What is Fetch.ai (FET)?
Fetch.ai (FET) is the native currency of a blockchain network built for autonomous AI agents that trade data and services directly with one another. Instead of relying on centralized platforms, these software agents negotiate and pay each other in FET, forming an open digital economy.
What FET-powered agents can do
Each agent is programmed to handle a single task, such as scanning flight prices or verifying payment terms. When a user submits a request in everyday language, the network's AI Engine breaks it into smaller pieces and assigns them to the most suitable agents. The agents locate each other, agree on a price, and settle the transaction with FET, combining their outputs into one answer for the user. This automation cuts out the middlemen that typically sit between service providers and customers.
How the Fetch.ai network operates
The project runs on its own Layer-1 chain, built with the Cosmos SDK and secured through proof of stake: validators lock FET to propose and confirm blocks. FET is also the unit of account for agent-to-agent payments and transaction fees. Developers build and publish agents on Agentverse, while the Almanac serves as a registry so agents can discover one another. Token holders can also stake FET to help secure the network and participate in governance. In 2024, Fetch.ai joined forces with SingularityNET and Ocean Protocol under the ASI Alliance, aiming to merge agent infrastructure, AI services, and data sharing into a single token economy.
