- SingularityNET, Fetch.ai, and Ocean Protocol have announced a three-way token merger set for June 13
- The merger will create the Artificial Superintelligence Alliance, the world’s largest decentralized AI network
- The group hopes that the merger will foster unprecedented advancements in AI
The three-way token merger between SingularityNET, Fetch.ai, and Ocean Protocol is set to take place on June 13, the Artificial Superintelligence Alliance (ASI) has announced. The merger will create the world’s largest decentralized AI network, with the newly minted $ASI token at its core. Ben Goertzel, CEO of the ASI Alliance, said that the merger would allow the alliance to “achieve unprecedented advancements” at a time when AI is the talk of crypto town, and beyond.
Three-in-one
The formation of ASI will integrate the extensive research, brands, technologies, and products from SNET, Fetch.ai, and Ocean Protocol, with the collaboration aiming to establish a scalable AI infrastructure, leveraging blockchain technology to ensure ethical and trustworthy AI development and deployment. The alliance promises to accelerate the commercialization and adoption of AI applications on a large scale.
The merger’s impact is expected to challenge the dominance of big tech companies in AI development, offering a decentralized and collaborative approach to the industry. Bruce Pon, Ocean Protocol Founder, emphasized the alliance’s significance in a statement released Wednesday, saying, “The ASI Alliance is going to be a gamechanger for web3 adoption for AI and data.”
Humayun Sheikh, CEO and Founder of Fetch.ai, added, “This Alliance forges a different path in a world of exploding AI innovation. With our newfound economies of scale, the Alliance can make real inroads to change the way Big Tech controls the narrative and direction of AI.”
Out With the FET, in With the ASI
The merger process will see the renaming of FET to $ASI on June 11 which will be followed by a token migration allowing users to swap FET, AGIX, and OCEAN tokens to ASI. The new ASI token will unify the decentralized AI ecosystem, enhancing its capabilities and reach.
Transaction details reveal the scale of the merger:
- FET will be renamed ASI with a total supply of 2.63055 billion tokens
- Token migration bridges will be opened, with FET converting 1:1 to ASI, AGIX at a rate of 0.433350:1, and OCEAN at 0.433226:1
- The fully diluted market capitalization of ASI stands at USD $6 billion as of May 28, 2024
- The starting price of the ASI token will be the value of FET on June 11
With this strategic merger, the ASI Alliance aims to propel the development of Artificial General Intelligence (AGI) and superintelligence, promoting a future where advanced AI technologies benefit all. “We deeply appreciate the enthusiastic response from numerous communities since the announcement and look forward to welcoming additional strategic collaborators into the Alliance,” adds Sheikh.
