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Fetch.ai (FET) – All you need to know
What is Fetch?
Fetch is a platform that uses artificial intelligence to solve real world problems. It’s created a digital version of the world where AI can perform complex tasks in seconds. By interacting with this digital world, the AI can benefit humans by rerouting journeys to avoid traffic, finding the best energy supplier, and organising supply chains.
The FET token is the means of payment for all transactions on Fetch. Developers have to use FET to add new agents and access some core functionality, while the AI agents use it to buy data or services from each other.
Fetch was formed in 2017 and its initial launch took place in 2019. Some of its team were involved in Google DeepMind, a project that also uses AI and machine learning to solve real world problems.
How does Fetch work?
Fetch works by creating an AI ‘representative’ for every person and organisation who signs up to the platform. These agents can interact both with each other and the digital world designed by Fetch, essentially trading information to achieve the goals assigned to them.
While this is starting to sound a bit apocalyptic, Fetch uses blockchain technology to prevent the robots from taking over. Each entity has an ID stored on the blockchain that’s checked every time they trade to make sure they are who they claim to be, and each new transaction is added to the blockchain so the flow of information and assets can be tracked.
Fact-checking & references
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