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AGIX, OCEAN And FET to Merge Into ASI: What We Know

by BSC News

March 27, 2024

chain

The merger is driven by a desire to capitalize on the growth of AI and accelerate investment in AI technologies.

SingularityNET, Fetch[dot]ai, and Ocean Protocol, known for their in blockchain-based AI solutions is reportedly nearing a merger of their crypto tokens into a unified ASI token. ASI is estimated to have a fully diluted value of $8.7 billion, which could reshape the decentralized AI market.

Advanced Discussions and Impending Announcement

As per reports, sources close to the negotiations indicate that an official announcement regarding the merger could be imminent, possibly as early as March 27. However, the finalization of this decision depends on the approval of the respective communities associated with each project.

While consolidating their tokens, SingularityNET, Fetch[dot]ai, and Ocean Protocol will retain their operational autonomy. Instead, they aim to collaborate under the banner of the Superintelligence Collective, a strategic alliance aimed at promoting advancements in AI research and development.

Ben Goertzel, the founder and CEO of SingularityNET, will reportedly lead the collective, with Humayun Sheikh of Fetch[dot]ai serving as its chairman. 

“The unified ASI token is the glue to orchestrate all actors with common incentives,” said Bruce Pon, Ocean Protocol CEO and co-founder. “ASI tokens are used to secure the public network, as data access tokens and to unlock computation without needing traditional banking and payment rails. It’s the native currency for the machine economy.”

Capitalizing on AI Growth

By combining forces, the entities seek to create a decentralized infrastructure at scale and accelerate investment into AI technologies, positioning themselves as frontrunners in the field. The unified ASI token will serve as the foundation of this merger, facilitating seamless interaction within the AI ecosystem. 

ASI tokens will serve multiple purposes, including securing the public network, enabling data access, and facilitating transactions without traditional banking channels, thereby becoming the native currency for the three protocols.

Community Involvement and Governance

The projects are set to present integration proposals to their respective governance communities, initiating a 14-day consultation period. Subsequent voting on the proposals between April 2 and April 16 will determine the merger's fate.

Should the proposals receive community approval, token migration will commence, with FET, AGIX, and OCEAN transitioning to ASI at predetermined conversion rates. 

A governing council will oversee the operations of the merged tokenomic network, ensuring transparency and accountability. Led by Ben Goertzel and Humayun Sheikh, the council will guide the collective towards its objectives while upholding the interests of stakeholders.

There will be a community joint call on March 28 at 4 p.m. ET to discuss the merger. 

Following the announcement, SingularityNET (AGIX), Fetch[dot]ai (FET), and Ocean Protocol (OCEAN) have seen significant increases. AGIX, FET, and OCEAN all surged 10%, 13%, and 32%, respectively, as investors anticipate further gains.

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