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- Fetch.ai aims to use distributed ledger technology to construct a decentralized machine learning platform
- The charts reflect that the price of FET surged 720% since the beginning of 2021
- The project’s momentum continued to grow throughout the whole month of February following various high-profile collaborations
Artificial intelligence and technology learning is transforming the face of trading, computing, and other businesses daily.
In its simplest form, the data assembled by artificial intelligence is merely information that helps create a multifold analysis. Besides, blockchains assist the process through the storage and transference of data.
Fetch.ai’s new record high
Fetch.ai (FET) represents an artificial intelligence lab based in Cambridge. The project aims to use distributed ledger technology to construct a decentralized machine learning platform. The platform will ensure the secure functioning of transmissions of any form of data across the world.
According to the data of TradingView, the charts reflect that the price of FET surged 720% since the beginning of 2021. Moreover, the altcoin struck a fresh yearly record high at $0.40 this week.
Collaboration announcements along with DeFi integrations
A close look at the project’s Twitter profile reflects that enthusiasm began to build at the end of January itself. It was the time when Fetch.ai started documenting its Mettalex (MTLX) proposal on the Twitter feed. The MTLX project refers to a decentralized exchange (DEX) attributed to the Fetch.ai universe. Its special feature is that it contributes autonomous and sharp oracles to the DeFi ecosystem.
Considering that DeFi represents another quickly developing space, the news of FET’s inclusion led to a significant rise in the latter’s trading volume.
As important members of the Mettalex launch, FET token holders had the choice to stake on the network with their tokens for 3 months and received a 10% yield. The platform will pay the respective yield in the format of MTLX tokens.
The project’s momentum continued to grow throughout the whole month of February following various high-profile collaborations. The most noteworthy is a deal with the team of Bosch Group. The partnership aims to assist the platform in launching a multi-purpose blockchain project drafted to allow Web 3.0.
The blockchain project has been in testnet since October 2020. However, the upcoming mid-March issue seems to be on track based on the recent tweet from the Fetch.ai team that announces the coming of Mainnet 2.0.
The follow-up issue of the project’s first local application in the App store hints at the beginning of the Fetch.ai universe’s expansion. Meanwhile, the record high transactions and surging trading volumes indicate that the AI-focused protocol’s interest is developing.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
