper supply and demand information, selfless economic agents, and the inability to abuse power. Would it not be amazing then to live in a world like that? Well, Fetch.ai wants to achieve precisely this by using economic agents that are selfless, smart and behave rationally. So let’s dive into what Fetch.ai is and learn how it works!
What is Fetch.ai?
Fetch.ai is a decentralised machine learning and artificial intelligence platform. It enables users to exchange or share data with the help of multi-agent systems. Moreover, it aims to create an economy where its moving parts (such as data, services, people, hardware etc) are digitally represented. Furthermore, it seeks to use the moving parts to make useful predictions about the economy. In doing so, it aims to automate several markets which currently require tremendous manual intervention.
On the Fetch.ai network, users have a series of autonomous economic agents that act on the behalf of their owners. These agents can conduct searches, negotiate, trade knowledge and share predictions. As such, they work with other economic agents to construct elegant solutions for complex problems. Such agents can make autonomous economic transactions that will deliver a near-frictionless marketplace. Fetch.ai also aims to support billions of Internet of Things (IoT) devices to provide a seamless and secure communication. Here then are some of the early use cases of Fetch.ai:
- Optimising trading processes for financial services users.
- Reconstructing public transport networks to make them work more efficiently.
- Removing the middleman from multiple markets.
- Supporting smart cities to adapt to citizen behaviour.
How does Fetch.ai work?
Fetch.ai has three technological underpinnings. They are
Autonomous Economic Agents:
These agents are intelligent programs that operate on the owner’s behalf but make their own decisions. The goal of these agents is to generate economic value for their owners. The Fetch.ai platform provides an environment where agents seeking some value are placed near the agents who have that value. Therefore, each agent sees the world that is reorganised for its needs. These autonomous economic agents can be made to represent real-world objects, people, or assets to allow them to communicate and transact.
Open Economic Framework (OEF):
Open Economics Framework is a high-level node functionality. It is the layer on top of raw protocol and ledger that provides the environment for all economic agents to operate. This enables a decentralised space where agents can find each other and exchange information.
A Smart Ledger:
Fetch.ai also has an AI-powered blockchain ledger that logs the transactions of all economic agents. As the ledger and agents gain more data, they start providing public market intelligence to remove informational asymmetry.
FET token: a snapshot
The FET token is the native ERC-20 token of the Fetch.ai platform. It is required by autonomous economic agents to perform specific tasks as well as register on the network. It allows agents access to the digital world in the form of services, data, infrastructure, or AI/ML algorithms. Users can also deploy a node on the Fetch.ai chain and become a validator to earn FET rewards. Moreover, you can become a delegator by staking your FET token to a particular validator and earning FET rewards in return. Moreover, the FET token is used for operational costs on the network. It also gives users the ability to connect agents and nodes to the network by putting down an access deposit. Such a deposit also represents a stake to demonstrate good behaviour. If you are wondering where to buy the Fetch.ai token, you can buy the FET token with Zebpay now!
Fetch.ai is a machine learning and artificial intelligence platform.
Following are its advantages:
- It provides an environment for autonomous economic agents to operate fetch relevant data, and make predictions.
- Allows these agents to communicate with each other.
- It aims to automate multiple markets and processes using its innovative open economic framework and economic agents.
The native token of the platform is called the FET token. It is used for all network transactions including registering on the network and exchanging data with other agents. Users can become either a validator or a delegator, and they stand to earn FET rewards. So, buy the FET token on Zebpay crypto exchange platform now!