The ASI token merger has received the green light from all three communities. Notably, the approval comes with a clear majority and a roadmap about how the supply distribution will go in the coming days. For starters, ASI—that is, Artificial Superintelligence Alliance—brings together Fetch.ai, SingularityNFT, and Ocean Protocol. Once approved, their respective native tokens will transition to ASI tokens in varying ratios.
The goal is to accelerate AI development while also challenging the dominance of giants in AI project utilization, development, and monetization. ASI is driven by research and development, along with the principles of decentralization. The token merger has been defined as a pivotal moment for the segment, as it sees FET, OCEAN, and AGIX collectively bring out ASI.
ASI is expected to generate a total value of $7.5 billion, with a market cap big enough to pull it into the list of the top 20 cryptocurrencies across the globe. So far, individual tokens have not been precisely appreciated since the approval announcement came to light. For instance, FET is down by 2.705 in the last 24 hours, and AGIX has shed almost 0.34% during the same time window. OCEAN has experienced a surge, but it is next to 0.52% over the day.
Nevertheless, the Alliance is optimistic about their move, as evident from the official statements of key representatives.
Humayun Sheikh, the CEO of Fetch.ai, said that they are thrilled about the conclusion of the merger, adding that they are now aiming to achieve the mission of creating decentralized AI infrastructure at scale while ensuring trust and ethics within the community. Humayun Sheikh also serves as the Artificial Superintelligence Alliance’s chairman.
Ben Goertzel, the CEO of SingularityNET, has also acknowledged their collective mission. Ben has said that they are now moving closer to gaining the strength that enables them to challenge Big Tech’s control over AI. Bruce Pon, the CEO of Ocean Protocol, has said that they are excited to move forward with the merger.
The development comes days after SingularNFT, Fetch.ai, and Ocean Protocol announced the launch of a new token ASI. The collective goal is to safeguard interested partners from the centralized monopolies in the AI sector. The Superintelligence Alliance will implement projects that users and businesses can utilize for more practical and useful purposes.
ASI token merger is now scheduled to proceed in a pre-defined manner. With a total supply of 2.63 billion, FET will transition to ASI. The conversion rate for AGIX/ASI will be 0.43 to 1. Ocean token will share the ratio for OCEAN/ASI. There is no set timeframe for further advancements, but they are likely to take shape during the next few weeks. An official announcement is very likely from any partner in the alliance.
Source: https://www.cryptonewsz.com/asi-token-merger-to-move-forward-with-majority-approval/