Fetch.ai combines two of the hottest technologies of our generation - blockchain and artificial intelligence - to create a network of self-sufficient, decentralized AI agents. What are agents in this context? How are they beneficial to us? We will explore today.
Marketplaces work best when there is no friction in their transactions. Fetch intends to allow users to automate transactions to improve efficiency in this space. They have developed agents that are essentially tools to perform a variety of economic tasks for their users. These autonomous digital agents will perform the majority of the tasks that are currently performed by users. The platform is thus emerging as the foundation of future decentralized digital data marketplaces.
Fetch.ai uses a unique consensus mechanism referred to as Useful Proof-of-Work (UPoW). It generates new blocks in a manner similar to regular Proof-of-Stake protocols. In UPoW, the order of transactions is determined by the work performed between the generation of two blocks.
Based on the Cosmos blockchain’s framework, the Fetch.ai blockchain is an interchain protocol that uses a high-performance smart contract language (Cosmwasm). It allows advanced cryptography and machine learning logic to be implemented on-chain. This enables the Fetch.ai network to function as a layer-2 network for legacy blockchain networks as well as an interchain bridge to the outside world.
FET is the native token of the Fetch.ai blockchain. It represents value on the network. And serves as the primary medium of exchange for payment of transactions as well as payment to agents for providing services on the blockchain. FET is also required to deploy new protocol agents and pay for their operations.
Users can stake your FET tokens and earn rewards from across the Fetch.ai ecosystem for assisting in the operations of a set of validators. FET token was developed to “find, create, deploy and train autonomous economic agents and is essential for smart contracts, oracles and the transactions needed to deliver the new digital economy.”
FET has a circulating supply of 745 million currently with a maximum supply of 1.15 billion. FET is a top 200 cryptocurrency by market capitalization.
FET is currently trading around $0.45, having risen from $0.3 at the beginning of March. That’s a gain of 50%, clearly indicating a bullish trend that may continue as Bitcoin leads the crypto market into positive sentiment. FET, however, may want to test short term resistances at $0.42 and $0.4, to gain more fuel for an upwards move. To prevent a bearish scenario though, it will certainly need to hold the golden pocket support at $0.36-$0.37.
Source: TradingView, Binance
Fetch.ai is constantly upgrading by stepping into several partnerships, indicating massive potential for the long-term. It has announced a collaboration in research and development with FinTech platform Algbra to bring DeFi services to underserved minority communities. It also entered the non-fungible token (NFT) market, launching the Colearn Paint NFT platform. The platform enables groups of creators to use machine learning to generate NFTs automatically. There’s also a collaboration with LiquidChefs, an on-site food beverage services company, to enable long-term AI-powered supply chain services and increase supply chain transparency through the use of autonomous economic agents.
With constant upgrades and lots of developer activity, FET has potential to turn out to be one of the most popular cryptos in the future.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.