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Three leading Web3 AI projects, Fetch.ai, SingularityNET, and Ocean Protocol, have revealed final details about their plans to join the Artificial Superintelligence Alliance (ASI).
In March, the ASI alliance combining Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) was officially announced.
This merger will result in the creation of a unified ASI token, which is intended to change the landscape of AI development. Starting June 11, 2024, the FET token will be renamed ASI, and all network activity will be shifted to this new unified token on June 13.
Billion USD Market Potential
The merger strategy requires a complicated token exchange process. FET tokens will be converted to ASI on a one-to-one basis, so existing holders will
continue to have direct access.
With a total supply of 2.63055 billion ASI tokens, the conversion rate of AGIX and OCEAN tokens will be approximately 0.433 ASI per token. With this merger, the total market capitalization will reach US$6 billion.
Goal: Build AI Collaboration
The alliance is driven by a shared vision to leverage blockchain to ensure ethical and trustworthy practices in AI development and democratize AI
technology.
Focusing on decentralized artificial general intelligence (AGI) and superintelligence, Ben Goertzel, founder of SingularityNET and CEO of ASI Alliance, emphasized the importance of collaboration in ushering in a new era of artificial intelligence.
Goertzel stated, “This merger paves the way for a new era of AI, combining our strengths to achieve unprecedented progress. This is just the beginning of a broader movement to gather forces working toward decentralized AGI and beneficial superintelligence.”
Humayun Sheikh, CEO of Fetch.ai and a key figure in the ASI Alliance, explained the broad objectives of the merger. The goal is to challenge the dominance of centralized technology companies and foster an open and scalable AI infrastructure by combining their platforms and resources.
“With our newfound economies of scale, the Alliance can make real breakthroughs to change the way large tech companies control the narrative and direction of AI. We still have a long way to go, but this first step provides a foundation for others on a similar mission to make a difference.”
