Fetch.ai combines two of our generation’s hottest technologies, blockchain and artificial intelligence, to build a network of self-sufficient, decentralised AI bots. In this context, what are agents? What are their advantages to us? Today we shall investigate.
Fetch.ai: Introduction and Goal
When there is no friction in the transactions, marketplaces perform best. Fetch promises to enable users to automate transactions in order to increase efficiency in this area. They’ve created agents, which are essentially tools that help their users with a range of economic activities. The majority of the work presently done by users will be undertaken by these autonomous digital agents. As a result, the platform is establishing itself as the cornerstone for future decentralised digital data marketplaces.
Fetch.ai employs a novel consensus process known as Useful Proof-of-Work (UPoW). It creates new blocks in the same way that traditional Proof-of-Stake systems do. The labour completed between the production of two blocks determines the sequence of transactions in UPoW.
The Fetch.ai blockchain, which is based on the Cosmos blockchain architecture, is an interchain protocol that employs a high-performance smart contract language (Cosmwasm). It enables the implementation of powerful cryptography and machine learning logic on-chain. As a result, the Fetch.ai network may serve as a layer-2 network for older blockchain networks as well as an interchain bridge to the outside world.
FET Stands for Fundamentals
FET is the Fetch.ai blockchain’s native token. On the network, it signifies value. And it is the principal means of exchange for transaction payments as well as payments to agents that provide services on the blockchain. FET must also install new protocol agents and pay for their operations.
Users may stake their FET tokens and receive incentives from throughout the Fetch.ai ecosystem for supporting a set of validators in their activities. The FET token was created in order to “identify, construct, deploy, and train autonomous economic agents, and is required for smart contracts, oracles, and the transactions required to supply the new digital economy”.
FET presently has a circulating supply of 745 million and a maximum supply of 1.15 billion. FET is one of the top 200 cryptocurrencies in terms of market capitalisation.
Technical Analysis for the Short Term
FET is presently trading about $0.45, up from $0.3 at the start of March. That’s a 50% increase, showing a bullish trend that might continue as Bitcoin pushes the crypto market into a good mood. FET, on the other hand, may want to test short-term resistances at $0.42 and $0.4, in order to gain more momentum for an upward move. To avoid a negative scenario, it will need to maintain the golden pocket support at $0.36-$0.37.
Potential for the Future
Fetch.ai is continually improving by entering into new collaborations, signalling huge long-term potential. It has launched a research and development relationship with FinTech platform Algbra to deliver DeFi services to underprivileged minority groups. It has entered the market for non-fungible tokens (NFTs) by creating the Colearn Paint NFT platform. The platform enables groups of producers to employ machine learning to automatically develop NFTs. A cooperation with LiquidChefs, an on-site food beverage services firm, is also in the works to offer long-term AI-powered supply chain services and boost supply chain transparency through the usage of autonomous economic agents.
With continuous updates and a high level of development activity, FET has the potential to become one of the most popular cryptos in the future.
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