Fetch.ai (FET) is an artificial intelligence (AI) platform built on the Useful Proof of Work consensus mechanism. With the hope that this will be a platform that allows the creation of digital entities capable of representing people, services, products, or things in the real world.
If you are curious to learn more about the Fetch.ai (FET) platform, please take a look at the following content from AZcoin.
What is Fetch.ai (FET)?
Fetch.ai is an artificial intelligence (AI) platform built on the Useful Proof of Work consensus mechanism to create an ecosystem that combines blockchain and artificial intelligence. From there, digital entities are formed that are capable of representing people, services, products, or things in the real world.
Most importantly, the birth of Fetch.ai also partly solves two major problems at the present time:
- Full automation of applications.
- Avoid wasting the potential of centralized economic networks.
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How does Fetch.ai work?
Fetch.ai operates according to a structure divided into 3 main parts as follows:
- Layer 1 – Autonomous Economic Agent – AEA: Includes digital entities that represent people, services, products, or things in the real world.
- Layer 2 – Open Economic Framework – OEF: This is the place that provides infrastructure for layer 1 AEA to operate. This is a decentralized virtual environment.
- Layer 3 – Smart Ledger: Is a distributed database that stores all transactions taking place on the Fetch.ai network, thereby allowing users in need to access it.
Besides the three main components mentioned above, Fetch.ai’s operation process also includes many other small components.
Who is Fetch.ai development?
Information about key members contributing to the success of the project that we can mention includes:
- Humayun Sheikh: CEO of the project, and also the founder and CEO of two applications uVue and itzMe.
- Toby Simpson: CTO of the project and author of the a-life creatures game series as well as first-generation programming developer at DeepMind.
- Thomas Hain: CSO of the project, has a PhD from the University of Cambridge and a professor at the University of Sheffield.
Overview of FET Token
FET Token is Fetch.ai’s main cryptocurrency, used primarily in the services the platform currently provides.
Specifications
- Token name: Fetch.AI token
- Ticker: FET
- Blockchain: Ethereum
- Smart contract: 0x1d287cc25dad7ccaf76a26bc660c5f7c8e2a05bd
- Token standard: ERC-20
- Token type: Utility Token
- Total Supply: 1.152.997.575 FET
- Circulating Supply: 81.542.294 FET
Allocation rate
Currently, FET Tokens are being allocated as follows:
- Public sale (IEO): 6%
- Private sale: 6.38%
- Seed round: 5.24%
- Foundation and team: 19.9%
- Advisors: 10%
- Future releases: 17.4%
- Mining: 15%
- Foundation: 19.9%
FET Token Use Case
By owning FET Token, users can perform the following tasks:
- Pay for network services.
- Stake to become nodes that process transactions and operate the system.
- Access the Fetch.AI ecosystem for Agents.
- Act as an exchange object between Agents.
- Pay transaction execution fees.
How to own a FET Token?
If you want to own a FET Token, you can buy it at exchanges. The best crypto exchanges we can recommend are Binance, BitMax, KuCoin,…
Besides, because Fetch.AI uses the useful Proof of Work consensus mechanism, you can also mine your own FET Token.
Where can FET Token be stored?
If you want to store FET Tokens in the safest and most effective way, you should use wallets that support the ERC-20 standard such as Binance, BitMax, Ledger Nano, Trezor, MyCrypto, MetaMask,…
Should you invest in FET?
The intelligent intelligence platform can be said to be an extremely fertile land, with many opportunities for development and a very potential market. In other words, investing in FET is completely justified thanks to the potential that this project has and will have in the future.
However, you should also consider carefully because not only Fetch.ai but also many other competitors want to deploy their own smart intelligence platform. In other words, this project does not guarantee a 100% chance of success but also requires many other factors to decide.
In the end, it is still up to you whether to invest or not. Hopefully, the information we provide will partly help you find your own answer.
Conclusion
Here is all the most general and easy-to-understand content about Fetch.ai and the FET Token of this platform. Hope we have brought you useful information. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
