The landscape of artificial intelligence (AI) took a significant step towards decentralization today with the launch of a multi-coin merger by the Artificial Superintelligence Alliance (ASI). The alliance, comprised of SingularityNET, Fetch.ai, and Ocean Protocol, will see their respective tokens – FET, AGIX, and OCEAN – consolidated into a unified ASI token.
This ambitious move, announced in March 2024, is a cornerstone of the ASI’s plan to establish an ethical and decentralized AI ecosystem. By combining resources and expertise, the alliance hopes to create a robust alternative to the current AI development landscape, which is largely dominated by Big Tech companies.
The token merger unfolds in two phases. The first phase, which began on July 1st, involves merging AGIX and OCEAN tokens into FET. Trading of FET will continue as platforms undergo rebranding. Additionally, a migration platform is now operational on the SingularityDAO dApp to facilitate the conversion of AGIX and OCEAN tokens to FET. Notably, AGIX and OCEAN tokens will be phased out from various cryptocurrency exchanges to ensure a smooth transition.
The second phase, expected in mid-July, focuses on community onboarding and ASI token deployment. This will involve an upgrade to the Fetch.ai network, transforming it into the ASI network. The new ASI token will then be introduced and deployed across multiple blockchain networks. Holders of self-custodied assets will have the opportunity to convert their tokens to ASI during this phase. Furthermore, new smart contracts will be implemented to facilitate the conversion process, alongside the activation of bridges for ASI token transfers across the Ethereum Virtual Machine (EVM) and other blockchains.
The ASI alliance assures users that the migration contracts will remain open for several years, with detailed instructions provided to ensure a smooth transition. Preparations for the second phase, including exchange support, are currently underway. Major exchanges like Bitfinex, Cooperative, Bitget, Binance, and KuCoin have announced plans to support the ASI merger, transitioning their spot markets from FET to ASI tokens in the second phase. Crypto.com has already completed this transition on June 28th. However, Coinbase will not be participating in the automatic merger, opting to allow users to convert their tokens manually. They will continue to support trading for OCEAN and FET tokens.
Humayun Sheikh, chairman of the ASI Alliance and CEO of Fetch.ai, emphasized the significance of the merger in fostering collaboration and openness within the AI industry. “Today’s token merger underscores our commitment to advancing safe artificial intelligence,” said Sheikh. “By merging our tokens, we aim to enhance operational efficiency and seamlessly integrate decentralized AI systems, ensuring broad access to cutting-edge AI technologies.”
The ASI leadership believes this merger will be instrumental in achieving their vision. Ben Goertzel, CEO of the ASI Alliance and SingularityNET, expressed his enthusiasm, stating, “We’re excited to have reached this milestone along the path to realizing our vision of an Artificial Superintelligence Alliance capable of winning the AGI and ASI race for the decentralized ecosystem.”
Bruce Pon, Council Board Director of the Artificial Superintelligence Alliance and founder of Ocean Protocol, echoed the sentiment, highlighting the user-centric focus of the future. “We’re grateful to the community, exchanges and other partners for accommodating this token merger. We’re really looking forward to focusing on our users and products that increase adoption,” said Pon.
The success of this merger has the potential to reshape the AI landscape. By creating a decentralized ecosystem, the ASI Alliance hopes to democratize access to AI technology and promote responsible development in the field. The coming months will be crucial as the ASI navigates the second phase of the merger and embarks on a new chapter in its quest for a decentralized AI future.
