Fetch.ai, Ocean Protocol and SingularityNET Merge to Create Artificial Superintelligence Alliance
Fetch.ai, Ocean Protocol, and SingularityNET are set to merge and create the Artificial Superintelligence Alliance (ASI) on the 13th of June 2024. With the three projects merging, we’ll witness the formation of an Alliance that is on a mission to create decentralized superintelligence that benefits humanity.
Why are the tokens merging?
This first-of-its-kind merger unifies the three blockchain companies and forms an independent, open-source leader in the development of artificial general intelligence (AGI). Why are the tokens merging? Simply put, to accelerate progress towards decentralized AGI and push towards the next step of Artificial Superintelligence. The merger will also result in the creation of a single ASI token which combines the utility of the three ecosystems.
The New ASI Token
From the 11th of June 2024 the Fetch.ai (FET) token will be renamed to ASI and the merger will be completed on the 13th of June. The new ASI token will function across the combined decentralized AI network unifying the three projects and facilitates the creation of a single, robust ecosystem.
Key Takeaways
- Fetch.ai (FET) will be renamed to Artificial Superintelligence Alliance (ASI) on the 11th of June
- The merger of the three projects will be completed on the 13th of June
- There will be a total supply of 2.63055 billion tokens
- The conversion rate of FET to ASI is 1:1
- The conversion rate of SingularityNET (AGIX) to ASI is 0.433350:1
- The conversion rate of Ocean Protocol (OCEAN) to ASI is 0.433226:1
What is Fetch.ai (FET)?
Fetch.ai is a platform that uses Autonomous Economic Agents, powered by artificial intelligence, to automate decentralized finance for individual users or aggregate data for on-chain oracles.
The technology enables the creation of personalized oracles that maintain users' DeFi positions using decentralized and non-custodial protocols, increasing the security and convenience of crypto asset management. The Fetch.ai network is an interchain protocol based on the Cosmos-SDK, which allows advanced cryptography and machine learning logic to be implemented on-chain using a high-performance smart contract language called Cosmwasm. It can also function as a layer-2 network for Ethereum and serve as an interchain bridge to the rest of the blockchain world.
What is Ocean Protocol (OCEAN)?
Ocean Protocol is a blockchain-based platform that aims to create a decentralized data economy by enabling secure and transparent sharing of data between providers and consumers.
The platform allows data providers to maintain control over how their data is used and who can access it, while incentivizing data consumers to purchase and use the data. The Ocean Protocol network is powered by a native utility token called OCEAN, which is used as a means of value transfer within the ecosystem. Data providers use OCEAN to sell their data, while data consumers use it to purchase and access data from the network.
What is SingularityNET (AGIX)?
SingularityNET is a blockchain-powered platform that allows anybody to easily "create, share, and monetize" AI services, thanks to its globally-accessible AI marketplace.
Through the SingularityNET marketplace, users can browse, test and purchase a huge variety of AI services using the platform’s native utility token — AGIX. Moreover, the marketplace represents an outlet AI developers can use to publish and sell their AI tools, and easily track their performance.
Key Benefits of the Merger?
- The merger will create the largest open-source, decentralized player in AI research and development.
- It gives the three companies the opportunity to create a powerful, compelling alternative to Big Tech’s control over AI development, use and monetization.
- The fusion of Ocean Protocol, SingularityNET and Fetch.ai’s research, brands, technologies and products creates a foundation to build an unprecedentedly scalable decentralized AI infrastructure, ensuring ethical and trustworthy practices.
- The Alliance facilitates the commercialization of each company’s technology, granting universal access to cutting-edge AI platforms and large databases.
- It will push the development of AGI on the blockchain.
"This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements. This is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence. The ASI token serves as a symbol and a practical tool for our shared quest to leverage advanced AI, blockchain and decentralized governance to move quickly and effectively toward an amazing future for all." —Ben Goertzel, CEO of ASI Alliance, pioneer of AGIX and SNET Founder.
What happens to my coins on Finst?
With Finst, clients are currently able to trade Fetch.ai (FET) and Ocean Protocol (OCEAN). To ensure that you have a smooth transition to the new token, we have decided to suspend all OCEAN trading from 17:00 CEST onwards on the 6th of June 2024. All our clients holding the OCEAN token have been emailed with steps to take. If you are an OCEAN holder with Finst and have not received an email from us or are unsure of how to proceed, please contact us.
If you are a FET holder, no action is required from your side. Please be informed that trading, deposits and withdrawals of Fetch.ai (FET) will be halted on Saturday 8th of June at 17:00 CEST until further notice. All open orders on FET will be deleted. We kindly ask you to not deposit any FET from 17:00 CEST onwards on the 8th of June 2024. This is to ensure that the merger goes smoothly and that your FET tokens are converted on a 1:1 basis to the new ASI token.
Once the merger has occurred, your ASI balance will be reflected in your Finst account automatically in the coming weeks and we will inform you once trading, deposits and withdrawals are resumed.
If you have any questions, please don’t hesitate to get in touch with us.
