Artificial intelligence cryptocurrency becomes a reserve token for Binance

According to Glassnode, the artificial intelligence cryptocurrency Fetch. ai (FET) has become a registered Proof-of-Reserves (PoR) token for several exchanges, including: Binance, Huobi, and Bitfinex. As CryptoSlate experts have found out, the popularity of AI tokens has increased dramatically over the past three months, which has led to an increase in their value.

Fetch.AI is a combination of artificial intelligence, machine learning, multi-agent systems, and blockchain technology. Fetch AI is registered in the UK with the aim of creating a digital economy in which autonomous agents can interact with each other without human intervention. Agents search for profitable deals on the cryptocurrency market, book hotel rooms and parking spaces, and buy concert tickets.

Fetch.ai has its own native cryptocurrency, FET, which has risen by 1.24% over the past 24 hours and by 80.89% over the past seven days. In the summer of 2021, Fetch. ai launched CoLearn Paint, a non-fungible token trading platform for the creation and sale of AI-generated art objects. The platform allows users to collaboratively create digital collectibles using machine learning technology.

As for the new Proof-of-Reserves protocol developed by Ethereum co-founder Vitalik Buterin, its implementation is aimed at increasing the level of transparency in the activities of cryptocurrency exchanges. Proof-of-Reserves has been around for several years. It uses the Merkle Tree algorithm not only to combine a large amount of data into a single hash, but also to effectively verify the integrity of the data set. Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao has promised to ensure «full transparency» by introducing the Merkle Tree mechanism to Binance, and he has also called on other cryptocurrency exchanges to do the same.