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NewsOcean Protocol, Fetch AI, and SingularityNET scheduled to Merge on June 13

Ocean Protocol, Fetch AI, and SingularityNET scheduled to Merge on June 13

May 30,2024,02:27

Reported by The Defiant, Prominent web3-based artificial intelligence projects Ocean Protocol, Fetch AI, and SingularityNET — the “Artificial Superintelligence Alliance” (ASI) Alliance — announced that their forthcoming merger will take place in roughly two weeks.

On May 29, Fetch announced that the merger will begin on June 11, starting with Fetch’s native FET token being renamed to ASI. Users will be able to migrate their FET to ASI on a one-to-one basis, with SingularityNET's AGIX and Ocean Protocol's OCEAN migrations scheduled to go live from June 13 at conversion rates of roughly 0.433 ASI per token.

Fetch said the three projects span more than 200,000 tokenholders combined.

“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements,” said Ben Goertzel, CEO of ASI Alliance and founder of SingularityNET Founder. “This is only the start of a broader movement to gather together forces working toward beneficial decentralized [artificial general intelligence].”

“This landmark partnership presents a formidable challenge to Big Tech's dominance in AI development,” ASI Alliance said. “This fusion… lays the groundwork for an open, scalable AI infrastructure that leverages blockchain to ensure ethical and trustworthy practices in AI development and deployment.”

The three projects first announced their intention to merge assets and establish a shared “tokenomic network” on March 27. Governance proposals outlining the merger were passed by each project’s respective community in April.

The ASI Alliance seeks to comprise a decentralized alternative to the cartel of centralized tech firms currently leading innovation and development within the artificial intelligence industry.

“Our mission is to combine our platforms to ensure ethical and transparent artificial intelligence to decentralize AI,” said Humayun Sheikh, the founder of Fetch AI and a founding investor in DeepMind.

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