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The Fetch digital currency project seeks to create a network of autonomous economic agents by combining blockchain technology and artificial intelligence. This project can perform various tasks for users and, at the same time, reduce the data ownership monopoly of the world’s largest companies. Patch Digital Currency, also known by some as Fatch Digital Currency AI, is one of the most complex and practical projects in cryptocurrencies that can have a very bright future. Therefore, this article intends to review and fully introduce the Fetch.AI digital currency. Stay with us.

What is Fetch.AI Digital Currency?

Digital Currency Project was launched in February 2019 as one of the Binance Launchpad projects. Fech.AI is an ideal project for the convergence of technologies in the early years of the Fourth World Industrial Revolution. This project is known as a combination of two technologies usually put together these days. These two technologies are artificial intelligence (AI) and blockchain.

The idea for the project stemmed from the desire of experts to decentralize artificial intelligence-based systems, which are now widely accepted as digital assistants, such as Google’s Home Hub. The Fetch digital currency team believes that providing various digital services should not make user-specific data available to global information-thirsty companies working hard to monopolize it.

The story of Fetch.AI digital currency began in early 2017 with the merger of Itzme AI and Vue to create a new startup in the UK. The Binance Launchpad division of Binance Exchange selected the project to organize the sale of FET tokens to raise capital. The partnership raised about $ 6 million in just 10 seconds. The platform-specific application token, the FET token, has also been released on the Atrium network for various network applications.

The purpose of Fetch.AI digital currency

The goal of creating Fetch digital currency is to create a decentralized marketplace for digital data in the future. According to this concept, most of the tasks that Fetch.AI users can perform in the real world are performed by autonomous software operators that use artificial intelligence technology. In addition, these agents are responsible for facilitating the use of user-generated data.

• Fetch Digital Currency intends to replace central systems tasks with tasks like sending data or providing day-to-day services such as hotel reservations. Fetch developers believe that a decentralized system works better for participating in an emerging machine economy. This project’s software-based “agents” work as digital identities and can complete autonomous transactions and represent themselves, the device, the services they provide, or the user himself.
• The AI ​​project aims to create an Open Economy Framework (OEF), an ecosystem in which agents and digital data interact at low cost while performing well. Proper use of user data is one of the important tasks of Fetch’s digital economy model. The project’s open economy framework allows the data created by IoT devices to be turned into a commodity so that they can be sold based on the fact that the operators are located on each device.
• This project eliminates the need for a human or corporate intermediary to control access to data created by digital devices. By connecting the head office to operators with machine learning technology, data that previously had no financial value can now become the basis of emerging industries. Both data and devices embedded in the Fetch.AI platform are free from the need for an intermediary and can now be traded independently with the FET token.

How does Fetch digital currency work?

Creating value for data and ensuring that this information is used effectively prompted the FATEI digital currency team to create a layered structure for their platform. This created three different layers that were skillfully put together to achieve the overall goal of the platform:

• The first layer includes the actors of the Autonomous Economy (AEA). These agents are located in an environment where trust and credibility information is circulated to minimize transaction risk.
• The second layer is the Open Economy Framework (OEF). The foundation of this project is a general office, which is the location of the platform’s native FET token and its decentralized transaction system.
• The third layer is the Fetch Smart General Office, which manages credibility, trust, and intelligence to ensure system integrity. This layer is the main value proposition of Fetch digital currency; Because it is responsible for managing the market intelligence that agents need for optimal access. This layer uses machine learning to discover which markets interact and in what.

How does Fetch.AI digital currency improve scalability?

Fetch.AI Digital Smart Currency Office is theoretically designed to handle millions of transactions per second and can change its structure to connect OEF to Fetch operators. Also, this scalability is achieved by combining transaction chains with a circular directional graph (DAG) feature.

Fetch.AI also uses the Sharding process as a “source path” approach. Although this approach superficially uses the classic shading process used in some blockchain systems, the Fetch platform also supports the simultaneous assignment across several different source paths. The routes are then optimized for use with the help of a pre-evaluation module that can detect the relationship of each route to each transaction. Finally, transactions are grouped by the resource-identifying hashing project and matching the system capacity with the number of available routes.

Fetch digital currency team

The Fetch Digital Currency Team is headquartered in Cambridge, UK, and is managed by three founders: Humayun Sheikh as CEO, Toby Simpson as CEO, and Tomas Hain as CEO. Title Chief Technology Officer.

What is the mechanism for proving useful work?

The consensus mechanism used by the Fetch.AI digital currency is called Proof of Use (UPoW). In this way, blocks are created like that used in conventional stock-proof, While the order of each transaction is determined based on the work done between creating two blocks.

Specific processing issues are sorted in order of difficulty and packaged in proof-of-work packages so that even nodes with low processing power can be rewarded with blocks. The platform manages more important issues related to artificial intelligence or scheduling based on distributed processing designed for this purpose.

Fetch.AI Digital Currency Price History

Fetch digital currency, or FET token, was first accepted on March 3, 2019, for $ 0.36 on the CoinMarketCap website. This listing, however, did not have a good effect on the price of the FET token, and with the fall in price, a year later, on March 12, 2020, the lowest price of this token was recorded at the level of $ 0.008.

The first major price pump started in early February 2021, peaking at $ 0.82 on March 29 this year. However, immediately after the peak was recorded, the price fell sharply again and reached $ 0.18 on June 18, 2021.

In late August 2021, the next wave of the FET token began, leading to a record high of $ 1.19 on September 8. After that, and in the first months of 2022. This digital currency also experienced a downward trend due to the declining conditions that affected the entire cryptocurrency market.

Concluding remarks

Artificial intelligence and blockchain are among the most exciting, exciting, and, of course, complex areas of the technology world. So it can make a huge difference in the economic, social, and financial future of the world. Using its highly professional and reputable production team. Fetch Digital Currency presents complex, high-level projects that can have a lot to say in the future.

Utilizing state-of-the-art technology and sophisticated software structures. The Fatch Digital Currency development team intends to manage the future of information management in a new way. The UpoW mechanism of these cryptocurrencies is a completely new way of combining the two old mechanisms of proof of work and proof of stock. It will create a great change in the blockchain industry.

The high level of technology used in Fetch.AI digital currency, expert and reputable manufacturing team, reasonable current price, transparency, and platform work make the FET token. One of the best options for long-term investment.