Learn the features and tokenomics of Fetch crypto
by Tom Nyarunda
Fetch isn't just your regular blockchain or crypto project; it's much more than that.
The concept combines blockchain, artificial intelligence (AI), and the Internet of Things (IoT) to create a network of autonomous economic agents that can perform different user tasks. This article explains how Fetch crypto works.
What is Fetch crypto (FET)?
Fetch coin (FET) is an Ethereum-based digital current native to Fetch.AI, a decentralized application that integrates the power of blockchain, machine learning, and artificial intelligence.
The aim is to power applications associated with gig economy work, asset trading, and energy grid optimization.
FET is the utility token that unlocks the Fetch ecosystem, where users find, create, deploy, and train autonomous economic agents to facilitate smart contract transactions needed for the conceived digital economy. The Fetch project was launched in 2019 on the Binance Launchpad during the dawn of the fourth industrial revolution.
The Fetch.AI project's objective
Fetch.AI proposes eliminating centralized ways of accomplishing different tasks, from data delivery to hotel bookings, and replacing them with decentralized ones to leverage a machine-based economy better.
The aim is to use software-based "agents" to make autonomous digital transactions. Fetch.AI proposes establishing an Open Economic Framework as a platform through which the digital agents interact with digital data to deliver high-priority performances at a minimal cost.
According to the plan, the digital agents will eventually represent different devices, data, and services as they become experts that would improve the delivery of various services.
Fetch.AI and the Fetch crypto (FET) are designed to minimize the need for corporate and human third parties that currently control access to the vast knowledge hub the digital data banks created.
The available data will become the foundation of the emerging AI-based economy by linking blockchain technology with machine learning. Once meddling third parties are eliminated, the data and devices on the Fetch.AI platform can market themselves independently, powered by the Fetch crypto (FET). The tokens will act as a digital currency for all network operations, communication, and transactions.
How does Fetch.AI work?
Fetch.AI's vision is to enable everyone to benefit from the abundant benefits of artificial intelligence and machine learning without centralized third parties, whether or not they have technical expertise.
By leveraging blockchain technology, users can build, launch and train their "digital agents" to perform designated tasks and services across various industries and domains. The "digital agents will be able to interact with data sources and other agents to form a collective intelligence that will boost the desired outcomes and generate value.
Among the targeted use cases for this AI-based technology include:
Decentralized finance (DeFi): Users can find the perfect trade opportunities, provide liquidity, and execute trades and hedge risks across diverse DeFi platforms and protocols.
Transportation: You’ll be able to optimize travel and mobility using the best modes of transport and routes and identify parking spaces or desirable vacation destinations using a combination of your preferences and real-time data.
Energy: Fetch.AI will make it possible to minimize energy consumption costs by opting for affordable or environmentally friendly energy sources via grid balancing or peer-to-peer energy trade.
Travel: The project will facilitate travel planning by locating the best deals on car rentals, hotel bookings, flights, and related activities based on a user's budget and preferences.
According to the Fetch.AI roadmap, there are many other potential aspects the project can introduce. Among the most notable ones include the Fetch wallet and Fetch Station Explorer, besides the launch of numerous other external protocol integrations and a new features ecosystem.
Moreover, Fetch has plans to launch Axim, a high-tech collaborative learning platform, a wallet that supports non-fungible tokens (NFTs), a faucet support within the wallet, and an entire suite of other new products and features.
How Fetch crypto is secured
Fetch crypto is secured via a Proof of Stake (PoS)-based consensus mechanism that integrates AI. The network uses a differential privacy setup that protects users' privacy while ensuring the platform remains transparent and decentralized.
The system uses cryptography and game theory consensus mechanisms that are censorship-free. By combining the PoS protocol and other technologies, Fetch.AI guarantees a high level of security within the network as the nodes validate transactions on the ledger.
How to buy Fetch crypto
You can begin investing in the Fetch crypto by buying it from a cryptocurrency exchange that supports it.
- Create an account and follow the identity verification process to completion.
- Click on the deposit button to up the desired amount of cash or crypto based on your preferred payment method.
- Proceed to the market and search for FET
- Click on “BUY” and infill the amount you require
- Voila! You now have access to the Fetch crypto.
Fetch.AI offers far-reaching proposals on the potential of an open-access blockchain ecosystem to revolutionize a wide range of sectors and industries by integrating blockchain, machine learning, and artificial intelligence.
As the technology behind the projects continues to advance, we can only expect more innovations in different industries and disruption of many other sectors.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.