FET/USD: Convert Fetch.ai (FET) to United States Dollar (USD)

Fetch.ai (FET) is a decentralized machine learning network that was established in 2017 and launched in 2019. It aims to democratize access to artificial intelligence (AI) technology by providing a permissionless network where anyone can connect and access secure datasets. The network utilizes autonomous AI to execute tasks that leverage its global network of data. Fetch.ai's utility token, FET, is designed to find, create, deploy, and train digital twins, playing a crucial role in smart contracts and oracles on the platform. Users can build and deploy their own digital twins on the network using FET tokens.

Fetch.ai operates through a technology stack that consists of four distinct elements. The Digital Twin Framework provides modular components that help teams build marketplaces, skills, and intelligence for digital twins to connect with. The Open Economic Framework provides search and discovery functions to digital twins. The Digital Twin Metropolis is a collection of smart contracts that maintain an immutable record of agreements between digital twins. Lastly, the Fetch.ai Blockchain combines multi-party cryptography and game theory to provide secure, censorship-resistant consensus and rapid chain-syncing to support digital twin applications.

Fetch.ai strives to optimize various digital systems that rely on large-scale datasets. These include DeFi trading services, transportation networks such as parking and micromobility, smart energy grids, and travel. By using FET tokens, developers can access machine-learning-based utilities to train autonomous digital twins and deploy collective intelligence on the network. Fetch.ai also enables validation nodes through staking FET tokens, which facilitates network validation and reputation building.

Fetch.ai was founded by Toby Simpson, Humayun Sheikh, and Thomas Hain. Humayun Sheikh is the current CEO of Fetch.ai. He is also the CEO and founder of Mettalex and the founder of uVue and itzMe. Toby Simpson, the former COO of Fetch.ai, is now a member of the Advisory Board. Thomas Hain is the former Chief Science Officer of Fetch.ai. The Fetch.ai team raised $15 million in a seed funding round in June 2018, with investment from heavyweights like Blockwall Management and Outlier Ventures. A few months later, the company raised another $6 million through an IEO on the Binance Launchpad in February 2019, and in March 2021, Fetch.ai secured another $5 million in institutional investment, led by Toronto-based digital asset firm, GDA Group.