SingularityNET has set the stage for a pivotal transformation in the decentralized AI sector with the announcement of merger dates for the ASI token. This integration will incorporate tokens from Fetch.ai (FET), AGIX, and Ocean Protocol (OCEAN), starting on June 11.
The merger, which concludes on June 13, will rename the FET token to ASI, marking a significant shift towards a unified AI network.
The new ASI token is expected to enter the top 20 cryptocurrencies by market capitalization, boasting a fully diluted valuation of $7.5 billion.
Details of Token Conversion
For token holders, this transition involves specific conversion rates as FET will merge at a 1:1 ratio, AGIX at 1:0.433350, and OCEAN at 1:0.433226. Starting June 11, ERC-20 tokens will be swapped for ASI via a secure token migration contract, ensuring a smooth transition for stakeholders.
Moreover, this is set to consolidate the reach and efficiency of decentralized AI networks, bringing together over 200,000 token holders under one robust ecosystem. This consolidation is anticipated to enhance service delivery and operational scalability across the network.
The decentralized AI industry has seen a notable consolidation as a result of this merger, which suggests a cooperative strategy to spur research and development. SingularityNET, Ocean Protocol, and Fetch.ai have all individually advanced blockchain and artificial intelligence.
Ocean Protocol offers solutions for data sharing and monetization, SingularityNET concentrates on a decentralized AI marketplace, and Fetch.ai specializes on autonomous economic agents. Their technologies’ combination may enable previously unheard-of improvements in AI applications and capabilities.
The merger has a potential impact beyond the blockchain and AI sectors. The development of a cohesive AI ecosystem may result in more scalable and effective AI solutions, which would be advantageous for a number of industries, including banking, healthcare, and logistics.
Through collaboration, the three initiatives want to get beyond the present barriers to AI research and application, advancing the creation of artificial general intelligence (AGI)—an AI system that can comprehend, learn, and apply knowledge in a variety of contexts at a level that is comparable to human intellect.
As SingularityNET spearheads this major initiative, the focus remains on amplifying the capabilities and reach of decentralized AI platforms, promising enhanced integration and functionality for users worldwide.Â
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