According to CryptoPotato, Fetch.AI, SingularityNET (SNET), and Ocean Protocol, three leaders in the web3 and artificial intelligence sectors, have announced plans to merge their native cryptocurrency tokens into one. The new token, ASI, will be owned by the Superintelligence Collective and aims to further the advancement of artificial superintelligence (ASI). This collaboration will create one of the largest open-sourced, independent players in AI research and development.
Fetch.AI is a web3 firm that builds a decentralized multi-agent platform for deploying AI applications. SNET offers a blockchain-based AI marketplace and a democratic, inclusive, and beneficial artificial general intelligence (AGI) services framework. Ocean Protocol is a decentralized privacy-preserving platform for data exchange. The alliance between these companies seeks to foster progress toward decentralized AGI and find the next step in ASI. They aim to create an alternative to Big Tech's control over AI development, use, and monetization.
The three companies will submit the token merge proposal to their respective governance members on March 27 for a 14-day consideration period. Community members will vote on each governance forum from April 2 to 16. Upon approval of the proposals, FET will become ASI with a total supply of 2.63 billion tokens and a starting price of $2.82. AGIX will migrate to ASI at a conversion rate of 0.433350 to 1, and OCEAN will do the same at a rate of 0.433226 to 1. In the end, ASI will have a valuation of $7.5 billion. The Superintelligence Collective will then form a governing council, with the companies operating separately and only collaborating in the ASI tokenomic ecosystem and the activities of the Superintelligence Collective.