- Fetch.AI, SingularityNET and Ocean Protocol approve the merger of their tokens into the Artificial Superintelligence Alliance.
- ASI could rank in the top 20 cryptocurrencies by market capitalization with a combined value of $7.5 billion, from FET, AGIX, and OCEAN.
- AGIX and OCEAN will migrate to ASI and FET will become ASI token, whose official launch is slated for May.
The Artificial Intelligence (AI) narrative is gathering steam among crypto market participants with the approval of the merger of three major tokens: Fetch.AI (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN). The three AI protocols have a combined market capitalization of $7.5 billion and could rank in the top 20 crypto assets once they become Artificial Super Intelligence (ASI) token.
AGI token prepares for May launch
FET, AGIX and OCEAN have joined forces to create an AI token to challenge the dominance of leading technology giants in the field of Artificial Intelligence. According to an announcement on Fetch.AI blog on Tuesday, the merger and the creation of ASI has been approved and with the combined efforts of the three protocols, the alliance aims to create a decentralized infrastructure to accelerate the development of an Artificial General Intelligence (AGI) development.
Alliance communities of Fetch.AI and SingularityNET voted in favor of the merger, which will proceed as follows:
- FET becomes ASI with a total supply of 2.63055 billion tokens.
- AGIX tokens migrate to ASI at a conversion rate of 0.433350 to 1.
- OCEAN tokens migrate to ASI at a conversion rate of 0.433226 to 1.
The three protocols will maintain their independence and enhance collaboration through the new initiative, governed by a council. The governing council will have Humayun Sheikh of Fetch.AI as Chairman and Ben Goertzel from SingularityNET as the CEO.
Ocean Protocol’s Trent McConaghy and Bruce Pon will have a seat on the newly-created council too. The official announcement states that ASI will be launched in May.
FET, AGIX and OCEAN prices are down between 1% and 2% on the day and accumulate nearly 20% losses on the weekly time frame.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.