Fetch (FET) coin review: A smart investment in 2021?
By combining the innovative power of Artificial Intelligence and Blockchain, Fetch.ai has devised a decentralized and autonomous way of optimizing our daily lives. Continue reading for a more comprehensive analysis of the workings of Fetch.ai and its native token, FET.
Thanks to its high-profile partnerships and its innovative approach to smart blockchain solutions, Fetch.ai has emerged in 2021 as a promising project in the crypto world.
Strategic integrations with DeFi platforms have helped position the Fetch.ai ecosystem, including its native token, Fetch.ai coin (FET), for explosive growth.
In this Fetch coin review, we’ll unravel this project and explore the factors responsible for its rise in the market in 2021.
What is Fetch.ai?
Fetch.ai is a blockchain protocol designed to help with machine learning. The Fetch.ai team explains on their website that they believe a majority of industries run on inefficient, centralized systems that are unable to assess and correct themselves. These often put a cap on productivity and result in needless expenses.
With this in mind, Fetch.ai created open-source AI and machine learning services on the blockchain that can evolve with complex tasks in a wide array of industries, including the healthcare sector and the mobility industry. They believe possible use cases could include smart cities, automated parking systems, energy distribution, pricing solutions, and much more.
How does Fetch.ai work?
The Fetch.ai consists of 6 major elements that combine to enable a decentralized smart solution accessible globally.
- Autonomous Economic Agents (AEA)
Autonomous Economic Agents are your AI’s on the Fetch.ai ecosystem. They act on the data you input to independently execute tasks to achieve predefined goals. The entire Fetch.ai ecosystem is built to house and nurture these AI-enabled nodes.
- Agent Registry
The Agent Registry is an app store where you can access components to build and train your AEA’s. You can customize skills, select protocols, or even adapt existing templates to build a functioning AI to perform whatever task you want to accomplish.
- Agent Framework
This is a development suite built with the Python programming language. The framework offers all the tools required to build and run agents on Fetch.ai.
- Agent Metropolis
This is a collection of smart contracts that record the communication and agreements between agents on Fetch.ai. It also provides essential services that materialize the real-world applications of agents.
- Simple Open Economic Framework (SOEF)
SOEF is a search and discovery service that allows AI’s to discover other AI’s and describe what they do. With this, you can explore the Fetch.ai metaverse and discover the functionalities of existing agents so you don’t need to build yours from scratch. Fetch.ai recently launched this service on its website and via an iOS app.
- Fetch.ai blockchain
Fetch.ai uses the Cosmos software development Kit (SDK) to build its blockchain infrastructure. This makes it possible to run Fetch.ai agents on other blockchains, including Ethereum and Binance Chain.
What is Fetch.ai coin?
At the heart of Fetch.ai’s autonomous economy is FET. The Fetch.ai coin is an important component of the network’s governance and validation systems.
The Fetch.ai mainnet supports a staking-based validation and consensus mechanism generating up to 10% APY to stakers. You must also stake FET to use the Agent Framework and Agent Registry and pay a modest amount of FET to access the platform’s machine learning utilities and train your agent.
You automatically receive voting rights on Fetch.ai when you hold FET since Fetch.ai.
What is Fetch.ai’s price history?
Early investors have generated 702% ROI from investing in Fetch.ai. According to Coingecko, the price of FET debuted at $0.35 following its launch in February 2019 on the Binance Launchpad. In May 2019, it crashed by 400% from its initial price.
However, it later rebounded momentarily up 200% in the same month, only for it to hover below the $0.1 price mark for the remainder of 2019 and the better part of 2020.
The only notable price rally recorded in 2020 was in August 2020 when the price of FET surpassed $0.1 for the first time in a year. FET experienced an unprecedented 1,300% price rally in the first 10 weeks of 2021 on the tail of BTC. It went on to set a new all-time high of $0.74 after the team announced that they will launch Fetch.ai’s mainnet version 2.0 by the end of March 2020.
FET has a maximum supply of 1.15 billion tokens.
Is Fetch.ai a good investment?
From the recent achievements recorded by the Fetch.ai team, it’s clear that the project is intentional about partnerships and developments.
Recently, Fetch.ai partnered with German engineering and technology company, Bosch, to develop a Web 3.0 solution. In March 2020, Fireblock revealed that it now offers custodial services to FET holders.
Also, Fetch.ai came under the spotlight after its spinoff, the Mettalex (MTLX) project, announced that it had launched a decentralized exchange solution for commodities. This initiative is the first DeFi implementation on the Fetch.ai ecosystem. Fetch.ai then gave FET holders the opportunity to staking their FET for 3 months with interest paid in MTLX tokens. These developments have attracted as much as $5 million in institutional investment.
For Fetch.ai to retain its status, it must continue to deliver on the promise that AI, machine learning, and blockchain can combine to great effect.
Fetch.ai coin as an investment option
Staking remains the most stable investment option for FET holders. You can receive up to 10% APY when you lock your coins on the Fetch.ai blockchain. While FET has impressed in 2021 and generated significant returns to holders, it has a lot of volatility for a long hold.
Where can you buy FET?
Having featured on Binance Launchpad, Binance Exchange remains the most active FET market. Other exchanges that support FET include Kucoin, Korbit, and Bitfinex. You can also trade FET on Uniswap directly from your Fetch.ai coin wallet without intermediaries.
Alternatively, if you don’t want to trade out your other cryptos to buy up FET, you could take out a crypto loan from platforms like MyConstant.
When you take out a loan against your crypto on MyConstant you get:
- 24/7 customer service.
- Rates as low as 6.5%.
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Sounds interesting? Sign up for a free account today and unlock the benefits of FET.
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