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Fetch.ai (FET) combines the two latest technology, i.e., the blockchain and artificial intelligence, to establish a network of autonomous economic agents. They can carry out a variety of functions for their users while reducing the big market players’ monopoly on data acquisition. To learn more about Fetch.ai and FET tokens, read this blog till the end.
Let’s get started!
What is Fetch.ai?
Fetch.ai (FET) is an open and permissionless network that uses AI to build a decentralized machine-learning system that can carry out tasks on the blockchain. Fetch.ai is essentially a blockchain-based AI network.
As an interchain protocol, Fetch.ai offers a free, open, and decentralized framework that utilizes the power of AI for implementing automated peer-to-peer applications without the need for human intervention.
Fetch.ai, which was launched in February 2019, aims to autonomously link devices and offer a platform for the operation of Internet of Things services through data exchange.
Fetch.ai aspires to offer a distinctive value proposition for a diverse range of stakeholders, such as developers, financial service providers, and many other economic participants, by integrating cutting-edge technologies like Directed Acyclic Graph (DAG) and smart contracts.
The FET token is an ERC-20 token and the network’s native cryptocurrency, which powers the Fetch.ai ecosystem.
Key features of Fetch.ai
- Autonomous Economic Agents (AEA), Open Economic Framework (OEF) and Fetch Smart Ledgers are the three main components of this technology.
- Fetch. AI aims to replace centralized systems that are in charge of everything from data transfer to providing essential services like booking a hotel room.
- AI aims to establish an Open Economic Framework (OEF) as an ecosystem where agents and digital data can coexist and function at their best while being reasonably priced.
- Thanks to Fetch AI and its FET token, human or corporate intermediaries are not required to regulate access to the digital domain.
About FET token
The multifunctional native token FET is used as the primary form of exchange on the platform by Fetch.ai. FET is used to pay for network transaction fees, the deployment of AI agents, and Fetch.ai services. In addition, the proof of stake (PoS) mechanism on the Fetch.ai Ledger allows users to stake FET for the opportunity to take part in ecosystem security and get rewards. You can use the official Fetch wallet to stake FET in the Fetch Ledger.
The developers at Fetch.ai had a massive vision of building a mainnet that would offer the scalability that Fetch.ai apps require, even though they were initially released as ERC-20 tokens on the Ethereum network. On March 31, 2021, the Fetch.ai Mainnet officially launched.
Users can now use the native tokens to purchase services from Fetch.ai, while the ERC-20 tokens are still in use thanks to the setup of the Fetch Network.
How to buy FET Tokens in India?
Following a few simple steps, you can buy FET tokens in India via WazirX, India’s most trusted and widely used Crypto exchange.
Now, you can buy FET tokens using P2P trade. Here are all your questions answered about P2P.
Step 1: Sign-Up on WazirX
To start trading the FET token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2: Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on the email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3: Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4: Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5: Buy FET on WazirX
You can purchase FET tokens using P2P trade through WazirX. Check the FET to USDT here.
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the FET tokens you purchased in your WazirX Wallet.
Happy Trading!
Frequently Asked Questions
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
