Fetch.ai (FET): An Overview of a Pioneering AI Blockchain Project
FET is a token associated with Fetch.ai, a blockchain-based project that seeks to create a decentralized digital world. It is one of several tokens currently held within the Index Coop’s Metaverse Index (MVI).
July 4, 2023
Fetch.ai is an innovative blockchain-based project that seeks to create a decentralized digital world where autonomous software agents can perform useful economic work on behalf of individuals, businesses, and organizations. It leverages artificial intelligence (AI) and machine learning (ML) to deliver intelligent blockchain solutions.
What is FET?
At the heart of Fetch.ai's ecosystem is the FET token, an ERC-20 utility token that powers the network and provides the medium of exchange for transactions and computational services within the Fetch.ai ecosystem. FET was initially released in 2018.
Who Created FET?
Fetch.ai was co-founded by Humayun Sheikh, Toby Simpson, and Thomas Hain. Sheikh, the CEO, is an innovation entrepreneur who provided critical early-stage funding to DeepMind before its acquisition by Google. Simpson, the COO, was formerly a lead developer for the popular video game "Creatures" and has worked on applying Alife (artificial life) and AI in entertainment and technology. Hain, the CSO, is a professor at the University of Sheffield with deep expertise in machine learning and AI.
FET Tokenomics
Fetch.ai employs a dynamic token model that is designed to support a self-sustaining economy of agents. The total supply of FET tokens is capped at 1.15 billion. FET tokens are used as the primary medium of exchange on the platform and are needed to access, develop, and run autonomous agents on the network.
Why is FET included in MVI?
The objective of MVI is to reflect the trend of Metaverse and Gaming activities in virtual economies powered by blockchain technology and NFTs, replacing the previous objective of capturing entertainment, social activities, and businesses in virtual economies powered by blockchain technology and NFTs.
Fetch.ai's unique approach to blockchain and AI integration sets it apart in the crypto space. With its autonomous agents, the platform aims to automate a range of tasks and processes in sectors like transportation, supply chain, healthcare, and more. This potential for wide-scale automation and optimization, all powered by the FET token, underscores the project's significance.. FET meets all of MVI’s inclusion criteria.
How can I gain exposure to FET?
You can gain exposure to FET by buying MVI tokens on various cryptocurrency exchanges. You can buy MVI directly from the Index Coop by connecting your wallet to the Index Coop app
If you’re looking to exchange a fiat currency, like the U.S. dollar, directly for MVI, then you’ll want an Ethereum wallet like Argent, Metamask, or Rainbow. With each of these wallets, you can connect to your bank account or debit card, which allows you to exchange fiat currencies directly for Index Coop products like MVI.
What is MVI?
The Metaverse Index (MVI) is designed to capture the trend of entertainment, social activity, and business moving to take place in virtual economies powered by NFTs and blockchain technology. The MVI uses a combination of the square root of market cap and DEX liquidity to arrive at the final index weights.
As a bundled crypto asset, you effectively own all of the underlying tokens. You can redeem your units of MVI for the underlying tokens, a feature of traditional structured products that are typically reserved for large institutional investors.
About Index Coop
Index Coop is a decentralized autonomous organization (DAO) that powers structured decentralized finance (DeFi) products and strategy tokens using smart contracts on the blockchain. We offer a suite of sector-structured products, leverage and inverse products, and yield-generating products. We aim to create products that are simple to use, accessible to everyone, and secure.
Our products are built on Index Protocol, a good-faith fork of Set Protocol v2 that allows for the creation and management of Ethereum-based (or ERC-20) tokens. Among users, partner protocols, and our composable products, Index Coop maintains one of the largest partnership networks in the DeFi ecosystem.
How to buy Index Coop products with fiat currencies:
- First, you must create an Ethereum wallet like Argent, Metamask, Gemini, or Rainbow.
- Next, you’ll set up your new wallet and connect your bank account.
- Once you’ve deposited fiat currency in your wallet, you can exchange it for Index Coop products like DeFi Pulse Index (DPI) or the Metaverse Index (MVI).
You can also earn or buy MVI tokens directly via your favorite decentralized exchange.
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