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What is Fetch.AI Cryptocurrency?

Fetch.AI is an open-source blockchain-driven decentralized computational network. This technological platform is capable of autonomously coordinating, negotiating and executing complex multi-agent Economic and Logistical tasks, through the use of secure digital tokens called FETs. This innovative network is designed to bring secure peer-to-peer transactions and provide fast, secure, and affordable exploration into the world of machine-to-machine AI-driven transactions.

When it comes to defining ‘Fetch.AI’, the most apt definition is that it’s a technology focused platform with a decentralized ledger that relies on multiple technologies to enable a new economy of things. It takes advantage of several advanced technologies such as autonomy, artificial intelligence, data science, distributed ledger technology, digital identification and cryptography to create a reliable digital economy. All said, Fetch.AI is an open network that allows any agent, either AI or device, to autonomously use its services to create, trade and transfer digital assets.

The network basically works as a digital infrastructure that is able to transmit events and data between users, machines and devices. This virtual infrastructure also employs cognitive computing techniques, making it possible for agents to autonomously negotiate and execute contracts with no need for human intervention. Fetch.AI is uniquely designed to accommodate the integration of massive amounts of data from a variety of sources, enabling machines or agents to autonomously analyze and generate insights.

Users of the Fetch.AI network have access to its crypto-currency, dubbed ‘FET’. The FET token can be used to transact with other machines and agents. This crypto-currency is designed to have an extremely low transaction cost, making it ideal for machine-to-machine payments. By utilizing the FET token and its advanced technologies, the network enables businesses and individuals to easily integrate their machine learning applications into the network.

The network also features trustless ledger-based smart contracts to help expedite the transactions and the execution of agreements between the participants. These contracts can be negotiated and executed with minimal disruption to the original contracting parties and they also offer increased transparency compared to traditional financial contracts. Fetch.AI is also focused on improving the speed and security of the transactions taking place on the network.

The team behind the Fetch.AI network is also committed to making it easier for developers to build AI-driven applications on the network. The designers have created tools to help developers create applications, which allow machines to interact with each other and make decisions autonomously. Additionally, the team has released an extensive set of smart contracts that developers can take advantage of to rapidly build and deploy applications.

Overall, Fetch.AI certainly offers a decentralized infrastructure that enables the development of next-generation Artificial Intelligence applications. With its advanced technology, secure transactions and low transaction costs, Fetch.AI can definitely become a viable platform for performing real-time transactions between machines. Businesses may even find it to be a useful tool to take advantage of the huge potential of machine learning.

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