The introduction of ChatGPT was a game-changer for the tech world. It shot artificial intelligence (AI) to the forefront of the global conversation. AI projects became the talk of the town, capturing the attention of the likes of Google, Microsoft, etc.

Prior to the AI boom, blockchain technology was considered the pathway to the future. However, the arrival of AI seemed like an early end for blockchain. Some blockchain enthusiasts felt left out of the trend. Interestingly, crypto gurus like Fantom’s Andre Cronje believe blockchain and AI can’t possibly mix. However, Cronje’s statement was incomplete. Fetch.ai, a project that supports digital advancement, has shown that the combination of blockchain and AI is the path to the future. The project already has a thriving AI-powered ecosystem and a token with massive potential.

Before talking about Fetch.ai, let’s look at Cronje’s statement and why we don’t agree.

A Look Into Cronje’s Claim

Amidst the craziness of AI, several crypto communities wanted to find ways to integrate AI into their services. However, when asked what role Fantom would play in the AI space, Cronje noted that Fantom had no intention of blending AI and crypto because they “don’t mix.”

Explaining his stance, Cronje argued that blockchain was slow by centralized standards, transparent, and secure. He added that AI was high throughput, opaque, and black-box. He likened blockchain in AI to having Coca-Cola in the construction industry.

Cronje’s key argument was that AI and blockchain don’t improve each other and are not complementary. For Cronje, projects involved in AI are purely in it for pump and dump reasons.

Now, let’s see why Cronje’s argument was far from right.

Blockchain and AI can Blend

The crux of the argument is this – Andre Cronje talks about a situation where you run AI computations on the blockchain. And in this case it’s true. The AI model and its computations cannot live on-chain. Because it is computationally infeasible and practically impossible.

But what if you are able to run these complex models off-chain and use the chain as a coordination mechanism, and execution layer. This is exactly where Fetch.ai comes into play. It lets the complex computation happen off chain and uses the blockchain as an execution layer to enable artificial intelligence based value transfer, and thus create exceedingly useful use cases.

Also other industry leaders believe AI-based tokens are the next big thing. Plus, they could trigger the next bull market cycle. Judging by the value of the tokens of projects like Fetch.ai, they also see the faulty logic in Cronje’s argument.

Used car parts anyone?

A quick example of a use case would be to program Fetch.ai’s magic helpers called Autonomous Economic Agents to search the internet for used car parts. Based on the sweet spot comparing price vs how damaged and how usable the part is. Then you let your agent into the world to look for the best car parts. You might say I can do this with web scrapers. But how about this? How about having the opportunity to use goal-directed AI via Fetch to find you the best used car parts that the web scrapers can’t locate AND also let your agent negotiate with vendors, close the deals for you and pay them on-chain. Are you starting to see the marriage of AI, Fetch and blockchain here?

What’s Fetch.ai all about?

Fetch.ai is a decentralized lab building open access technology. Foundational to that technology are multi-agent systems, artificial intelligence and blockchain. Blockchain tech enables value transfer and acts as a coordination mechanism through which autonomous agents can transact. In combination with blockchain and multi-agent systems Fetch.ai leverages AI to facilitate data-driven goal-directed actions.

In simple terms, Fetch harnesses the intelligence derived from machine-learning models in combination with the immutability, scale and trust minimized nature of blockchains to deliver autonomous goal-direct value to people and businesses. In simple terms, the Fetch.ai technology suite allows models to transact on-chain. Models that can represent you, your business, a machine or an organization. 

Fetch did not launch because of the ChatGPT hype. The project started way back in 2017. That’s a seasoned veteran in the crypto world. Interestingly, Fetch’s IEO on Binance in 2019 raised about $6 million in 22 seconds.

The team believes in a future powered by AI and blockchain. And that’s where the market is headed. Fetch.ai provides a framework that enables the creation of independent and adaptive software that’s capable of making optimal choices without human interference.

How Does Fetch.ai Work?

The Fetch.ai network relies on three key components to build tools for its AI-powered autonomous economy. These are:

  • Agent based frameworks
  • Tools to facilitate agent connectivity and search-and-discovery 
  • The Fetch.ai ledger

These three components, in addition to machine learning and AI, power the entire ecosystem.

Autonomous Economic Agents (AEAs) are essential to the AI-based functioning of Fetch.ai. An AEA is an adaptive software program which can represent a person, business, or other entity with the main goal of maximizing economic benefit for the owner.

AEAs provide solutions to real-life issues. Some of their short-term applications include process automation and peer-to-peer connectivity (removing the middleman). They also help to simplify interactions with Web3 wallets.

The AEA, however, requires additional tools to ensure consistent connectivity, communication and the ability to seamlessly execute transactions. The Open Economic Framework, Agent Communication Network and the Fetch.ai ledger provide the needed support.

The Open Economic Framework (OEF) includes market processes, protocols, and languages that make it easier for agents to communicate and share information. The OEF offers a decentralized virtual environment where agents representing different objects, people and interests are able to find each other, negotiate, and settle. 

The Fetch Ledger is a cutting-edge and battle-tested blockchain implementing a variant of Tendermint’s BFT proof-of-stake consensus mechanism to achieve the needed throughput to support such a network.

What Does Fetch.ai Offer?

What Fetch.ai offers is both unique and effective. It saves time and money. People can use Fetch.ai to automate their daily tasks, including booking a flight or paying for a parking space.

Fetch.ai develops the tools and infrastructure necessary to facilitate the growth of a decentralized, AI-based digital economy. The network links people, things, and services, allowing for collaboration and data sharing.

Thanks to its AI features, Fetch.ai’s use cases spill into different industries, making it a valuable project. For a start, Fetch.ai provides solutions for daily problems when its agent-based frameworks are coupled with other technology and implemented into impactful business verticals.

Here are some of the areas that Fetch.ai’s technology can help with

  • Smart cities
  • Supply chains
  • Transportation
  • Smart parking
  • Mobility
  • DeFi

Fetch also provides all the necessary tools for developers to build, deploy, and monetize their applications and platforms.

The FET Token

FET is the multipurpose token that powers the Fetch.ai system. The FET token is the primary form of exchange on the platform. Users can use the token to pay for network transaction costs, the deployment of AI agents, as a governance mechanism and other Fetch.ai services.

Also, the proof of stake (PoS) mechanism on the Fetch.ai Ledger allows users to stake FET to take part in ecosystem security and get incentives.

FET currently trades at $0.341. But the token has massive potential. With AI hitting the roof, utility tokens like FET could see massive growth.


The Fetch.ai network’s automation and AI capabilities offer practical answers to a wide range of problems as sectors including healthcare, production, and financial services move toward digitalization. Fetch.ai is one to keep an eye on as it continues to disrupt several industries using blockchain and AI technologies.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Fetch AI. Copyright Altcoin Buzz Pte Ltd.


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