- The merger is a component of the ASI’s grand strategy to transform the AI ecosystem using a decentralized, moral framework.
- To progress decentralized AI technology, the ASI token merger unifies FET, AGIX, and OCEAN into a single platform.
- The new ASI coin is supported by well-known cryptocurrency exchanges, while Coinbase chooses to keep trading FET and OCEAN separately.
The commencement of a multi-coin merger was announced today by the Artificial Superintelligence Alliance, which also includes Fetch.ai, Ocean Protocol, and SingularityNET. The corresponding tokens from each of them—FET, AGIX, and OCEAN—will begin to combine into one token known as ASI.
The alliance, which was founded in March, wants to use the resources and knowledge of its member companies to create a decentralized, ethical AI ecosystem. Part of this goal is the merger. The group also plans to construct a strong AI substitute that might threaten Big Tech’s hegemony over AI advancement.
The token merger is divided into two stages, as Crypto Briefing has previously reported.
Phase 1 begins with the combination of OCEAN and AGIX tokens into FET. FET trading continues even as numerous sites undergo rebranding. The migration platform on the SingularityDAO dApp is also accessible to facilitate the conversion of AGIX and OCEAN tokens to FET tokens.
The removal of OCEAN and AGIX tokens from different exchanges will begin as part of the migration process. For a seamless transition, this phase is concentrated on data aggregators and onboarding exchanges.
Phase 2 is anticipated to begin in mid-July after phase 1. Community onboarding and ASI token deployment are the main priorities of this phase.
To become the ASI network, the Fetch.ai network will be upgraded. There will be a launch and widespread distribution of the new ASI coin across several blockchain networks. It has been stated that token owners will have the ability to convert their self-custodial assets into ASI.
Furthermore, new smart contracts will be made accessible to make it easier for tokens from OCEAN, AGIX, and FET to be converted to ASI tokens. The Ethereum Virtual Machine (EVM) and additional blockchain bridges will be made available for the transfer of ASI tokens.
The ASI alliance states that the migration contracts are open for a number of years. To guarantee a seamless transition, the team will make available comprehensive instructions. All of the preparations for the second phase are currently underway.
In the second phase, cryptocurrency exchanges will switch from FET to ASI tokens on their spot markets. A number of significant exchanges have declared their intention to back the ASI merger. More specifically, on July 1 or 2, Bitfinex, Cooperative, Bitget, Binance, and KuCoin would suspend their offerings of the impacted coins. That was already done on June 28 by Crypto.com.
But Coinbase will choose not to participate in the migration of the ASI token merger. The exchange stated last week that consumers might directly engage in the merger if they so desired. Until further notice, Coinbase will continue to facilitate trade for OCEAN and FET tokens.
The CEO of Fetch.ai and head of the Artificial Superintelligence Alliance, Humayun Sheikh, stated that the merger intends to establish new benchmarks for transparency and cooperation in the AI sector.
The CEO of SingularityNET and the Artificial Superintelligence Alliance, Ben Goertzel, thinks that the combination will encourage product partnerships, which will aid in the development of advantageous superintelligence.
Bruce Pon, the creator of Ocean Protocol and Council Board Director of the Artificial Superintelligence Alliance, stated that the token merger will open the door for more user-focused products in the future.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
