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The tides may be turning in the world of Artificial Intelligence (AI). In a move that could significantly impact the future of AI development, three major AI protocols – Fetch.ai, Ocean Protocol, and SingularityNET – have agreed to merge their utility tokens to create the largest open-source, independent player in AI research and development known as the Artificial Superintelligence Alliance (ASA).
1/🤝Ocean Protocol, @Fetch_ai & @SingularityNET unite to create the Artificial Superintelligence Alliance, through a token merger into a single $ASI token with a combined value of USD$7.5 Billion, with a current ranking at ~#20 on #CoinMarketCap.
— Ocean Protocol (@oceanprotocol) March 27, 2024
Read on, anon! There’s more! pic.twitter.com/hIkZCjIi02
By combining resources and expertise, the partners aim to foster a more decentralized and democratic approach to AI development. The main goals of ASI is to accelerate the race to Artificial General Intelligence (AGI) and to challenge Big Tech’s grip on AI development, use, and monetization, Ocean said in an announcement on Wednesday.
"This alliance is a fantastic step forward for those who are left out of the technologies produced by big tech, which mainly target the affluent. [...] It is here to tear down barriers towards a decentralized, democratic, and ethical AI future," Janet Adams, COO, SingularityNET said.
Unified token economy
The tokens from the three respective organizations, with a combined value of $7.5 billion, will all merge to form one unified token and be renamed Artificial Superintelligence ($ASI) soon after transaction close.
After the proposal receives approval from the respective communities, Fetch.ai ($FET) token holders will receive 1 $ASI token per 1 $FET token, SingularityNET ($AGIX) token holders will receive 0.433350 $ASI tokens per $AGIX token and Ocean Protocol ($OCEAN) token holders will have receive 0.433226 $ASI tokens per $OCEAN token.
A token migration mechanism will be available in the coming weeks to allow holders to exchange their tokens for $ASI, and ASA will work with centralized exchanges to automatically convert tokens held there.
The total token supply will be set to 2.63055 billion $ASI tokens.
Blockhead
