Fetch-ai Network, which is powered by advanced AI and machine learning algorithms, recently on-boarded 40,000 more users and is focused on scaling its network usage.
Fetch-ai Network has reached this milestone right after announcing its $150 Million Development fund, which was through a collaboration with MEXC Global and ByBit. Fetch-ai Network’s innovative technology, referred to as Autonomous Economic Agents (AEA), are being supported by powerful AI tech and can offer advanced automation within any industry. These solutions may serve the needs of millions of users. Moreover, these agent-enabled systems provide flexibility, speed, and cryptographic security, which is comparable to leading layer-1 solutions.
Moving forward with its goal to scale its ecosystem of dApps and user-base, Fetch-ai Network has on-boarded 40,000 unique users from Get My Slice. There are also plans underway to on-board millions of Web3 users.
Fetch-ai Network Helping Consumers Leverage Web3 Tech
As mentioned in the announcement, the Fetch-ai Network has been committed to supporting a Web3-enabled digital economy where users have control over their data. Users can also provide consent for others to access their data. Evidenced by its partnerships across the crypto ecosystem, with platforms like Bosch and Festo, the Fetch-ai network is focused on welcoming many other Web2 services to an interconnected ecosystem of dApps. This new environment prioritizes data privacy, and the development of smarter automation tech. As explained in the update, the key to lowering entry barriers for less tech-savvy users is by offering easy-to-use applications.
Replacing Web2 Marketplaces with Web3 Tech Stacks
Get My Slice is one of the pioneers in the consumer-centered data marketplace and with a unique user-base of around 40,000 users, they’re focused on helping consumers control and monetize their data. This data may be created during typical online activities and can be stored securely within the Web3 ecosystem.
Fetch-ai Network will reportedly assist Get My Slice (GMS) with transitioning from a Web 2.0 based direct cash (FIAT) incentivization system to an all-digital economy using Web 3.0 technology stacks. Currently under development is the dedicated token based on Fetch-ai network tokenomics with FET token as the main token used for facilitating user transactions and smart contract usage.
The new platform users and the Fetch-ai Network community will be able to access a dedicated data marketplace that’s powered by Fetch-ai network tokenomics. This should encourage the ongoing development of a more equitable ecosystem for end-users, where they’re able to truly own and control how their data might be used.
Playing an important role in the onboarding of 40,000 users will be the Fetch wallet. As confirmed in the update, the Fetch-ai network team is working on further enhancing its native wallet, so that it can address the requirements of Web3 platform users.
Kamal Ved, Chief Product Officer of Fetch-ai Network, remarked:
“We are constantly looking for use cases that leverage the core tenets of Web 3.0 and give all the participants equitable control with fine grained incentivization avenues. Use cases around data sharing based rewards such as the Get My Slice product offering can benefit using the Fetch-ai Network’s Web 3.0 tech stack of blockchain, agent based automation and AI to democratize data sharing.”
With a comprehensive roadmap to be revealed soon, Get My Slice have plans to provide a more robust platform for all users. This would require that the current Web 2.0 based data marketplace model be replaced with a private, transparent, and user-friendly alternative.
