Can three tokens merge into one? Of course! One major example is the ASI token merger, which represents a significant development in the AI and blockchain space. The merge will see Fetch.ai, SingularityNET, and Ocean Protocol combine under the Artificial Superintelligence Alliance (ASI). The goal is to combine the three tokens into a single asset, ASI, to improve interoperability and create a stronger decentralized AI ecosystem.
The development could also challenge Big Tech’s power by creating the world’s largest independent AI foundation — the Artificial Superintelligence Alliance. Together, the involved entities want to speed up the development of AI without the control of a central authority, and make it possible to create superintelligence.
Phase 1 of the merger kicked off on July 1, 2024, with centralized exchanges moving to delist AGIX and OCEAN. During phase 1, you can swap AGIX and OCEAN for FET. With phase 2 still to be confirmed, FET will eventually be rebranded into ASI.
In this article, we’ll help you to better understand the ASI merger, as we also explore the project's advantages, ambitions, and future plans.
TL;DR
ASI brings together the strengths and technologies of Fetch.ai, SingularityNET, and Ocean Protocol to improve decentralized AI applications and challenge the influence of Big Tech.
ASI combines machine learning, AI, and secure data exchange into an intuitive and unified network.
The ASI token is formed from the merge of the FET, AGIX, and OCEAN tokens into a single asset. The ASI token will be compatible with different platforms.
The ASI token has a total supply of 2.63 billion, and its structured conversion rates support the integration of FET, AGIX, and OCEAN into ASI.
ASI simplifies the cooperation of different AI tools, presenting opportunities for other industries to leverage decentralized AI.
What is ASI?
The ASI token is the product of a strategic merger between Fetch.ai, Ocean Protocol, and SingularityNET with the aim of improving the scalability, security, and efficiency of decentralized AI applications. Ultimately, the alliance also seeks to encourage more people to use AI technologies that aren’t centralized by using one token.
Currently, Fetch.ai offers a decentralized machine learning network that enables autonomous agents to carry out complex tasks. Meanwhile, SingularityNET provides a secure open marketplace for artificial intelligence services, which makes it easier to share AI algorithms and data. Ocean Protocol presents a secure data exchange platform that ensures privacy and control over data assets. Together, these technologies form the backbone of the ASI token ecosystem. The ASI token’s main purpose is to be a single currency, making it easier to do business in this connected network.
The total token supply for the ASI token is set at 2.63 billion tokens. Regarding the merger’s conversion rates, 1 FET converts to 1 ASI, while AGIX and OCEAN convert at around 0.433 to 1 ASI. The structured conversion fairly and equally combines the three original tokens.
As a holder of the ASI token, you can expect smooth functionality across the new platform's combined features. For example, developers can use Fetch.ai's autonomous agents to collect and analyze data, access advanced AI algorithms from SingularityNET, and securely exchange data using Ocean Protocol.
How does the token migration process work?
The token migration process for converting FET, AGIX, and OCEAN tokens to the new ASI token is designed to be smooth and secure. Here’s how this migration process works.
Timeline and phases
The migration is carried out in two phases:
Phase 1: July 1, 2024
Project rebrand: New name and branding as ASI.
Token merge: AGIX and OCEAN tokens temporarily merge into FET on Ethereum. You can bridge to Ethereum if you hold tokens on other chains.
FET trading: FET trading continues, and prices reflect the combination of AGIX, OCEAN, and FET.
Centralized exchanges (CEX): AGIX and OCEAN will automatically convert to FET on exchanges.
Self-custody wallets: Users can move AGIX and OCEAN to FET.
Exchange delisting: AGIX and OCEAN tokens are removed from CEXs.
Phase 2: Timing to be announce
ET to ASI: Token ticker changes to ASI.
ASI token deployment: ASI token launches across different blockchains.
Network upgrade: Fetch.ai network upgrades and switches over to the ASI network.
Migration contracts: New contracts for converting FET, AGIX, and OCEAN to ASI.
EVM and bridges: Ethereum Virtual Machine and other bridges are now operational for ASI transfers.
Exchange migration: Spot markets on exchanges migrate from FET to ASI.
How to convert your tokens
Access the migration portal: Visit the official migration portal provided by the ASI Alliance. Use the official link to avoid phishing scams.
Connect your wallet: Connect your wallet that holds FET, AGIX, or OCEAN tokens.
Begin the conversion: Select the tokens you want to change. The amount of ASI tokens you receive will be calculated based on the conversion rates shared again below:
FET to ASI: 1:1
AGIX to ASI: 0.433350:1
OCEAN to ASI: 0.433226:1
Approve the transaction: Confirm the transaction in your wallet. Standard gas fees apply.
