These AI Tokens Are Set to Combine—Here’s How It Will Work
A trio of leading AI-related cryptocurrency tokens are set to merge after receiving approval through a community vote. The Artificial Superintelligence Alliance announced that the new ASI token, which combines Fetch.AI’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN, will be completed in May and is expected to have a combined total value of $7.5 billion.
Although the projects will retain their individual identities, decisions regarding new entries to the alliance will be made by the Artificial Superintelligence Alliance board. Community disputes will be resolved through voting, with only token stakers eligible to vote. The objective behind the merger is to create a decentralized network for AI development and deployment.
The formation of the Superintelligence Alliance was announced by Fetch.AI, SingularityNET, and Ocean Protocol in March. The aim of the alliance is to accelerate investment into artificial general intelligence (AGI) and provide access to AI models and databases in an open and democratic manner. The merger of the tokens brings the alliance one step closer to achieving its vision and challenging the monopoly of large tech companies over AI.
Following the completion of the merger, FET will be renamed to ASI, with a new total supply of 2.63 billion tokens. AGIX and OCEAN tokens will be migrated to ASI at conversion rates of 0.433350-to-1 and 0.433226-to-1, respectively. Holders of AGIX and OCEAN tokens will have the ability to swap them for ASI, with FET tokens automatically changing to the new token. Tokens held on cryptocurrency exchanges will be converted to ASI automatically.
Exchanges currently listing AGIX and OCEAN will retire their tickers, and holders are cautioned against sending the tokens to exchanges post-conversion. The founders of Fetch.AI, SingularityNET, and Ocean Protocol expressed their enthusiasm for the token merger and are eager to proceed with the new ASI token.