SingularityNET Reveals Merger Dates for FET, AGIX, and OCEAN into ASI Token
SingularityNET has officially announced the timeline for the merger of the Artificial Superintelligence Alliance (ASI) token with its native AGIX token in a recent report. This marks a significant step toward uniting the fetch.ai (FET), AGIX, and Ocean Protocol (OCEAN) communities.
In May's edition of our Ecosystem Roundup, we explore the details of the @ASI_Alliance token merger, our successful Platform technical meetup, the overwhelming response to @DeepFunding R4, community-driven initiatives and broader ecosystem developments: https://t.co/ONZZnhcRPm
— SingularityNET (@SingularityNET) June 3, 2024
The process of unifying these tokens under one decentralized artificial intelligence (AI) network will start June 11th, starting with the renaming of the FET token to ASI, it is set to be completed by June 13th.
How Will The ASI Merger Work?
The merger will require token holders to convert FET, AGIX, and OCEAN tokens into ASI tokens at specific conversion rates.
FET tokens will convert to ASI at a 1:1 ratio, AGIX at 1:0.433350, and OCEAN at 1:0.433226. ERC20 tokens for swapping FET to ASI begin June 11th, with AGIX and OCEAN following on June 13th.
The migration process will occur on SingularityNET’s decentralized AI platform, where users can swap their tokens securely using an audited token migration contract provided by SingularityNET.
The ASI merger aims to create the largest open-sourced decentralized network in the AI industry, accommodating over 200,000 tokenholders.
“The ASI token will function across the combined decentralized AI network, providing unprecedented scale and power.”
SingularityNET added that they will release detailed instructions on how to migrate ERC-20 tokens in the coming days. Additionally, they will offer more information specifically for holders of AGIX tokens on the Cardano blockchain about how to migrate their tokens.
SingularityNET’s Vision
This merger aims to establish a decentralized AI platform to foster collaboration among the three companies. A move that “represents the largest open-sourced, decentralized network focused on the AI industry,” as per the report.
Under the arrangement, SingularityNET, Fetch.ai, and Ocean Protocol would maintain their separate operations. But, they will work together under the guidance of a newly formed entity called the Superintelligence Collective.
Ben Goertzel, founder and CEO of SingularityNET, will lead the collective. However, Humayun Sheikh, Fetch.ai’s CEO and an early investor in DeepMind, will serve as chairman.
These discussions come at a time when major technology giants like Alphabet and Microsoft are making substantial investments in AI, recognizing its potential to revolutionize human interaction with technology.
In response, emerging AI-focused platforms such as SingularityNET, Fetch.ai, and Ocean Protocol are racing to develop decentralized AI technology on the blockchain.
This shared effort aims to create an ecosystem that is not controlled large corporations, but instead solely accountable to shareholders.
As a result, many promising AI-based cryptocurrencies have emerged, contributing to an over $38.7 billion market cap, according to CoinMarketCap data, presenting a massive opportunity for SingularityNet’s ASI token.
