Key Points
- The merger of AI-focused protocols Fetch.ai, SingularityNET, and Ocean Protocol, Artificial Superintelligence Alliance (ASI) will be completed on June 13.
- The FET token will be renamed ASI two days before.
The merger of AI-focused protocols Fetch.ai, SingularityNET, and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI) will be completed on June 13, according to the latest reports.
The official reports note that the newly combined $ASI token represents the largest open-sourced, decentralized network focused on the AI industry.
As of June 11, $FET will be renamed $ASI and on June 13, the merger will be completed. The ASI token will function across the combined decentralized AI network and will provide unprecedented scale and power, according to the official press release.
On June 11, ERC20 tokens will become available for users to swap FET for ASI tokens via a token migration contract, followed by AGIX and OCEAN on June 13.
The secure token migration contract will allow the conveyance of tokens into ASI from more than 200,000 token holders and the AGIX, FET, and OCEAN tokens will be swapped at the previously announced ratios.
Paving the way for a new era in AI
Ben Goertzel, CEO of ASI Alliance, pioneer of AGIX, and SNET founder. noted that this merger is paving the way for a new era in AI, combining the protocols’ strength to achieve unprecedented advancements.
He continued and said that this is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence.
He said that the ASI token serves as a symbol and a practical tool for the shared quest of the firms to leverage advanced AI, blockchain, and decentralized governance to “move quickly and effectively toward an amazing future for all.”
Decentralized AI infrastructure at scale becomes reality
The press release also notes that with the closing of this merger, a decentralized AI infrastructure at scale becomes a reality.
The fusion of SNET, Fetch.ai, and Ocean Protocol’s research, brands, tech, and product will lay the groundwork for an open, scalable AI infrastructure that uses blockchain to ensure ethical and trustworthy practices in AI development and deployment.
The partnership is driven by AI’s meteoric rise and will be a huge challenge to Big Tech’s dominance in AI development.
The main goal of the project is to propel AGI to new heights as “a stepping stone to superintellience,” according to the press release.
Bruce Pon, Ocean Protocol Founder, and ASI Council Board Director, said that the ASI Alliance will be a game-changer for Web3 adoption for AI and data.
Humayun Sheikh, CEO and Founder of Fetch.ai and ASI Chairman said that the Alliance forges a different path in a world of AI innovation and will change the way Big Tech controls the narrative and direction of AI.
Transaction details
The press release also provides the following info on the transaction details:
- $FET is renamed $ASI, with a total supply of 2.63055 billion tokens
- Bridge to migrate ERC20 $FET tokens to $ASI is opened at a conversion rate 1:1
- Bridge to migrate ERC20 $AGIX tokens to $ASI is opened at a conversion rate of 0.433350:1
- Bridge to migrate ERC20 $OCEAN tokens $ASI is opened at a conversion rate of 0.433226:1
- The fully diluted market capitalization of ASI is USD$6 billion as of May 28th, 2024
The merger is a response to the exponential growth of the AI projects market.
