Fetch.ai (FET) Review (9.2/10⭐)

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The FET token powers transactions with the Fetch.AI network. The network uses automated bots that utilize artificial intelligence to complete everyday tasks without human intervention. T The token is based on the ERC blockchain and delivered as an ERC-20 token. This means that users can use the Fetch.ai network to create smart contracts and DApps that cover different needs and use the coin for payments.

Fetch.ai can be used for any service that is procured online, such as booking flights, hotel rooms, or an electrician. Service providers can tap into the blockchain to offer convenience to their potential customers with a few clicks. The costs of transacting with the coin are about 10% of what it would cost to transfer similar amounts on Ethereum.

 

A Bit About Fetch.ai

Fech.ai is a blockchain that makes use of artificial intelligence to automate everyday tasks such as booking a flight or getting parking spaces. It comes with a token called FET, which acts as payment for transactions within the network and powers various services. The idea behind this is to decentralize how people get and pay for transactions on the internet.

The solution was created by a team of crypto engineers based in Cambridge, UK, led by Toby Simpson and Humayun Sheikh. They wanted to harness the power of AI to complete everyday activities. Instead of offering the system to the final user, they created a solution where service providers can use it to power their offers and enhance the value of their services. Therefore, FET stands for convenience and accuracy, two value systems it uses to power services across the web.

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Fetch.ai uses an automated bot called a digital twin, which represents the user and negotiates with other digital twins from the service providers from whom you seek their services. The twin from each side negotiates the deal on your behalf and sets the parameters for the said service. Then the FET token pays for the service conveniently.

Here is an example. If you want to travel to Thailand in August and spend three days there at a cost of 8,000 USD, fetch.ai can check the internet for the best accommodation deals in Thailand. It would check if the service providers have accommodation slots in August and are willing to charge as per your budget. It then closes the deal and gives you the best offer in town. You pay for the service in FET.

The uniqueness of this service is that it does everything without your intervention. For service providers, this offers convenience to customers and reduces overheads in terms of hiring a customer service team.

The FET token is based on the Ethereum network and issued as an ERC-20 token. Therefore, it is capable of creating DApps and smart contracts that match the needs the service provider wants to satisfy.

 

Utility of Fetch.ai?

Fetch.ai can be used in various applications on the internet. Holders can use FET to buy goods and services from different service providers within the Fetch.ai community. They can also use it as an investment and capitalize on the value increases of the token on the crypto market.

The holders of the coin enjoy various benefits. First, the token is based on Ethereum, which offers top-class security features. Therefore, there is little risk that they would lose their coins. Second, owning the coin opens them to a wide variety of services that will be available on Fetch.ai in the near future.

As for companies, FET offers them opportunities to create smart contracts across various industries. Their customers can buy into their solutions without the fear that they will lose their investments.

 

Advantages of Fetch.ai

+ There is a huge market for Fetch.ai in the e-commerce marketplace across various disciplines
+ The token is based on Ethereum, making it one of the most secure solutions on the market
+ FET has been performing well in the market and is likely to see value increases in the future
+ FET tokens are limited in supply, which means that their value will only go up as inflation will not devalue them
+ Fetch.ai allows users to create smart contracts and dApps for various solutions
 

Disadvantages

- The transaction costs are higher than for many other blockchains, like Solana
- The token is best used within the Fetch.ai community, which limits its potential
- FET is affected by market volatility and can spike or dip if conditions change
- The uptake of Fetch.ai solutions is still low on the internet
- Fetch.ai does not support transfers between different blockchains
 

Costs

▪ Rated at 9/10

The cost of transacting with FET is about 10% of what it would cost to transfer a similar amount of cash on Ethereum. However, gas fees change according to the congestion in the network. If there are many transactions on the network, the gas fee could go higher. However, users have the option of waiting for the pending transactions to clear so that the gas fees may go down.

 

Reputation and Buzz

▪ Reputation rated at 9.5/10
▪ Buzz rated at 10/10

Fetch.ai has a strong reputation that has been solidified since its founding. First, the team behind the creation of the token and network was well respected within the crypto community. Second, the idea behind the formation of the solution is unique in that it offers real solutions to some well-known challenges.

Over the years, FET has gained attention across leading crypto forums and communities. Numerous experts have written about it and its potential in the future of e-commerce. This shows how the idea has caught up in the market.

 

FAQ

-How many FET coins are in circulation?

There are 1,152,997,575 FETs in circulation. This is the maximum number of coins in the market. Therefore, the token is not affected by inflation, and its value will continue to go up in the future.

How is Fetch.ai network secured?

Fetch.ai is secured via game theory and multi-party cryptography. These two combine with DAG and AI to form a version of proof-of-stake consensus. The two features combine to provide censorship-resistant consensus that is also secure from various malicious actors in the market.

 

History of Fetch.ai

May 2017 – Fetch.ai is established by a team from Cambridge, UK. It promises to integrate AI into everyday online tasks.

June 2018 – The Fetch.ai team secures 15 million USD in a seed funding round to enhance their product. It then receives an additional 6 million USD through an IEO on Binance.

February 2019- FET is made available on Binance. At the same time, the founders raise funds on the IEO

August 2021 – Binance is ordered by the Royal Courts of Justice in London to track and return FET, which lost an earlier heist.

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Screenshots from Fetch.ai

 

More sites where to buy/sell/trade Fetch.ai

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