cryptopotato.com
Three leaders in the web3 and artificial intelligence sectors have teamed up to further the advancement of artificial superintelligence (ASI) by merging their native cryptocurrency tokens into one.
According to a press release seen by CryptoPotato, Fetch.AI, SingularityNET (SNET), and Ocean Protocol will merge their tokens, FET, AGIX, and OCEAN, into ASI, owned by the Superintelligence Collective, creating one of the largest open-sourced, independent players in AI research and development.
Advancing Artificial Superintelligence
Fetch.AI is a web3 firm building a decentralized multi-agent platform for deploying AI applications. SNET provides a blockchain-based AI marketplace and a democratic, inclusive, and beneficial artificial general intelligence (AGI) services framework. Ocean Protocol, on the other hand, is a decentralized privacy-preserving platform for data exchange.
The alliance between the trio seeks to foster progress toward decentralized AGI and find the next step in ASI. They intend to create an alternative to Big Tech’s control over AI development, use, and monetization.
The firms’ founders, Humayun Sheikh, Ben Goertzel, Bruce Pon, and Trent McConaghy, are early adopters of AI and are focused on making AGI a reality. Together, they will create a decentralized AI infrastructure and attract investment into AGI.
“In a world of exploding AI innovation, the giants of Big Tech dominate the headlines and conversations. We’re forging a different path. Our mission is to combine our platforms to ensure ethical and transparent artificial intelligence to decentralize AI. Decentralized AI facilitates direct interactions between developers and users, bypassing the traditional gatekeepers of centralized authorities,” said Sheikh, Fetch.AI founder and CEO.
The Token Merge Proposal
The three companies will submit the token merge proposal to their respective governance members on March 27 for a 14-day consideration period. Community members will vote on each governance forum from April 2 to 16.
Upon approval of the proposals, 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. In the end, ASI will have a valuation of $7.5 billion.
Afterward, the Superintelligence Collective will form a governing council comprising Sheikh as the chairman and Goertzel as the CEO, while Pon and McConaghy will represent Ocean Protocol.
Notably, the companies will operate separately and only collaborate in the ASI tokenomic ecosystem and the activities of the Superintelligence Collective.