ASI Alliance - Press Release
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Zug and Singapore – May 29, 2024. SingularityNET (SNET), the world's first decentralized Artificial Intelligence (AI) network, Fetch.ai, a Web3 platform for the new AI economy, and Ocean Protocol, a decentralized data exchange platform to protect data, today announced the June 13 finalization of the Artificial Superintelligence Alliance (ASI) merger. The newly combined $ASI token represents the largest open-sourced, decentralized network focused on the AI industry.
As of June 11, 2024, $FET will be renamed $ASI and on June 13 the merger completes. The $ASI token will function across the combined decentralized AI network, providing unprecedented scale and power. As of June 11, ERC20 tokens will be made available for users to swap $FET to $ASI tokens via a token migration contract, followed by $AGIX and $OCEAN on June 13. An audited, secure token migration contract will allow the conveyance of tokens into $ASI from over 200,000 token holders of the constituent communities with $AGIX, $FET and $OCEAN tokens swapped at the previously announced pegged ratios.
“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements,” states Ben Goertzel, CEO of ASI Alliance, renowned pioneer of AGIX and SNET Founder. “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 a 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.”
Turbocharged ASI Future
With the closing of this merger, a decentralized AI infrastructure at scale is a reality. This fusion of SNET, Fetch.ai, and Ocean Protocol's research, brands, technologies, and products lays the groundwork for an open, scalable AI infrastructure that leverages blockchain to ensure ethical and trustworthy practices in AI development and deployment. This is combined with flexible development of applications and their rapid market adoption at scale.
Driven by AI’s meteoric rise and the exceptional growth of these three leading AI projects, this landmark partnership presents a formidable challenge to Big Tech's dominance in AI development. Longtime advocates and early adopters of AI, Ben Goertzel, Humayun Sheikh and Trent McConaghy have formed the ASI Alliance to expedite the commercialization and monetization of each foundation’s technology and enable widespread access to cutting-edge AI platforms and extensive datasets. The intent is to propel the development of AGI to new heights as a stepping stone to superintelligence.
“The ASI Alliance is going to be a gamechanger for web3 adoption for AI and data.” declares Bruce Pon, Ocean Protocol Founder and ASI Council Board Director. “We’ve worked through a lot of details to make the process go smoothly and we look forward to formally launching ASI.”
Looking Ahead
“This Alliance forges a different path in a world of exploding AI innovation,” adds Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman. “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. We deeply appreciate the enthusiastic response from numerous communities since the announcement and look forward to welcoming additional strategic collaborators into the Alliance in the near future.”
Transaction Details
With the completion of the token merger on June 13, 2024.
$FET is renamed $ASI, with a total supply of 2.63055 billion tokens
Bridge to migrate ERC20 $FET tokens to $ASI is opened at a conversion rate 1:1
Bridge to migrate ERC20 $AGIX tokens to $ASI is opened at a conversion rate of 1:0.433350
Bridge to migrate ERC20 $OCEAN tokens $ASI is opened at a conversion rate of 1:0.433226
The fully diluted market capitalization of ASI is USD$6 billion as of May 28th, 2024
About ASI
With a unique focus to create decentralized superintelligence, the Artificial Superintelligence Alliance (ASI) is the world’s largest open source, independent AI foundation. The ASI Alliance is formed through the combination of SingularityNET, the world's first decentralized Artificial Intelligence (AI) network, Fetch.AI, a new AI economy Web3 platform, and Ocean Protocol, a decentralized data exchange platform for data protection.
About SingularityNET
SingularityNET was founded by Dr. Ben Goertzel with the mission of creating a decentralized, democratic, inclusive and beneficial Artificial General Intelligence (AGI). According to Dr. Goertzel, AGI should be independent of any central entity, open to anyone and not restricted to the narrow goals of a single corporation or a single country. The SNET team includes seasoned engineers, scientists, researchers, entrepreneurs, and marketers. The core platform and the SNET AI teams are complemented by specialized teams devoted to various application areas such as robotics, biomedical AI, finance, media, arts and entertainment.
About Fetch.ai
Fetch.ai, a Cambridge-based AI company, is redefining the possibilities of an intelligent and connected world through its AI agent-based technology. Fetch.ai's infrastructure technology enables developers and businesses to build, deploy & monetize through an agent-based modular platform for the new generation of AI applications. The company's core product, DeltaV, fuses Language Models (LLMs) and AI Agents to create an open and dynamic marketplace that connects users to services and reimagines the current search experience.
About Ocean Protocol
Ocean was founded to level the playing field for AI and data. Ocean tools enable businesses and individuals to trade tokenized data assets seamlessly to manage data all along the AI model life cycle. Ocean-powered apps include enterprise-grade data exchanges, data science competitions and data DAOs. The Ocean Predictoor product has over $800M in monthly volume six months after launch with a roadmap to scale foundation models globally.
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