Fetch.ai (FET) is an Ethereum-based token powering the Fetch.ai network — a project aiming to provide a decentralized infrastructure for automating tasks through machine learning (ML) and artificial intelligence (AI). Fetch.ai was founded in 2017.
Fetch.ai platform is supposed to unite software-based economic agents to autonomously execute tasks that are usually done by humans. The decision autonomy, in this case, would be backed by ML and AI. Besides working on discrete tasks on their own, those entities would pool the results of their data processing into the collective intelligence — a shared ML/AI-based knowledge base.
Fetch.ai blockchain is based on Cosmos SDK and as such, has inherited some of its properties. The consensus system is an improvement on Cosmos Tendermint since it has:
- A Decentralized Random Beacon protocol, which randomizes choosing the block-producing validator;
- Multi-sig to reduce the storage space requirements;
- Slot Proof-of-Stake (sPoS) — a variation on PoS to lessen the computational costs.
FET token can be used for staking by validator nodes. It’s also needed to build, train and deploy software economic agents to the network, to power the work of the oracle services, and to pay the transaction costs. Of course, network participants get something out of their interaction too: users get rewards for FET staking, as well as for their agents’ work.
FET has experienced a great bull run in the spring of 2021, reaching ~$0.82 in late March after starting out at ~$0.06 at the beginning of this year. After going through some turbulence later, FET’s price has settled into a downtrend, hitting the lows of ~$0.16 around mid-summer.
However, by early fall Fetch.ai has recovered nicely, hitting an all-time high of $1.19 on September 8. Even though it doesn’t seem like it’s going to be able to keep those positions, FET’s price has been hovering around $1 since then, which is still a very solid achievement. Fetch.ai price predictions reflect that, keeping positive at the moment.
Despite the fact that 100% accurate technical analysis for Fetch cryptocurrency is hardly possible, on this advanced technical analysis tool by TradingView you can see the real-time aggregated FET buy-and-sell rating for selected timeframe. The summary for FET/USD is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots.
As it can be clear from the analysis cited above, Fetch (FET) projections are rather contradictory. There is no universal consensus either about positive or negative future FET price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Fetch projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
SwapSpace is a cryptocurrency exchange aggregator that allows to swap over 450 cryptos with both fixed and floating rates. We gather the rates of major crypto exchanges on the market onscreen and let our users compare and choose whatever option they like the most. We don’t add any fees over the partners’ rates, which makes the exchanges via SwapSpace profitable. The exchange time is no longer than at any of our integrated services starting from 10 minutes. SwapSpace support works 24/7.