The Synthetic Superintelligence Alliance, together with SingularityNET, Fetch.ai, and Ocean Protocol, introduced at the moment the launch of a multi-coin merger. Their respective tokens, together with FET, AGIX, and OCEAN, will begin being merged right into a single unified token referred to as ASI.
Launched in March, the merger is a part of the alliance’s purpose to construct an moral, decentralized AI ecosystem utilizing sources and experience from member corporations. The crew additionally expects to construct a sturdy AI different that might problem Large Tech’s management over AI growth.
As beforehand reported by Crypto Briefing, the token merger has two phases.
Section 1 begins with AGIX and OCEAN tokens being merged into FET. In the meantime, FET buying and selling continues whereas rebranding happens throughout platforms. The migration platform can also be open on the SingularityDAO dApp to facilitate the conversion of AGIX and OCEAN tokens to FET tokens.
AGIX and OCEAN tokens will begin being faraway from varied exchanges as a part of the migration course of. This part focuses on onboarding exchanges and information aggregators for a easy transition.
Following part 1, part 2 is predicted to happen in mid-July. This part focuses on group onboarding and ASI token deployment.
The Fetch.ai community will bear an improve to grow to be the ASI community. The brand new ASI token might be launched and deployed throughout a number of blockchain networks. As famous, holders of self-custodial belongings will have the ability to convert their tokens to ASI.
As well as, new sensible contracts might be accessible to facilitate the conversion of FET, AGIX, and OCEAN tokens to ASI tokens. Ethereum Digital Machine (EVM) and different blockchain bridges may also be activated for ASI token transfers.
In line with the ASI alliance, the migration contracts will stay open for a number of years. The crew will launch detailed directions to make sure a easy transition. At the moment, all preparations for the second part are in progress.
Crypto exchanges will transition their spot markets from FET to ASI tokens within the second part. A number of main exchanges have introduced plans to help the ASI merger. Particularly, Bitfinex, Cooperative, Bitget, Binance, and KuCoin will pause choices of affected tokens on July 1 or 2. Crypto.com already did that on June 28.
Nonetheless, Coinbase will choose out of the ASI token merger migration. Final week, the alternate mentioned customers who needed to take part within the merger may do it manually. Coinbase will proceed to help buying and selling for OCEAN and FET tokens “till additional discover.”
Humayun Sheikh, chairman of the Synthetic Superintelligence Alliance and CEO of Fetch.ai, mentioned the merger goals to set new requirements for collaboration and openness inside the AI business.
“In the present day’s token merger underscores our dedication to advancing protected synthetic intelligence,” mentioned Sheikh. “By merging our tokens, we purpose to boost operational effectivity and seamlessly combine decentralized AI programs, guaranteeing broad entry to cutting-edge AI applied sciences.”
Ben Goertzel, CEO of the Synthetic Superintelligence Alliance and SingularityNET, believes the merger will foster product collaborations, serving to them obtain helpful superintelligence.
“We’re excited to have reached this milestone alongside the trail to realizing our imaginative and prescient of an Synthetic Superintelligence Alliance able to profitable the AGI and ASI race for the decentralized ecosystem,” mentioned Goertzel.
Bruce Pon, Council Board Director of Synthetic Superintelligence Alliance and founding father of Ocean Protocol, mentioned the token merger will pave the way in which for future user-centric merchandise.
“We’re grateful to the group, exchanges and different companions for accommodating this token merger. We’re actually trying ahead to specializing in our customers and merchandise that improve adoption,” mentioned Pon.
