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Artificial Superintelligence Alliance Token Merger
A significant development in the realm of artificial intelligence-related cryptocurrencies occurred as the Artificial Superintelligence Alliance received approval for the merger of three prominent tokens through a successful community vote. This merger will result in the creation of a new digital asset known as the ASI token, which combines Fetch.AI’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN.
The newly formed ASI token is projected to possess a combined total value of $7.5 billion upon the completion of the merger process in May. This amalgamation of three distinct projects was met with enthusiasm as Fetch.AI CEO and the Chairman of the Alliance, Humayun Sheikh, highlighted the continued independence of each project within the Alliance. He stressed that decisions regarding new entries to the Alliance will be solely determined by the board members of the Artificial Superintelligence Alliance.
Community Governance and Decentralization
Additionally, Sheikh elucidated on the governance framework of the Alliance, indicating that any community disputes will be resolved through a voting mechanism exclusive to token stakers. This approach aims to engender true decentralization in the technological development and deployment of AI within the ASI network.
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
This notable merger follows the establishment of the Superintelligence Alliance in March by Fetch.AI, SingularityNET, and Ocean Protocol. The collective aim of the Alliance is to catalyze investments in artificial general intelligence (AGI) while expanding accessibility to AI models and databases in a democratic and decentralized manner.
In a statement, SingularityNET’s founder and CEO, Dr. Ben Goertzel, underscored the unifying vision shared by the three projects and emphasized the strategic significance of the token merger in advancing the democratization of artificial intelligence, countering the dominance of Big Tech in the AI landscape.
Market Dynamics and Token Migration
Despite recent market fluctuations impacting the broader cryptocurrency sector, AI tokens have experienced a decline in value, with FET, AGIX, and OCEAN facing trading losses over the past week.
Upon the completion of the merger, the ASI token will replace FET, with a revised total supply of 2.63 billion tokens. AGIX and OCEAN tokens will undergo a migration process to ASI with established conversion rates. Holders of these tokens will have the opportunity to swap them for ASI, with tokens held in self-custody wallets and exchanges subject to an automatic conversion process.
The Superintelligence Alliance issued a cautionary note to token holders, advising against attempting to send AGIX and OCEAN tokens to exchanges post-conversion to ASI, as the tickers for these tokens will be retired on the respective exchanges.
Expressing enthusiasm for the merger’s approval, Ocean Protocol’s founder and CEO, Bruce Pon, conveyed eagerness to commence the next phase of operations under the ASI token framework, signaling a new chapter in the collaborative efforts of Fetch.AI, SingularityNET, and Ocean Protocol.
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