Token merger of SingularityNET, Fetch.ai, and Ocean Protocol goes live

Source: Crypto Briefing

The Artificial Superintelligence Alliance, including SingularityNET, Fetch.ai, and Ocean Protocol, announced today the launch of a multi-coin merger. Their respective tokens, including FET, AGIX, and OCEAN, will start being merged into a single unified token called ASI.

Introduced in March, the merger is part of the alliance’s goal to build an ethical, decentralized AI ecosystem using resources and expertise from member companies. The team also expects to build a robust AI alternative that could challenge Big Tech’s control over AI development.

As previously reported by Crypto Briefing, the token merger has two phases.

Phase 1 starts with AGIX and OCEAN tokens being merged into FET. Meanwhile, FET trading continues while rebranding occurs across platforms. The migration platform is also open on the SingularityDAO dApp to facilitate the conversion of AGIX and OCEAN tokens to FET tokens.

AGIX and OCEAN tokens will start being removed from various exchanges as part of the migration process. This phase focuses on onboarding exchanges and data aggregators for a smooth transition.

Following phase 1, phase 2 is expected to take place in mid-July. This phase focuses on community onboarding and ASI token deployment.

The Fetch.ai network will undergo an upgrade to become the ASI network. The new ASI token will be introduced and deployed across multiple blockchain networks. As noted, holders of self-custodial assets will be able to convert their tokens to ASI.

In addition, new smart contracts will be available to facilitate the conversion of FET, AGIX, and OCEAN tokens to ASI tokens. Ethereum Virtual Machine (EVM) and other blockchain bridges will also be activated for ASI token transfers.

According to the ASI alliance, the migration contracts will remain open for several years. The team will release detailed instructions to ensure a smooth transition. Currently, all preparations for the second phase are in progress.

Crypto exchanges will transition their spot markets from FET to ASI tokens in the second phase. Several major exchanges have announced plans to support the ASI merger. Specifically, Bitfinex, Cooperative, Bitget, Binance, and KuCoin will pause offerings of affected tokens on July 1 or 2. Crypto.com already did that on June 28.

However, Coinbase will opt out of the ASI token merger migration. Last week, the exchange said users who wanted to participate in the merger could do it manually. Coinbase will continue to support trading for OCEAN and FET tokens “until further notice.”

Humayun Sheikh, chairman of the Artificial Superintelligence Alliance and CEO of Fetch.ai, said the merger aims to set new standards for 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.”

Ben Goertzel, CEO of the Artificial Superintelligence Alliance and SingularityNET, believes the merger will foster product collaborations, helping them achieve beneficial superintelligence.

“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,” said Goertzel.

Bruce Pon, Council Board Director of Artificial Superintelligence Alliance and founder of Ocean Protocol, said the token merger will pave the way for future user-centric products.

“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.

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Author: Vivian Nguyen