Fetch, SingularityNET, and Ocean Protocol Merge to Form AI Powerhouse

By: Eva Baxter

Fetch.ai, SingularityNET, and Ocean Protocol have announced their plans to finalize the Artificial Superintelligence Alliance (ASI) merger by June 2024. This was revealed in a statement on May 29. By merging, the entities aim to unify their native tokens into one, the ASI token, which will have a total supply of 2.63055 billion tokens. The move will create the largest open-source, decentralized AI network in the industry. As of May 28, the new ASI token has a market cap of $5.8 billion.

Token holders of FET, AGIX (SingularityNET), and OCEAN (Ocean Protocol) will be able to migrate their tokens to ASI through specific token migration contracts. The deadline for FET token holders is June 11, while AGIX and OCEAN token holders have until June 13. The merger is expected to be completed within three months of the initial proposal made.

One of the merger's main objectives is to bolster AI growth and expedite investments in Artificial General Intelligence (AGI). Besides disrupting Big Tech’s dominance, the alliance aims to establish an open, scalable AI ecosystem leveraging blockchain for ethical and trustworthy AI development and deployment.

According to Ben Goertzel, CEO of the ASI Alliance, the merger represents a pivotal moment for AI, combining the strengths of the three platforms to drive significant advancements. Goertzel said, “This is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence. The ASI token serves as a symbol and practical tool for our shared quest to leverage advanced AI, blockchain, and decentralized governance to move quickly and effectively toward an amazing future for all.”

Similarly, Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, emphasized the importance of this merger in challenging Big Tech’s control over AI development. He noted, “With our newfound economies of scale, the Alliance can make real inroads to change the way Big Tech controls the narrative and direction of AI. We have a long way to go, but this first step provides a foundation for others with a similar mission to make a difference.”