Fetch-ai Network’s latest update has come after the launch of its $150M development fund with MEXC Global and crypto exchange ByBit. Fetch-ai Network’s tech, called Autonomous Economic Agents (AEA), is enhanced by AI algorithms and may enable automation within any industry segment. It may address the requirements of millions of users. These agent-based systems offer a lot of flexibility, speed, and robust security, which is better than most L1 solutions.

Continuing on with its efforts to scale its ecosystem of dApps (decentralized applications) and active userbase, Fetch-ai Network has on-boarded 40,000 users from Get My Slice. The platform intends to add even more users in the coming months.

Fetch-ai Network Remains Focused on Supporting Web 3 Technologies

Fetch-ai Network has been supporting Web3-powered platforms wherein users have more control and have the ability to manage access to their own data. The developers of Fetch.ai have also entered strategic partnerships across the blockchain and crypto ecosystem. Recently, Bosch and Festo have joined the ecosystem,

The team behind the Fetch-ai network is focused on onboarding Web 2.0 platforms to an interconnected ecosystem of dApps. These initiatives aim to enhance data privacy while developing smarter automation tech. According to the announcement, the key to lowering entry barriers for new crypto users would involve launching dApps that are easy-to-use and have an intuitive user interface.

Replacing Web2 Data Marketplace with Web3 Technologies

Get My Slice is considered a pioneer in the consumer-focused data marketplace and has a user-base of around 40,000. They plan to assist consumers with effectively controlling and monetizing their data, which may be generated during online activities. As noted in the update, the data resides in a secured environment.

Fetch-ai Network will be assisting Get My Slice (GMS) with updating its existing Web2 based direct cash (FIAT) incentivization system to a free-market economy leveraging Web3 tech.

Under development is the implementation of a token based on the Fetch-ai network tokenomics with FET token as the primary token used for carrying out user transactions and supporting smart contract usage.

The new platform users and the Fetch-ai Network community will be able to use a data marketplace that’s supported by advanced tokenomics.

Serving a key role in this onboarding of 40,000 unique users will be the official Fetch wallet. At present, the Fetch-ai network developers are working on enhancing their native wallet, which will be supported by the latest Web3 tech stack.

Kamal Ved, Chief Product Officer of Fetch-ai Network, stated:

“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 an extensive roadmap to be announced soon, Get My Slice reportedly have plans to provide an equitable platform for Web 3.0 users. This would be achieved by replacing the Web 2.0 based data marketplace with a private, transparent, and seamless alternative.