Fetch.ai is a project that claims to want to change the world.
With such a high level of ambition, it is worth delving into the project to try and understand it better.
The Fetch.ai project
Fetch.ai is a platform that is supposed to connect IoT devices and algorithms to achieve a kind of “collective learning”.
The platform has been created on a highly efficient sharded ledger and enables the creation of smart contracts to distribute ML/AI solutions for decentralized problem-solving.
The ultimate goal is to build an inexpensive, decentralized, collective super-intelligence on the Internet, based on a highly scalable next-generation DLT.
The platform works in conjunction with machine learning, with the aim of providing predictions and infrastructure to power the economy of the future.
The roadmap envisaged linking Fetch.ai’s mainnet with the Ethereum and Binance Smart Chain blockchains as early as 2021, as well as with Cosmos by the end of the year.
To date, staking and swaps appear to have been implemented.
1️⃣ A new trigger type – Swap Token
Users can now swap one token for another, once a certain exchange price between the two is reached.
Here is how it works 👇 pic.twitter.com/F1kiduyIUm
— Fetch.ai (@Fetch_ai) October 7, 2021
The project is therefore still in the development phase, and will only be completed with the release of version v.1.0 of the Fetch.ai Mobility Framework.
The FET token
In addition to staking and swapping, the FET token is already operational. This token is present on the project’s mainnet as well as on Ethereum and BSC.
FET reached an all-time high on 8 September 2021, at over $1.1, which is about three times more than the initial price of $0.35.
Over the past year, it had fallen as low as $0.01, while in the last twelve months it has increased its value by 2,140%.
Fetch.ai, ongoing developments
Fetch.ai developers have also created two demonstration apps that show how to create agents and make them operate in the platform’s metaverse.
For now, the project is still far from complete, and development is proceeding on several fronts, given the ambitions and the amount of tools to be implemented. The token was launched about two and a half years ago, while DeFi agents were launched on the mainnet in Q3 2021.
The roadmap so far only shows the progress planned for 2021, but developments should go on for a long time before the project can be completed.
What makes the project particularly interesting to date are the numerous valuable partnerships entered into, including with major names such as Bosch and Telekom Innovation Laboratory, although these have not yet materialized into something operational and concrete on a global level.