SingularityNET, Fetch.ai and Ocean Protocol, top AI projects in the crypto world, have proposed to their respective communities to merge their tokens, creating a single digital resource called “ASI”.
If the proposal were to be accepted, the new cryptocurrency will debut with a capitalization of 7.5 billion dollars and will lead the operations of the so-called “Superintelligence Collective” while the individual foundations will remain independent from each other.
All the details below.
AI and crypto: SingularityNET, Fetch.ai and Ocean Protocol join forces and create a single ASI token worth 7.5 billion dollars
SingularityNET, the world’s first decentralized artificial intelligence network, is joining forces with Fetch.ai, a well-known web3 platform for the AI economy, and Ocean Protocol, a cryptographic data exchange infrastructure, to create a superpower worth 7.5 billion dollars.
This is an agreement to merge the respective tokens of the projects (AGIX, FET, and OCEAN) around a single cryptocurrency ASI which, as evaluation, will take the sum of their market capitalizations.
This new AI collective aims to accelerate the process of expanding the underlying technologies towards decentralized AGI (Artificial General Intelligence) and towards the next step of ASI (Artificial Superintelligence).
JUST IN: $FET, $AGIX and $OCEAN are discussing a token merger valued at approximately $7.5B to create a decentralized AI platform. @oceanprotocol @SingularityNET @Fetch_ai pic.twitter.com/m4C58W2V1k
— Satoshi Club (@esatoshiclub) March 27, 2024
Today, the 3 projects will present the proposal for integration with their own communities, inviting token holders of governance (as well as elected members for community decisions) to vote on the approval or rejection of the token merger.
The proposal will remain on-chain for 14 days, with voting taking place from April 2nd to April 14th. If the majority of each community were to express approval for the merge, the following will occur:
- $FET will become $ASI with a total of 2.63055 billion tokens and an initial price of $2.82 (it is not yet clear if the conversion ratio will be 1:1)
- The $AGIX tokens will migrate to $ASI, with a conversion rate of 0.433350 to 1.
- The $OCEAN tokens will migrate to $ASI, with a conversion rate of 0.433226 to 1.
His currency will be monitored by the board of directors of the Superintelligence Collective, which will take care of the tokenomics aspects and guide the merge.
This board will in turn be overseen by SingularityNET’s designated CEO Ben Goertzel and president Humayun Sheikh, as well as Ocean’s representatives Bruce Pon and Trent McConaghy.
Dr. Ben Goertzel is recognized for having coined the term “General Artificial Intelligence” in a book from 2005 and recognized for his contributions to AGI software.
Humayun Sheikh is considered a true visionary: founder of DeepMind, a company that supports the commercialization of artificial intelligence and deep neural networks technology in its early stages.
While the ASI cryptocurrency will be a key part of the new group, the respective foundations of SingularityNET, Fetch.ai, and Ocean Protocol will continue to operate separately and indirectly from each other.
To delve deeper into the topic of the merge between the 3 cryptographic AI entities, you can follow an X space scheduled on X for 8:00 PM GMT on Thursday, March 28th by the respective organizers of the initiative.
The goals of the 3 superpowers in the artificial intelligence sector
The merger of SingularityNET, Fetch.ai and Ocean Protocol into a single token representing the Superintelligence Collective is supported by noble goals and motivated by the willingness of all 3 projects to emerge together within an increasingly competitive AI landscape.
In particular, we can say that among the various strategic reasons that have led the 3 cryptographic entities to join forces, the will to oppose the monopoly of Big Tech on the control of artificial intelligence, on its development, on its use and on its monetization stands out first and foremost.
Furthermore, by gathering around a single resource, it is possible to create a decentralized infrastructure on a large scale, capable of creating a solid AI reality that ensures ethical and reliable practices, coordinating its energies towards shared goals.
It is worth noting how the presence and collaboration of experts Goertzel, Sheikh, and McConaghy, who have been pioneers in AI technology, can substantially benefit the commercialization of each company on the business side, allowing for a broader access to their respective platforms and databases.
Regarding the merger, which we remind you will have to be confirmed by the vote of the cryptographic communities, Fetch.ai founder Humayun Sheikh expressed himself in this way, conveying his enthusiasm for a fundamental step for the development of his own sector:
“In a world of explosive innovation in AI, Big Tech giants dominate the headlines and conversations. We are charting a different path. Our mission is to combine our platforms to ensure ethical and transparent AI to decentralize AI. Decentralized AI facilitates direct interactions between developers and users, bypassing traditional guardians of centralized authorities. This improves data privacy and paves the way for a more democratic and reliable AI ecosystem, encouraging global participants to contribute.”
Even Ben Goertzel, founder of SingularityNET, is confident that the partnership can benefit all 3 entities positively:
“Given the rapid progress of AI, it is imperative that AI pioneers come together to create a decentralized and inclusive future. This token merger is an important step towards AGI and ASI, and allows us to accelerate our mission of democratizing AI and making it accessible to everyone.”
We just have to wait until April 16th to determine the results of the cryptographic referendum, and wish good luck to these projects that represent the future of artificial intelligence within the blockchain world.
