Three major AI projects - Fetch.ai, SingularityNET and Ocean Protocol - announced a major cooperation plan, deciding to merge their tokens and jointly establish an AI alliance called "Superintelligence Alliance", aiming to provide big technology with The company’s products offer a decentralized alternative.
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According to CoinDesk, it was officially announced that Fetch.ai’s token $FET will be renamed $ASI (standing for Super Artificial Intelligence), and the total supply of the token will be approximately 2.63 billion, with the initial price set at $2.82.
Tokens of SingularityNET ($AGIX) and Ocean Protocol ($OCEAN) will also be merged into $ASI, with an exchange ratio of 0.433:1. It is expected that the total market capitalization of $ASI will reach approximately $7.5 billion after all tokens are fully converted. The merger plan has aroused positive reactions in the market. According to some data, as of today (28th), the intraday gains of $FET, $AGIX, and $OCEAN were 6.45%, 13.23%, and 22.39% respectively.
The official announcement states that SingularityNET was founded and led by Dr. Ben Goertzel, known as the father of AGI, and aims to create an AGI ecosystem that is decentralized, democratized, inclusive and beneficial to mankind. Fetch.ai was founded by Humayun Sheikh, a veteran from DeepMind; while Ocean Protocol was co-founded by Trent McConaghy, who had developed artificial intelligence software widely used in chip design and promoted the advancement of Moore's Law. Official data shows that $FET, $AGIX, and $OCEAN have a total of more than 225,000 holders on the blockchain. In addition, there are hundreds of thousands of holders in centralized exchanges. For investors who hold these tokens on exchanges, there is no need to take any action, and the relevant tokens will be automatically renamed to $ASI; while those who hold them offline or use hardware wallets can do so through a 1:1 Token exchange mechanism to exchange it for ASI
Regarding the mission of the AI Alliance and whether it will truly merge, members still need to vote.
Fetch.ai emphasized in the statement that the core mission of the AI Alliance is to create a decentralized artificial intelligence environment that is both beneficial to humans and inclusive. The alliance is committed to opposing the control of human life by technology giants and redefining the creation, sharing and use of AI through a decentralized approach to make it more open and fair.
Fetch.ai also mentioned that the official website of the AI Alliance will be launched within a few days, but the foundations of the three AI projects will remain independent operations, and the existing leadership, teams, communities and token reserves will not change. The AI Alliance will also set up a special board of directors to take charge of governance work, and each project will select a representative to serve as an important member of the board of directors. However, whether this merger plan can be realized will ultimately depend on the support of the majority of members of each project community. Officials stated that the three AI projects will submit proposals to their communities, and members holding voting rights will decide whether to pass them. Officials plan to start the voting process on April 2, and if the proposal is passed, the token merger process will then be launched.
