Fetch.ai (FET) is an innovative crypto project that is revolutionizing the way society leverages artificial intelligence (AI) and automation. Since the start of 2023, Fetch.ai (FET) has been on an absolute rampage – up over 125% YTD.
Imagine a world where digital robots can perform automated tasks while interacting and sharing resources and information with each other. By combining AI and blockchain technology, Fetch.ai is making this a reality, and it's an exciting time to be a part of it.
As the explosive growth of ChatGPT and other AI technology continues to unfold, there's no telling how far Fetch.ai could go. The following discussion will explain the basics of Fetch.ai and how you buy FET today.
What is Fetch.ai?
Fetch.ai is a platform that uses AI and blockchain technology to create a network of self-governing software agents. These agents can perform tasks such as data entry, bookkeeping and transaction execution without the need for human intervention. All agents are connected and decentralized, meaning that they can communicate and share information with one another while making decisions and completing tasks.
Fetch.ai can reduce costs and improve efficiency in a vast range of industries including transportation, decentralized finance (DeFi), energy and many others. Early use cases include:
- Optimizing trading for financial service users
- Disintermediating the gig economy to remove middlemen
- Reconfiguring public transport networks
- Connecting energy networks to smart grids
- Supporting smart cities’ ability to adapt to citizen behavior
In technical terms, Fetch.ai is an interchain protocol based on the Cosmos-SDK – a tool for building custom blockchains in the Cosmos ecosystem. The project falls under the umbrella of the internet-of-things (IoT) and combines a diverse range of technologies like smart contracts, direct acyclic graph (DAG), distributed ledger technology (DLT), AI and machine learning (ML). Together, these technologies synergize to form the following three key technological pillars of the Fetch.ai ecosystem.
- Autonomous economic agents (AEAs): AEAs are intelligent programs that operate on the owner’s behalf and whose goal is to generate economic value for the owner. They act without the need for constant input and autonomously execute actions to achieve their goal.
- Open economic framework (OEF): A layer on top of the protocol that allows AEAs to connect and exchange information with each other.
- Smart ledger: An AI-powered blockchain ledger that records all the AEA’s transactions. As AEAs gain more data, smart ledgers will provide accessible and comprehensive data to the public.
The native token of Fetch.ai is FET, which is the lifeblood of the economic activity on the network. FET functions as a digital currency for the communication and transactional operations that take place in the ecosystem.
Brief History of Fetch.ai
Fetchi.ai was founded in 2017 by a team of engineers and researchers with backgrounds in blockchain technology, AI and distributed systems. After developing its autonomous software agents and blockchain platform, Fetch.ai burst onto the crypto scene in 2019. The project won the hearts of investors, raising $6 million in just 10 seconds during its initial exchange offering (IEO) on the Binance Launchpad.
Since then, Fetch.ai has continued to expand its network and improve its platforms, partnering with a wide range of organizations in the finance, transportation and energy sectors to test and implement its technology. In 2020, Fetch.ai successfully launched its mainnet. Notable investors include Blockwall and Outlier Ventures.
Fetch.ai Market Position
At the time of writing, FET’s market capitalization is roughly $243 million. In terms of the AI sector of the market, FET is the market leader, taking up almost 60% of the total market share. However, in terms of the broader crypto market, FET is quite small – only a top 150 cryptocurrency by market capitalization.
How to Buy FET
Fetch.ai can be purchased on major exchanges such as Coinbase, Gemini and Binance. Here are the steps that you need to take to buy FET online.
Step 1: Open an online account.
The first step is to sign up for an exchange account to buy FET like Binance, Gemini and Crypto.com. Both platforms offer high levels of security, a wide range of supported altcoins and user-friendly interfaces.
Creating an account on these exchanges is relatively easy as long as you’re ready to comply with the U.S. Securities and Exchange Commission’s (SEC’s) know-your-customer (KYC) guidelines. This process involves authenticating your identity for tax purposes via your SSN, address, drivers license and a selfie.
Step 2: Buy a wallet (optional)
Although it's not required, buying a self-custody cryptocurrency wallet is perhaps the most important action you can take when storing your newly purchased FET. These wallets give you absolute control and authority over your digital assets – eliminating the risk of asset mismanagement and large-scale hack attacks, which are associated with third parties such as exchanges.
You can choose from two types of wallets – hardware and software wallets. Hardware wallets, which keep private keys offline, are considered the most secure way to store crypto. They add an extra layer of security against cyber attacks or phishing schemes. Conversely, software wallets enable users to easily manage their cryptocurrency, including buying, selling, swapping and lending through the internet. This storage system provides increased convenience and accessibility at the cost of reduced security.
Best Hardware Wallet: Ledger
Ledger is an industry-leading hardware wallet that provides top-notch security and a user-friendly experience. It supports FET and 1,800+ altcoins such as Ethereum (ETH), Dogecoin (DOGE), Polygon (MATIC) and all ERC-20 tokens.
Currently, Ledger offers three wallets – the Nano X, Nano S Plus and the Stax. The most recent wallet, the Stax, supports a sleek touchscreen interface that makes it a great choice for savvy investors who want to manage their day-to-day transactions in comfort.
Best Software Wallet: Crypto.com Wallet
Crypto.com is a centralized exchange that offers an excellent non-custodial wallet. It provides access to a vast range of DeFi services in one place and allows users to easily manage 100+ cryptocurrencies. Crypto.com’s non-custodial wallet is a great choice for beginner investors who want to leverage the Crypto.com platform and value convenience and ease of use.
Step 3: Make your purchase
The final step in investing in FET is to place a buy order through your exchange’s trading platform. There are several different types of buy orders and each exchange has a different set of instructions to follow when you carry out your trade.
Trade, Sell or Convert your FET
Trading and swapping are two different ways to exchange FET for other assets. Trading involves using orders to buy or sell an asset to make a profit. Here is a quick rundown on the common types of orders.
- Market order: An order to buy or sell an asset at the best available price in the market. This type of order is executed immediately.
- Limit order: An order to buy or sell an asset at a specific limited price. The trade will only execute when the target price is reached.
- Stop order: A type of order that is used to limit losses in trading. When the market price reaches the stop price, the stop order becomes a market order and is executed at the current market price.
Swapping involves exchanging one currency for another. The key difference between trading and swapping is that trading involves buying and selling to make a profit while swapping is a means of exchanging one cryptocurrency for another.
Current Crypto Prices
Cryptocurrency is like a wild roller coaster ride, with prices dramatically rising and falling in the blink of an eye. The unpredictable nature of cryptocurrency is the result of crypto being highly speculative where the market is heavily swayed by the emotions of investors. Prudent investors will stay on top of the market by regularly monitoring crypto prices and the latest news. Here is a table of the most recent crypto prices.
Is Fetch.ai a Good Investment?
Fetch.ai is a thrilling and innovative project that has the potential to redefine the way in which individuals and businesses interact with technology. Its unique approach to creating an open economic framework through AI and blockchain technology makes it a promising investment opportunity.
However, it is important to note that with any crypto investment, there is a high level of risk involved because of the speculative nature of cryptocurrency and its uncertain regulatory future. As a result, it is critical that you do your own research and consider your risk tolerance before investing. If you’re up for an exciting ride, Fetch.ai may be the perfect investment for you during the bear market.
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