Fetch.ai is an open-source blockchain protocol that allows autonomous agents to communicate with each other and the environment in which they exist. With Fetch.ai, users can quickly, efficiently and securely transfer information, build trading environments, connect resources and automate processes more easily. Using advanced Artificial Intelligence (AI) technologies such as machine learning, natural language processing and neural networks, agents can effectively optimise their operations by finding the most optimal solutions for their goals.
The Fetch.ai token (FET) serves as a token within the network, where it can be used in various ways, including offsetting transaction fees or rewarding users to contribute to support the ecosystem. The FET token will also make it possible to participate in governance and use decentralised machine learning and AI models.
With Fetch.ai's permissionless, public blockchain, users and organisations can interact with each other, create smart contracts, access resources, send currency quickly and securely, establish ownership of digital assets, etc. In addition, the protocol provides developers with various tools to further develop applications powered by the network. By providing a self-innovating platform for agent communication and information exchange, Fetch.ai aims to become the future of Artificial Intelligence and improve everyday life.
In 2017, Humayun Sheikh, Toby Simpson and Thomas Hain founded Fetch.AI with the aim of creating a blockchain-based system that would make seamless transactions and automated comparisons between agents in the marketplace too simple.
The company's CEO and co-founder Humayun Sheikh was previously an investor of DeepMind. The company DeepMind developed artificial intelligence and was later sold to Google for 700 million. GTO Toby Simpson had also gained experience as a developer at the DeepMind company.
Thomas Hain the third founder is a professor at Sheffield and a recognised scientist in the field of AI.
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The price of Fetch.ai tokens (FET) is determined by supply and demand, just like any other cryptocurrency or currency. The total number of tokens in circulation is determined by the amount of FET offered for sale during each initial coin offering (ICO). As more people buy FET, the price goes up, As more people sell FET, the price goes down.
In addition, the development team behind Fetch.ai is focused on increasing both the function and use of the network globally through strategic partnerships with major companies and organisations. Also, influence from news and events in the market can cause a price change to take place.