SingularityNET Unveils Schedule for FET, AGIX, and OCEAN Merger into ASI Token
Harvey Hunter
Last updated:
June 3, 2024 13:40 EDT
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2 min read
In a recent report, SingularityNET has officially announced the merger timeline for the Artificial Superintelligence Alliance (ASI) token with its native AGIX token. This announcement is a significant step towards bringing together the fetch.ai (FET), AGIX, and Ocean Protocol (OCEAN) communities.
The process of consolidating these tokens into a single decentralized artificial intelligence (AI) network will commence on June 11th with the renaming of the FET token to ASI and is expected to be completed by June 13th.
How Will the ASI Merger Take Place?
To facilitate the merger, token holders will need to convert their FET, AGIX, and OCEAN tokens into ASI tokens according to specific conversion rates. FET tokens will convert at a 1:1 ratio, AGIX at 1:0.433350, and OCEAN at 1:0.433226. The ERC20 token swap for FET to ASI will begin on June 11th, followed by AGIX and OCEAN on June 13th.
The migration process will occur on SingularityNET’s decentralized AI platform, where users can securely exchange their tokens using an audited token migration contract provided by SingularityNET.
The ASI merger aims to establish the largest open-sourced decentralized network in the AI industry, catering to over 200,000 tokenholders.
SingularityNET also announced that detailed instructions on how to migrate ERC-20 tokens will be released in the coming days. Additionally, they will provide specific information for AGIX token holders on the Cardano blockchain regarding the token migration process.
SingularityNET’s Vision
The merger is intended to create a decentralized AI platform that promotes collaboration among the three companies involved. This move signifies the establishment of the largest open-sourced, decentralized network focused on the AI industry.
Under this arrangement, SingularityNET, Fetch.ai, and Ocean Protocol will continue to operate independently but 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, while Humayun Sheikh, CEO of Fetch.ai 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 significant 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 collaborative effort aims to create an ecosystem that is not controlled by large corporations but is instead accountable solely to shareholders.
As a result, numerous promising AI-based cryptocurrencies have emerged, contributing to a market cap of over $38.7 billion, according to CoinMarketCap data. This presents a massive opportunity for SingularityNET’s ASI token.
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