$FET Update!
Fetch.ai is currently experiencing bearish momentum, with key support at $1.38. If the price falls below this, the next critical support range is $1.35 to $1.29, potentially leading to a prolonged recovery period.
Merger and Token Swap:
Binance supports the merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) with Fetch.ai. Tokens will be converted as follows:
1 OCEAN = 0.433226 FET
1 AGIX = 0.433350 FET
Post-merger, Fetch.ai will rebrand FET to $ASI (Artificial Superintelligence).
Manual Conversion Options Amid ASI Merger
Fetch.ai will offer a manual conversion portal for FET holders on exchanges that do not support the automatic conversion to ASI. This ensures all users can migrate their tokens securely and efficiently after the network upgrade.
Reasons for Rebranding
Unified AI Ecosystem:
The merger combines the resources and technologies of Fetch.ai, Ocean Protocol, and SingularityNET, creating a powerful, unified AI ecosystem.
Enhanced Decentralization:
ASI aims to further decentralize AI development, reducing reliance on centralized entities and fostering an open AI landscape.
Scalability and Efficiency:
The merger enhances scalability and efficiency, enabling ASI to handle more complex AI tasks and improve performance.
New Token Ecosystem:
The $ASI token will facilitate transactions within the decentralized AI network, providing a unified currency for users and developers.
Strategic Positioning:
Rebranding to ASI positions the alliance to compete with major tech companies, leveraging combined resources to push AI development boundaries.
Impact and Future Prospects
The merger is expected to bring significant advancements in AI, driven by decentralization, security, and transparency. The ASI Alliance aims to accelerate AGI development and promote widespread AI adoption. Despite current bearish momentum, Fetch.ai has a positive correlation with major cryptocurrencies and could rebound with improved market sentiment. DYOR
Source from fetch.ai
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