What is FET coin? Learn what FET coin is in one minute

FET coin, an ERC-20 token on the Ethereum blockchain, powers the Fetch.ai ecosystem, enabling autonomous agents, decentralized data markets, and MLaaS.

Oct 10, 2024 at 04:11 pm

What is FET Coin?

1. Concept: FET coin (Fetch.ai) is a decentralized cryptocurrency built on the Ethereum blockchain. It powers the Fetch.ai ecosystem, which aims to create a decentralized machine learning network.

2. Purpose: FET coin plays a vital role within the Fetch.ai ecosystem, serving as:

   • Payment Network: It enables users to pay for services and transactions on the Fetch.ai network.
   • Utility Token: FET coin is used to stake and interact with smart contracts on the Fetch.ai platform.
   • Governance Token: FET coin holders can participate in network governance by voting on proposed changes or decisions.
3. Technology: FET coin is an ERC-20 token, which means it runs on the Ethereum blockchain. It leverages smart contract technology to provide security, transparency, and automation to the Fetch.ai ecosystem.

4. Use Cases: FET coin is primarily utilized within the Fetch.ai ecosystem for various applications, such as:

   • Autonomous Agents: Creation of intelligent agents that can perform autonomous tasks on behalf of users.
   • Decentralized Data Markets: Facilitation of data marketplaces where users can securely buy and sell data.
   • Machine Learning as a Service (MLaaS): Provision of machine learning capabilities to developers through a decentralized network.
   • Supply Chain Management: Optimization of supply chain processes using IoT devices and machine learning.
5. Tokenomics: The total supply of FET coin is 1.15 billion, with approximately 66% currently in circulation. It is available for trading on major cryptocurrency exchanges like Coinbase, Binance, and Huobi.