The planned merger of Fetch.ai (FET), SingluarityNET (AGIX), and Ocean Protocol (OCEAN) into Artificial Superintelligence Alliance (ASI) has been postponed to July 15.

In March, the three networks announced intentions to unify their tokens into the ASI token, with a total supply of 2.63055 billion tokens. The move aims to establish ASI as the AI industry’s largest open-source, decentralized network and challenge major tech companies’ dominance in AI development and commercialization.

Cause of delay

In a June 11 statement to CryptoSlate, the projects said the delay was caused by a need to meet their ecosystem partners’ technical requirements.

They further explained that the rescheduling would ensure a seamless transition to the new ASI network and token, as the preparation for the token merger involves managing complex integrations and coordinating numerous elements.

Originally, FET token holders were set to migrate to ASI through a token migration contract on June 11, with AGIX and OCEAN holders following later. Now, all token holders will merge into the new ASI token simultaneously on July 15.

Until then, FET, AGIX, and OCEAN tokens will continue trading independently on exchanges.

Humayun Sheikh, chairman of the Artificial Superintelligence Alliance and CEO of Fetch.ai, emphasized that the delay does not affect the significant progress toward creating a decentralized superintelligence network. He added:

“While the finalization of the ASI token merger is now scheduled for July due to necessary adjustments by our partners, the commitment and vision driving this alliance remain stronger than ever…Our teams are actively working with centralized exchanges to finalize the remaining steps.”

Ben Goertzel, CEO of the ASI Alliance, noted that the three-way token merger represents a major milestone. He anticipates a series of progressively exciting developments that will bolster the ecosystem’s growth.

The values of FET, AGIX, and OCEAN tokens declined by an average of 10% over the last 24 hours. The price drop mirrors broader market trends, with Bitcoin down 5% during the reporting period to around $66,000, according to CryptoSlate data.

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Fetch.ai, SingularityNET, and Ocean Protocol, leading entities in decentralized AI, announced plans to finalize the Artificial Superintelligence Alliance (ASI) merger by June 2024, according to a May 29 statement shared with CryptoSlate.

The merger will unify the native tokens of these AI-focused protocols into the ASI token, which would have a total supply of 2.63055 billion tokens. This move will establish ASI as the AI industry’s largest open-source, decentralized network. As of May 28, the new token has a market cap of $5.8 billion.

FET token holders can migrate to ASI through a token migration contract by June 11. Likewise, holders of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens can swap their tokens by June 13.

The merger is set to be completed three months after the initial proposal. It was designed to bolster AI growth, expedite investments in Artificial General Intelligence (AGI), and disrupt Big Tech’s dominance in AI technology development and commercialization.

Challenging BigTech AI dominance

The merger aims to accelerate the growth of decentralized AI infrastructure at scale, laying the foundation for an open, scalable AI ecosystem that leverages blockchain for ethical and trustworthy AI development and deployment.

Ben Goertzel, CEO of the ASI Alliance, hailed the merger as a pivotal moment for AI. He emphasized that the alliance will merge the strengths of the three platforms to drive significant advancements. Goertzel stated:

“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.”

Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, added:

“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.”

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