A trio of leading AI-related crypto-tokens are poised to merge following a successful community vote, as the Artificial Superintelligence Alliance announced the approval of the new ASI token on Tuesday.
The new ASI token combines Fetch.AI’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN into one digital asset. The new ASI token, Etihad claims, will have an expected net worth of $7.5 billion after the merger is completed in May.
With the various communities coming together, Humayun Shaikh, CEO of Fetch.AI and Chairman of the Alliance, explained that the three projects will remain separate, with the Artificial Super Intelligence Alliance board members only deciding new entrants to the Alliance. will do
“All projects make their own decisions as they currently do, giving projects total independence and still bringing the technology together to work as a whole,” Sheikh explained. Decrypt.
Shaikh said that community disputes will be resolved through voting. Only token stickers will be able to vote.
“The aim is to make ASI a truly decentralized network of technological development and deployment,” he said.
In March, Fetch.AI, SingularityNET, and Ocean Protocol announced the formation of the Superintelligence Alliance. He said the alliance aims to accelerate investment in artificial general intelligence (AGI) and access to AI models and databases.
“Our shared vision has always been to launch AGI and ASI in an open, democratic and decentralized way,” SingularityNET founder and CEO Dr. Ben Goertzel said in a statement. Token integration brings us closer to that goal and our ability to challenge Big Tech’s control over AI.”
Like the rest of the cryptocurrency market in recent days, AI tokens have been largely down, with FET trading at $2.08, down 20.5% over the past seven days. AGIX is down 19.7% to $0.85, and OCEAN is down 20.7% to $0.88.
Now that the merger is complete, Alliance said FET will be renamed ASI, with a new supply of 2.63 billion tokens. AGIX and OCEAN tokens will then be transferred to ASI with conversion rates of 0.433350-to-1 and 0.433226-to-1 respectively.
After the merger is completed, AGIX and OCEAN will be provided with a means to exchange for ASI, FET tokens will automatically convert to the new token. The Super Intelligence Alliance said AGIX and OCEAN cryptocurrency held on exchanges will automatically convert to the new ASI token.
As the Alliance explains, tickers for AGIX and OCEAN will be retired on the exchanges where they are currently listed. It cautioned holders not to attempt to send tokens to the exchange after the change in ASI.
“We are pleased that the Fetch and SingularityNet communities have overcome this hurdle and approved the token merger,” Ocean Protocol founder and CEO Bruce Poon said in a statement. “We’re excited to get started.”
Edited by Andrew Hayward