Three leading companies in the web3 and artificial intelligence sectors decided to join forces to bring this business and field to the next level by merging their native cryptographic tokens into one.
Based on a press release floating around, Fetch.AI, SingularityNET (SNET), and Ocean Protocol will merge their tokens, FET, AGIX, and OCEAN, into a crypto token called ASI, owned by the Superintelligence Collective. This will indirectly make them one of the biggest players in open-source and independent artificial intelligence research and development.
Fetch.AI is a web3 firm that develops a decentralized platform to launch artificial intelligence applications. SNET provides a blockchain-based artificial intelligence marketplace and general artificial intelligence service framework that is democratic, inclusive, and beneficial. Ocean Protocol, on the other hand, is a decentralized platform that preserves privacy for data exchange.
This merger aims to bring progress towards decentralized AGI and find the next step in ASI. They plan to create an alternative to Big Tech's control over the development, use, and monetization of artificial intelligence.
The firms' founders, Humayun Sheikh, Ben Goertzel, Bruce Pon, and Trent McConaghy, were early adopters of artificial intelligence and focused on making AGI a reality. They want to jointly create a decentralized artificial intelligence infrastructure and attract investment into AGI.
Three companies will submit token merger proposals on March 27 for a 14-day consideration period. Community members will vote from April 2 to 16.
When the proposal is approved, 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. Ultimately, ASI will have a valuation of $7.5 billion.
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