SingularityNet, Fetch.ai, and Ocean Protocol to Merge Tokens

Three blockchain projects focused on AI — SingularityNet, Fetch.ai, and Ocean Protocol — have agreed to merge their tokens, as reported by The Block.

According to company representatives, the merger will form the “Artificial Superintelligence Alliance” with a native coin called Artificial Superintelligence (ASI).

The deal aims to create the “largest independent open-source player for AI research and development.” The teams stated that they see the merger as beneficial for the development and growth of the three protocols, which are focused on creating a large-scale decentralized infrastructure.

“We will fulfill the promise of creating a vertically integrated set of blockchain technologies while scaling up to compete globally. Combining our developments creates a leader in AI research, applications, and commercialization,” said Bruce Pon, CEO and co-founder of Ocean Protocol.

ASI will be used to “secure the public network as a data access token and unlock settlements without resorting to traditional banking and payment systems,” clarified the platform’s CEO.

All three protocols will publicly present the merger proposal. Voting on the matter is expected to take place from April 2 to 16.

If the initiative is approved by the project communities, the native Fetch.ai token (FET) will transform into ASI with an issuance of 2.63 billion coins at an initial price of $2.82.

Assets from SingularityNet (AGIX) and Ocean Protocol (OCEAN) will be converted into ASI at ratios of 0.43335 to 1 and 0.433226 to 1, respectively. Given current figures, the total circulating supply of the new coin will exceed $7.5 billion.

The merger will also establish a governing council called the “Superintelligence Collective.” It will be led by SingularityNET founder Ben Goertzel as CEO, with Fetch.ai founder Humayun Sheikh as chairman, and Bruce Pon and Trent McConaghy representing Ocean Protocol.

Following the announcement of the partnership, the projects’ tokens showed significant growth:

• OCEAN rose by 27% to $1.54;
• FET increased by 13% to $3.32;
• AGIX climbed by 9% to $1.35.

Earlier this year, from January to March, the AI token index increased by 260%. Researchers at CoinGecko cited the excitement around companies developing neural networks as the main reason.

In February, Nvidia reported its fourth-quarter results. The company exceeded profit expectations, which triggered a rise in AI-related coins.