What Is Fetch?
Fetch (or FET) is the native utility token on the platform with the same name, and it is also issued on Ethereum. It focuses on two modern technologies often used in similar contexts - blockchain and AI. Fetch combines these two to decentralize AI-based systems and avoid providing user-oriented data to corporations which further monetize it. It establishes a network of autonomous economic agents that can perform various tasks for their users. This way, Fetch breaks many barriers and frees technology from the meddling of the intermediaries while reducing the data acquisition monopoly of the large market players.
FET tokens are used in transactional and communication operations within the network as a digital currency. The data and devices on the Fetch.AI platform can also be purchased, powered by the token. FET also act as refundable deposits for the agents and nodes that want to perform tasks related to the network operations, such as security.
Pros and Cons of Fetch
Advantages of Fetch
Despite being relatively young, Fetch has seen sudden success and quickly climbed to the top-200 list. Its notorious ICO that only lasted seconds further proved that there’s definitely public interest in it. The developers are competent in their field and have chosen an exciting combo of AI and crypto to work on.
Disadvantages of Fetch
However, Fetch was also on top of the list of the cryptocurrencies with the worst dynamic in 2020, losing 62 percent of its initial value. The crypto’s social media platforms are mentioned to lack proper engagement. Some criticize the code with which Fetch is written and say that the tasks set by the team are too ambitious and require enormous efforts. The technology looks too clever and difficult to implement so it poses a challenge for this project.