"We are extremely excited to move forward as an Alliance and bring our combined knowledge and expertise to bear," developers said in a statement.
A token merger to the tune of $7.5 billion consisting of artificial intelligence (AI) protocols, SingularityNet, Fetch.ai, and Ocean Protocol, is scheduled for a community vote of approval on April 2.
According to the March 27 announcement, there will be three separate community votes for each individual protocol, with completion of all voting scheduled for April 16. If the union is approved, the Artificial Superintelligence Allia(ASI) token will replace the SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens, respectively, with ASI having a fully diluted market cap of $7.5 billion across 2.631 billion tokens. The three tokens' current combined market cap is around $5.3 billion.
"If approved, it will then be possible to swap $FET for Artificial Superintelligence token at a rate of 1:1," developers wrote. "For example, if you hold 100 $FET, you will be able to swap it for 100 $ASI." The FET token will be the reserve currency of ASI, while users will be able to convert OCEAN and AGIX into ASI at a new fixed rate.
