Fetch.ai (FET) is an Ethereum-based token that powers the Fetch.ai network – a project that aims to provide a decentralized infrastructure for the automation of tasks through machine learning (ML) and artificial intelligence (AI) . Fetch.ai was founded in 2017.
The Fetch.ai platform is intended to unite software-based economic actors in order to autonomously carry out tasks that are normally carried out by humans. The decision-making autonomy would in this case be supported by ML and AI. In addition to the independent processing of individual tasks, these units would merge the results of their data processing in the collective intelligence – a common ML / AI-based knowledge database.
Fetch.ai’s blockchain is based on the Cosmos SDK and as such has inherited some of its properties. The consensus system is an improvement on Cosmos Tendermint because it offers:
- A decentralized random beacon protocol that randomizes the selection of the block producing validator;
- Multi-Sig to reduce storage space requirements;
- Slot Proof-of-Stake (sPoS) – a variant of PoS to reduce computing costs.
FET token can be used for staking out by validator nodes. It is also required to create, train, and deploy software business agents to the network to power the work of the Oracle services and to pay for the transaction costs. Of course, the network participants also benefit from their interaction: users receive rewards for FET staking as well as for the work of their agents.
FET had a great bull run in the spring of 2021, hitting ~ $ 0.82 in late March after starting at ~ $ 0.06 earlier this year. After experiencing some turmoil later, the price of FET has leveled off in a downtrend, hitting lows of ~ $ 0.16 by mid-summer.
However, in early fall, Fetch.ai rebounded well, hitting an all-time high of $ 1.19 on September 8th. While it doesn’t look like it will be able to hold those positions, the price of FET has been hovering around $ 1 then since then, which is still a very solid performance. Fetch.ai’s price predictions reflect this and remain positive for the moment.
Despite the fact that 100% accurate technical analysis is hardly possible for Fetch cryptocurrency, this advanced technical analysis tool from TradingView allows you to view the aggregated FET buy and sell rating in real time for a selected time period. The summary for FET / USD is based on the most popular technical indicators – moving averages, oscillators and pivots.
As can be seen from the analysis cited above, Fetch (FET) projections are quite contradictory. There is no universal consensus on positive or negative future FET price movements. In fact, the future possible growth depends on various factors: announcements, new technological solutions of the Fetch projects, the crypto environment in general, legal situation and so on. We kindly remind you that it is essential to do your own research (DYOR) before investing in a cryptocurrency.
Disclaimer: This article should not be viewed as a trading recommendation. The cryptocurrency market suffers from high volatility and the occasional random movement. Every investor should research multiple viewpoints and familiarize themselves with all local regulations before committing to an investment.
SwapSpace is a cryptocurrency exchange aggregator that makes it possible to exchange over 450 cryptos with fixed and variable interest rates. We collect the prices of the major crypto exchanges on the screen and let our users compare and choose the option they like the most. We do not charge any fees above the tariffs of the partners, which makes exchanges via SwapSpace profitable. The exchange time is no longer than any of our integrated services of 10 minutes or more. SwapSpace support works around the clock.