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Fetch.ai, SingularityNET and Ocean Protocol to finalize the token merger
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According to a press release shared by the team, the ASI Alliance, a new alliance formed by Fetch.ai, SingularityNET (SNET), and Ocean Protocol, is expected to complete the token merger on June 13, 2024.
The move follows the announcement in March that three major players have teamed up to build an ethical and decentralized AI ecosystem. As part of the union, the The tokens $FET, $AGIX and $OCEAN will be merged into a new token called Artificial Superintelligence token ($ASI).
Existing token holders can exchange their tokens for $ASI through a secure migration agreement. The newly combined token marks the formation of the largest open-source decentralized network focused on artificial intelligence (AI).
Starting June 11, $FET will be rebranded as $ASI, with a total supply of 2.63055 billion tokens. Token holders can start exchanging their $FETs for the new $ASI tokens at a 1:1 ratio.
$AGIX token holders can migrate them to $ASI via a secure bridge at a conversion rate of 0.433226:1. Similar to $AGIX, users can migrate their $OCEAN tokens to $ASI through a bridge at a conversion rate of 0.433226:1.
Ben Goertzel, CEO of ASI Alliance and a pioneering figure in the field of artificial intelligence, expressed his enthusiasm for the merger’s potential to drive progress in artificial intelligence.
“This merger paves the way for a new era in artificial intelligence, joining our forces to achieve unprecedented advances,” Goertzel said. “The ASI token serves as a symbol and practical tool for our shared quest to leverage advanced artificial intelligence, blockchain and decentralized governance to move quickly and effectively towards an extraordinary future for all.”
The goal of the merger is to create a decentralized AI infrastructure capable of developing and deploying ethical and trustworthy AI. It also promises rapid market adoption of AI applications, challenging Big Tech’s stronghold on AI innovation.
Bruce Pon, founder of Ocean Protocol and director of the ASI board of directors, highlighted the importance of the merger for the adoption of Web3 and artificial intelligence.
“The ASI Alliance will be a game-changer for the adoption of web3 for AI and data,” noted Pon. “We have worked through many details to ensure the process runs smoothly and we look forward to formally launching the ASI.”
Humayun Sheikh, CEO and founder of Fetch.ai and president of ASI, is optimistic about the Alliance’s potential to alter Big Tech’s control over artificial intelligence.
“With our newfound economies of scale, the Alliance can make real progress to change how Big Tech controls the narrative and direction of AI,” Sheikh said.
With the completion of the token merger, the ASI Alliance is poised to accelerate the commercialization of AI technologies and facilitate access to advanced AI platforms and datasets, setting the stage for the AI’s next wave of innovation. artificial intelligence.
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