The crypto AI industry keeps developing, with new projects springing up during this bull run. Recent developments show that SingularityNET, Fetch.ai, and Ocean Protocol are reportedly in the final stages of discussing a merger.
It is reported that three crypto AI platforms could announce a merge of their tokens into an ASI (Artificial Superintelligence) token that could have a fully diluted value of about $7.5 billion. The main aim of the merger is to create an AI collective that provides an alternative decentralized alternative.
According to Ocean Protocol, the merger will create an $ASI token that will accelerate the race to Artificial General Intelligence (AGI) and compete against Big Tech on AI development, use, and monetization.
The new crypto AI project is set to lead the transformative phase in AI by merging forces to create a superintelligence platform. SingularityDAO went on Twitter to announce the developments and warn crypto enthusiasts to be careful of potential scams mimicking $ASI.
A New Era for Crypto-AI
The three platforms, Fetch.ai, Ocean Protocol, and SingularityNET are deeply involved in the crypto AI project, and many are starting to see their long-term vision to rival Big Tech within the AI space.
“We stand now as not just the DeFi hub within the SingularityNET ecosystem, but now the wider AGI domain. SingularityDAO is excited to continue bridging the gap between AI and finance, furthering growth and innovation” SingularityDAO on Twitter.
The goal is to improve decentralized finance through AI. There’s a lot yet to be announced regarding the partnerships, including the 2024 Roadmap, which will shed more light on the vision and mission of the firm.
Impact of Crypto AI merger on token holders
According to Ocean Protocol’s detailed explanation on Twitter, those currently in possession of $FET and $AGIX will need to vote on the token merger proposal. However, the $OCEAN community will not be required to vote as Ocean relinquished all control over the $OCEAN token after the max supply mint.
$FET will then be rebranded to $ASI with a 2.63 billion total token supply. The $OCEAN holders will migrate to $ASI at a convection rate of 0.433226:1. The conversion rate for $AGIX to $ASI migration will be 0.433350:1.
The leadership team remains interestingly the same, with big names from each platform receiving a leadership role at $ASI. Reportedly, Humayun Sheikh from Fetch.ai will be the chairman, and Ben Goertzel from SingularityNET will assume the CEO position. Trent McConaghy and Bruce Pon will represent Ocean Protocol, while Janet Adams will represent SignularityNET.
Fetch.ai, through Humayun Sheikh, said, “Our mission with this token merger is to combine our platforms to ensure ethical and transparent AI…This enhances data privacy and paves the way for a more democratic and trustworthy AI ecosystem.” The merger is poised to create a powerhouse in crypto AI, which will become a learning tool in AGI’s research and development, application, and commercialization.
