ASI Token To Hit Markets Soon Following AGIX, FET, OCEAN Merger

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SingularityNet

The Artificial Superintelligence Alliance (ASI) has announced that their merger will be finalized on June 13, 2024. This event represents the official listing of the $ASI token that unites the capabilities of SingularityNET, Fetch ai, and Ocean Protocol.

The merger is anticipated to offer an efficient and strong AI network that could potentially compete with the current large firms in the AI market.

ASI Token To Hit Markets Soon Following Merger

Before the actualization of the merger, the current $FET tokens will be renamed to $ASI from June 11, 2024. This change is one of the measures that are being implemented to simplify the integration of technologies and communities from the three merging entities. The process of $AGIX and $OCEAN token conversion into $ASI will be made possible through a specially designed token migration contract.

More than 200,000 community members will engage in this swap, which is a safe and audited process that will facilitate the token’s movement through the entire decentralized AI system.

Ben Goertzel, the chief executive of ASI Alliance, stressed the importance of this merger. 

“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements,” Goertzel noted.

He also focused on the benefits of the merger in creating a culture that supports the development of decentralized AGI and super-intelligence tools.

Economic Impact and Market Potential

The act of unifying these pioneers under the ASI token umbrella is not only a technical act but also an economic strategy. Currently with a fully diluted market capitalization of $6 billion as of May 28, 2024, the $ASI token has the potential to influence the cryptocurrency market substantially.

The fixed exchange rates for token swaps — 1:1 for $FET to $ASI, and approximately 0.433 for $AGIX and $OCEAN to $ASI — have been designed to maintain equity and fairness in the distribution of the new token, providing clarity and confidence for current holders.

The merger is expected to bring new synergies and innovations through the integration of Fetch. autonomous AI agents of ai, data sharing and monetization of data framework of Ocean Protocol, and AI integration research and development of SingularityNET. This sort of integration is expected to help drive the pace of the AI technologies commercialization and spread its use across different sectors.

Adjustments to Existing Incentive Programs

Another of the changes that will take place after the merger will be in the incentives for data farming in Ocean Protocol. A governance vote conducted on the 28th of March halted the program with further plans to be aligned under the new ASI governance structures.

Despite these changes, existing veOCEAN holders will continue to receive rewards, ensuring that long-term stakeholders are not left at a disadvantage.

This continuation is crucial for ensuring community support and stability as the platforms transition to a unified operational model.

Read Also: Mastercard Crypto Credential Service Goes Live

The post ASI Token To Hit Markets Soon Following AGIX, FET, OCEAN Merger appeared first on CoinGape.

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