What are FET coins? What can FET coins do? How to store FET coins?

As the native cryptocurrency of Fetch.ai, FET tokens fuel network operations, facilitate governance, and empower smart contracts to interact with real-world data and devices.

Oct 01, 2024 at 11:11 pm

What are FET Coins?

1. Fetch.ai (FET) is a decentralized machine learning network that enables smart contracts to interact with real-world data and devices.
2. FET tokens represent the native cryptocurrency of the network and serve several functions within the Fetch.ai ecosystem.

What can FET Coins Do?

FET coins enable users to:

1. Stake: Holders can stake their FET tokens to secure the network and earn rewards.
2. Pay for Services: FET tokens are used to pay for various services on the network, such as data access, model training, and smart contract execution.
3. Govern the Network: FET token holders have the right to vote on key network parameters and governance proposals.
4. Access Data Markets: FET tokens provide access to valuable data markets where users can buy and sell data securely and efficiently.
5. Power Smart Contracts: FET tokens allow smart contracts to communicate with external data sources and devices, enabling a wide range of new applications.

How to Store FET Coins?

FET coins can be stored securely in various ways:

1. Official Fetch.ai Wallet: This is the official software wallet provided by the Fetch.ai team. It is available for desktop, mobile, and hardware devices.
2. Hardware Wallets: FET tokens can be stored on hardware wallets such as Ledger and Trezor. These devices provide additional security by storing your private keys offline.
3. Software Wallets: FET tokens can also be stored in software wallets like MetaMask and Trust Wallet. These wallets are accessible through web browsers or mobile apps.
4. Exchanges: Some cryptocurrency exchanges, such as Binance and Coinbase, allow users to hold and trade FET coins. However, it is generally not recommended to store large amounts of cryptocurrency on exchanges for security reasons.