Today, we continue to look at two projects in the AI track from Grayscale's new holdings series, which is also the final installment of the series where Grayscale pays me to analyze. Over a month, we have reviewed these 34 projects, which is quite good since once Grayscale buys in, it means a purchase of over 100 million USD; combined with a bull market, the rise will be very rapid. The AI track is also a very important project that has emerged in this bull market.
The AI track includes two cryptocurrencies: Fetch.ai (FET) and Worldcoin (WLD)
33.FET
This project was analyzed by us last July, when the coin price was only 0.2, making it a tenfold project. The highest was 3.1 in this round, with a lowest retracement to 0.8, and currently at 1.7. The current market capitalization is 4.6 billion USD, which is much higher than when we discussed it. Because FET merged with AGIX and Ocean, AGIX is an AI platform, and Ocean is focused on data processing; thus, these three major AI projects merging forms ASI, which can be considered a galaxy battleship. We should still check if there are changes in its fundamentals. (Artificial Intelligence + Blockchain Infrastructure - Fetch.ai (FET))
Introduction
In fact, the official website's Solagn clearly states that it is an AI agent marketplace, with a vision that everyone will have multiple economic agents on the Fetch.AI platform.
In the Fetch.ai ecosystem, agents are core; they are programs that can autonomously make choices for individuals, businesses, and devices.
Agents: Flexible problem solvers
Agents can not only complete tasks but also solve complex problems across various fields. In a decentralized economy, whether it’s optimizing supply chain logistics, maintaining robust record systems, executing computational tasks, or supporting transactions and purchases, agents can adapt flexibly and even book hotel rooms for you.
Overview of Fetch.ai's Core Architecture
- Agents
- Agentverse
- AI Engine
- Fetch Network
- Agents: The core of the decentralized economy
Agents are programs that can operate freely and connect with their programming objectives. They can connect, search, and trade, creating dynamic markets and interacting with the environment and other agents through built-in logic. Since agents are independent and decentralized, they can safely accomplish specific tasks and goals without human intervention.
Agents can form multi-agent workflows, completing complex tasks together by calling on other agents. This collaboration can be achieved through local functionality or coordinated by an AI engine.
- Agentverse: Service platform for agents
Agentverse is a Software as a Service (SaaS) platform designed for the creation and registration of agent solutions. The platform simplifies the deployment, management, and development of agents, providing a one-stop solution for hosting and managing agents.
Developers can also publish their agents and their functionalities onto Agentverse, allowing the AI engine to quickly find and recommend them to other users or agents.
- DeltaV and AI Engine: Connecting users with agents
DeltaV is a chat interface for user-agent interaction. It encapsulates the functionalities of agents into an easily understandable form, helping users easily access and query various functionalities.
The AI Engine is the core of DeltaV's functionality, responsible for parsing, understanding, and linking user inputs to agents, enabling natural language interactions. The AI engine reads user inputs, converts them into actionable objectives, and selects the most suitable agent to complete the tasks.
Fetch.ai Network: Foundation of the Ecosystem
Composed of the following key elements:
- Almanac Contract: Stores key information of agents to ensure efficient operation and data exchange.
- Fetch Name Service: A decentralized naming system that simplifies resource identification and access.
- Fetch Ledger: Provides a secure, immutable record system to ensure the integrity of data sharing and transactions.
- FET Token: Serves as a medium of exchange, facilitating interactions between users, agents, and functionalities, and promoting the development of decentralized services.
Token Economy
The total supply of tokens is 2.7 billion, with almost all in circulation now; last year, when we discussed it, only 24% was in circulation. Therefore, after the merger of these three major projects, it will be stronger. The FET team is very capable, with most members coming from Google's DeepMind. Despite the current market cap of 4 billion, that is because it merged with AGIX and Ocean, averaging only about 10 billion each. If these projects were not intended to accomplish something, they would not merge; since issuing tokens can make money, why merge? Therefore, this must be a team that is committed to getting things done; holding long-term is the right approach! AI is definitely the direction for the future, with unlimited potential, and the track and pool are enormous!
34.WLD
This project was also mentioned by us last July. At that time, the opening price was a maximum of 5 USD, later consolidating at 2 USD. In March 2024, it surged to a maximum of 12 USD; it is currently back to 2 USD. The overall FDV has already reached 28 billion, compared to the above three projects combined with FET at only 4 billion. So is FET still relatively at a low point?
The biggest highlight of the WLD project is that its founder is the founder of OPEN AI, who also secured over 100 million USD in investments from various institutions, with a valuation of 3 billion before the launch.
Introduction
The mission of the World Network is to create a globally inclusive identity and financial network owned by the majority of humanity. If successful, this network will significantly enhance economic opportunities and use AI capabilities to provide basic income for everyone in the future.
The World Network includes a privacy-protecting digital identity network based on 'human proof' (World ID) and a digital currency (WLD) within legal limits. Every real human can obtain WLD tokens solely based on their identity. Furthermore, World ID and WLD tokens are currently supported by World App, the first front-end application of World ID and the World Network, developed by Tools for Humanity (TFH) team.
Core Operating Principles
Each Worldcoin user installs an application on their phone that generates a private key and public key, just like an Ethereum wallet. They then personally visit 'the Orb' (iris scanning device). Users look at the camera of the Orb while showing a QR code generated by their Worldcoin application that contains their public key. The Orb scans the user's eyes and verifies them using complex hardware scanning and machine learning classifiers:
(1) Whether the user is a real person;
(2) The user's iris does not match the iris of any other user who has previously used the system.
If both scans pass, the Orb will sign a message approving the dedicated hash of the user's iris scan. The hash is uploaded to a database - currently a centralized server; once they confirm that the hash mechanism is effective, they plan to replace it with a decentralized on-chain system. The system does not store full iris scans; it only stores hashes that are used to check uniqueness. From then on, the user will have a 'World ID.'
Currently, this Orab is only available in Hong Kong, China; the address can be found in previous articles. (A star project that surged 30 times upon launch - WorldCoin)
Token Economy
Total token supply is 10 billion, with 780 million unlocked so far, which is only 7.8%. There is still a large amount that remains locked, and on the official website, I found the unlocking situation. It can be seen that from the second year to the third year, nearly 6 billion will be unlocked. After three years, the unlocking will be smooth. Although 75% is community unlocking, how can we be sure that so many people will come to claim it? This raises a question.
However, I heard that the market makers for WLD are quite strong, including five firms: Wintermute, GSR, Flow Traders, Auros Global.
Amber Group, currently these market makers have borrowed about 45 million WLD from the foundation, totaling around 100 million coins; they are definitely making a profit. According to the emission shown in the below diagram, if 3 billion is released in a year, then even divine market makers might not be able to save it.
