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A trio of leading AI-related crypto tokens are set 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 a single digital asset. The new ASI token, the alliance claims, will have an anticipated combined total value of $7.5 billion once the merger is completed in May.
With different communities coming together, Fetch.AI CEO and Chairman of the Alliance, Humayun Sheikh, explained that the three projects will remain distinct, with members of the Artificial Superintelligence Alliance board only deciding on new entries to the Alliance.
“All projects make their own decisions as they do currently, giving full independence to the projects and yet bringing the technology together to act as a whole,” Sheikh told Decrypt.
Community disputes, Sheikh said, will be handled by voting. Only token stakers will be able to vote.
“The objective is to make ASI the network of AI true decentralization of technological development and deployment,” he said.
We are excited to announce that the supermajority of AGIX token holders has approved the Artificial Superintelligence (ASI) Alliance proposal.
This historic decision marks the formation of the largest open-source, decentralized network dedicated to accelerating the development… pic.twitter.com/hybqyUpyn8
— SingularityNET (@SingularityNET) April 16, 2024
In March, Fetch.AI, SingularityNET, and Ocean Protocol announced the creation of the Superintelligence Alliance. The Alliance, they said, aims to accelerate investment into artificial general intelligence (AGI) and access to AI models and databases.
“Our joint vision has always been to roll out AGI and ASI in an open, democratic, and decentralized manner,” SingularityNET founder and CEO Dr. Ben Goertzel said in a statement. “The token merger brings us closer to that goal and strengthens our ability to challenge Big Tech’s control over AI.”
Like the rest of the cryptocurrency market in recent days, AI tokens are broadly down, with FET trading at $2.08, down 20.5% for the last 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, the Alliance said that FET will be renamed to ASI, with a new total supply of 2.63 billion tokens. AGIX and OCEAN tokens will then migrate over to ASI, with conversion rates of 0.433350-to-1 and 0.433226-to-1, respectively.
After the merge is complete, AGIX and OCEAN held in self-custody wallets will be provided a means to swap for ASI, with FET tokens automatically changing to the new token. AGIX and OCEAN held on cryptocurrency exchanges will be automatically converted to the new ASI token, the Superintelligence Alliance said.
As the Alliance explains, the tickers for AGIX and OCEAN will be retired on exchanges where they are currently listed. It warned holders not to try to send the tokens to exchanges once the conversion to ASI has taken place.
“We’re glad that the Fetch and SingularityNet communities have cleared this hurdle and approved the token merger,” Ocean Protocol founder and CEO Bruce Pon said in a statement. “We’re excited to get started.”
Edited by Andrew Hayward
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Source: https://decrypt.co/226701/ai-tokens-set-merge-how-will-work
