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Exploring Fetch.ai's Native Token (FET): A Convergence of Blockchain and AI Technologies | Cointime Weekly Token Insight

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TL;DR

  • FET is the native token of Fetch.ai, a blockchain-based platform that uses AI and ML to create a decentralized network for economic agents.
  • FET is used for staking, voting, incentivizing agents, and payment. Its potential applications could revolutionize transactions and information sharing.
  • OpenAI, Microsoft, and Baidu recently launched groundbreaking AI products that have caused a surge in demand for AI-related tokens, including Fetch.ai (FET).

This week has been an exciting time for the AI industry, as some of the biggest players in the field have launched new products that have caught the attention of the market. 

On Monday, OpenAI announced the release of its much-anticipated GPT-4, the latest version of its revolutionary language model. This was followed by the launch of Microsoft 365 Copilot, harnessing the power of AI, Copilot turns your words into the most powerful productivity tool. Meanwhile, Chinese tech giant Baidu introduced its own language model, ERNIE, an equivalent to the OpenAI chatbot. 

These groundbreaking AI products have caused a surge in demand for AI-related tokens, including Fetch.ai (FET), whose price has seen a significant uptick in the past few days.

What is Fetch.ai?

Fetch.ai is a blockchain-based platform that utilizes Artificial Intelligence (AI) and Machine Learning (ML) to create a decentralized network for economic agents. 

Fetch.ai's main goal is to create an open-access decentralized network that enables smart contracts and facilitates the creation of decentralized applications (dApps) to improve various industries' efficiency and productivity.

What is FET token?

FET is the native utility token of the Fetch.ai platform. 

FET is used as a means of exchange to access and use the platform's services, including staking, voting, and incentivizing agents. FET is also used to incentivize and reward network participants, including agents and validators. The total supply of FET is capped at 1.15 billion tokens.

How does FET token work?

FET tokens are used to access various services and functionalities within the Fetch.ai ecosystem. These include:

  • Staking: Users can stake FET tokens to participate in the consensus mechanism of the network and earn rewards for validating transactions and securing the network.
  • Voting: FET holders can vote on proposals related to the platform's development, governance, and operation. These proposals can range from technical upgrades to network parameters to funding for community initiatives.
  • Incentivizing agents: FET tokens are used to incentivize autonomous agents to perform certain tasks, such as data processing or service provision. Agents can receive FET as a reward for their contribution to the network.
  • Payment: FET can be used as a means of payment for services and products offered by the Fetch.ai ecosystem.

FET tokenomics

The total supply of FET tokens is fixed at 1.15 billion, with a circulating supply of approximately 750 million tokens. The tokens are distributed among various stakeholders, including the team, advisors, investors, and community members. 

The token allocation is as follows:

  • Team and advisors: 15% of the total supply
  • Early investors: 11% of the total supply
  • Token sale: 11% of the total supply
  • Community: 9% of the total supply
  • Staking rewards: 45% of the total supply
  • Foundation reserve: 9% of the total supply

Final thoughts

The FET token is an integral part of the Fetch.ai ecosystem. It is used to facilitate transactions, secure the network, and incentivize participation. With the potential applications of blockchain technology, Fetch.ai and its FET token have the potential to revolutionize the way we think about transactions and information sharing.

~ By Lu Tian

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