Fetch.ai (FET) is a blockchain based artificial intelligence project that is currently in the stages of completing an ICO crowd-sale. More specifically, Fetch is trying to automate a number of different markets that currently only operate with immense manual work. They have also gathered a great deal of interest lately as they are only the second project to complete their ICO raise on the Binance Exchange Launchpad.
However, is the hype justified and should you consider it?
In this Fetch (FET) review we will give you everything you need to know about the project by taking a deeper look into their technology, team members and roadmap. We will also analyse the long term adoption potential of FET tokens.
What is Fetch.ai?
Fetch.ai (FET) has a vision of a world in which economic activity can take place without the intervention of human activity. They are building a decentralized network composed of various autonomous agents which can represent themselves, other individuals, or devices and services.
These agents learn and evolve through artificial intelligence algorithms and are able to work independently or with other agents to provide solutions to complex issues.
It is a permissionless system, and the Fetch.AI team plans on enabling the self-learning network to complete millions of transactions per second, which will allow for global usage and a myriad of use cases.
Fetch Technology
The Fetch.ai (FET) technology is comprised of three major parts: Autonomous Economic Agents (AEA), Open Economic Framework (OEF) and the Fetch Smart Ledgers. All of this is underpinned by the Useful Proof of Work consensus model, and the artificial intelligence machine learning employed by the Fetch blockchain.
Autonomous Economic Agents have been created as digital citizens. They are fully enabled to act on behalf of individuals, organizations and devices. AEAs have been paired to data sources and hardware systems, which allows them to navigate the Fetch ecosystem and extract value from its predictive nature and data discovery functions.
This allows AEAs to use detailed data and prediction models to come up with the best solution to real-world problems. They can also learn from mistakes they make, which improves their performance over time.
The Open Economic Framework is an adaptive simulation that functions to provide the AEAs with maximum connections and interaction capacity. The OEF stores information and uses artificial intelligence to optimize the use of that information for prediction and to support the AEAs. The AEAs can collect information from the OEF and the node operators will receive token rewards for providing reliable and consistent information and services.
The Fetch Consensus Model
The Fetch Smart Ledgers are the monitors in the system that support, evaluate and track the interactions between AEAs. To do this Fetch uses the unique Useful Proof of Work (uPoW) consensus protocol.
The team at Fetch believes this consensus mechanism has several benefits over the traditional PoW mechanism. In traditional PoW nodes must download every block and add them to the chain sequentially. This is very time and energy intensive. PoW systems can also lead to miner centralization.
The DAG system will deem any transaction valid once it is confirmed by two nodes, leaving computational resources free to train the AI. In uPoW nodes with less power can still earn rewards by validating low value transactions. This is a more efficient system that scales well and encourages nodes to be more spread out.
Machine Learning and Artificial Intelligence
Fetch includes machine learning and artificial intelligence in all three layers of its protocol. They are used to provide trust information in four different layers:
- Trust in how normal any given transaction is
- Trust in the information received from other nodes on the network
- Trust in the parties involved based on their history
- Evolving market and data intelligence
Deep learning methods are used to implement each of the above layers. Fetch.ai (FET) uses process mining, long short-term memory, and recurrent neural networks. The use of these natural language processing deep learning methods allows Fetch to predict future authenticity by evaluating the past behavior of the AEAs in the system.
The Fetch.AI Community
The Fetch.ai (FET) team is most focused on the technical aspects of the project and is allowing their community to grow organically. This has led to a smaller, but more passionate community of supporters. With the upcoming token sale at Binance it is expected that the social communities surrounding Fetch could have breakout growth.
The largest social group by far is the Telegram user group, which is now over 10,000 users. Otherwise Fetch sees negligible engagement on social platforms. Their Twitter account has just 3,850 followers, both Facebook and Medium have just 56 followers, although they have been more active on Medium recently.
The YouTube channel has 477 subscribers with 27 videos posted over the past year. Reddit, which is usually a very important social media channel for blockchain projects, has just 67 readers and nearly all its activity has occurred in the past 7 days, likely as hype around the ICO builds.
Bottom Line
Fetch.ai (FET) is one of the more ambitious blockchain projects as it is also attempting to integrate artificial intelligence. There is great hope for success as the team seems to have the skills, knowledge and industry experience to create something that can solve numerous real-world problems in a variety of industries from supply chain to energy and many more.
That said, there are still very real risks that the project will be unable to bring their vision into reality. Development is expected to be a long process, and costly as well. The ICO will help to cover these costs, but it would be good if Fetch could secure some strong corporate partnerships to help support the team’s efforts going forward.
One piece of good news is that the project has become more open and transparent. In the past there were detractors who said the project was possibly a scam because of the lack of information made public. That has changed in the past few months, and this added transparency makes Fetch a far more promising project.
