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The ASI Alliance, a new alliance formed by Fetch.ai, SingularityNET (SNET), and Ocean Protocol, is expected to complete its $ASI token merger on June 13, 2024, according to a press release shared by the team.
Existing token holders can exchange their tokens for $ASI through a secure migration contract. The newly merged token marks the formation of the largest open source decentralized network focused on Artificial Intelligence (AI).
Starting June 11, $FET will be renamed $ASI, with a total supply of 2,630.55 million tokens. Token holders can begin exchanging their $FET for the new $ASI tokens at a 1:1 ratio.
Holders of $AGIX tokens can migrate them to $ASI via a secure bridge at a conversion rate of 0.433226:1. Similar to $AGIX, users can migrate their $OCEAN tokens to $ASI via a bridge at a conversion rate of 0.433226:1.
Ben Goertzel, CEO of the ASI Alliance and a pioneering figure in AI, expressed excitement about the merger's potential to drive progress in AI.
“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advances,” said Goertzel. “The ASI token serves as a symbol and practical tool for our shared quest to leverage advanced AI, blockchain, and decentralized governance to quickly and effectively advance toward an amazing future for all.”
The merger establishes a decentralized AI infrastructure capable of developing and deploying ethical and trustworthy AI. It also promises rapid market adoption of AI applications, challenging Big Tech's stronghold on AI innovation.
Bruce Pon, founder of Ocean Protocol and board director of the ASI Council, highlighted the importance of the merger for the adoption of Web3 and AI.
“The ASI Alliance will be a game-changer for web3 adoption for AI and data,” Pon said. “We have worked out many details to make the process go smoothly and look forward to formally launching ASI.”
Humayun Sheikh, CEO and founder of Fetch.ai and president of ASI, is optimistic about the Alliance's potential to disrupt Big Tech's control over AI.
“With our new economies of scale, the Alliance can make real strides to change the way Big Tech controls the narrative and direction of AI,” Sheikh said.
With the completion of the token merger, the ASI Alliance is poised to accelerate the commercialization of AI technologies and facilitate access to advanced AI platforms and datasets, laying the foundation for the next wave of AI innovation.
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