Receive ASI tokens: ASI tokens will be added to your wallet once approved.
Technical requirements
We recommend checking if you can meet the technical requirements below before starting the conversion process.
Make sure your wallet supports ERC-20 tokens.
Check you have enough ETH or BNB in your wallet to cover transaction fees.
Follow the official guides and avoid sharing private keys or seed phrases.
Security measures
Several security measures are involved in the migration of ASI tokens.
Audited smart contracts: The migration contracts are thoroughly audited to guarantee security and reliability.
Official communication channels: Updates and instructions are provided through official channels to prevent misinformation.
No personal info required: You don’t have to enter private keys or seed phrases during the process.
The token migration process is like upgrading your phone’s operating system. You must follow a series of steps to guarantee your tokens are correctly transferred — just as you would when updating your phone to make sure no data is lost.
What are the benefits and goals of the ASI alliance?
Put simply, the ASI alliance has been formed to draw from the different strengths of each platform with the goal of advancing AI and challenging Big Tech’s control of this transformative technology. Let's look more closely at some of the alliance's benefits.
Decentralized superintelligence
The main priority for the ASI alliance is to develop decentralized superintelligence. By pooling the resources and expertise of the three involved entities, the alliance aims to create AI systems that are not only more powerful than current examples, but also decentralized. The rationale is that AI developments should be accessible and help more people, rather than benefiting a few big companies.
Enhanced AI infrastructure
The merger also aims to build a scalable and efficient AI infrastructure. Towards this end, Fetch.ai provides autonomous agents and decentralized machine learning. SingularityNET contributes its AI service marketplace, while Ocean Protocol offers a secure platform for data exchange.
Challenging big tech
Another significant goal of the ASI Alliance is to challenge the monopoly of Big Tech in AI development. The alliance wants to make AI technology more open and accountable. It seeks to achieve this by offering an open, decentralized option. This can help mitigate the risks associated with centralized control of powerful AI systems, such as security threats, data leaks, bias, and stagnant innovation.
Synergy of technologies
By merging the capabilities of three established projects, the new platform can potentially show that the whole is greater than the sum of its parts. Fetch.ai, SingularityNET, and Ocean Protocol can work together to make a more versatile and powerful AI platform. For example, Fetch.ai's agents can use SingularityNET’s AI algorithms and Ocean Protocol’s secure data to complete complex tasks more efficiently.
Accelerated AI developments
Pooling research and development resources can potentially accelerate the pace of AI advancements, bringing about transformative new tools and outcomes sooner. That's especially significant for industries such as healthcare, education, and transportation, where progress can positively impact people's health and happiness.
Increased market adoption
The unification of AI infrastructure brought about by the alliance could be influential in driving broader market adoption. Businesses and developers can use the combined capabilities of the alliance to create and deploy AI solutions more efficiently. This, in turn, could ramp up the competitive pressure on rival firms, encouraging others to also turn to decentralized superintelligence in order to keep up.
How will the ASI network upgrade improve performance and security?
The ASI network upgrade is a crucial element of the ASI token merger. The upgrade aims to improve blockchain performance, enhance network security, and increase scalability. Read on to take a closer look.
Technical improvements
Code deployment
The first step in the ASI network upgrade involves deploying a new codebase to all nodes in the network. This new code holds the latest improvements and security patches. It helps to make the network stronger and capable of handling more traffic and complicated transactions.
Smart contract migration
Moving smart contracts to the new network will mean updating them to make sure they work with the new system and are performing optimally. For example, contracts that enable token exchanges and automated transactions will need to be adapted to support the ASI token.
Node synchronization
To make sure the network performs at a high level consistently and not only occasionally, all network nodes will be set up to use the same updated protocol version. This synchronization prevents discrepancies and potential vulnerabilities that may arise from nodes running different software versions.
Enhanced security features
Rigorous testing
Before deploying changes to the mainnet, extensive testing is conducted on a testnet. This phase identifies and resolves any issues, making sure the network upgrade doesn’t introduce new vulnerabilities. By testing the system in a controlled environment, developers can address potential security threats before they impact users.
Audited smart contracts
The migration contracts are thoroughly audited to guarantee their security. This audit process helps spot and mitigate the risks associated with smart contracts during token migration.
Increased scalability
The upgrade also focuses on improving the network’s scalability. By improving the underlying infrastructure, the ASI network can manage a higher volume of transactions and support more complex operations. This is especially important as the network expands and more users and applications rely on its services.
Imagine upgrading the infrastructure of a busy airport. Initially, the airport could handle a certain number of flights and passengers. However, to meet growing demand, the airport needs a big upgrade. This includes new runways, better security systems, and better communication methods. After the upgrade, the airport can manage more flights and keep passengers safe with better security. Similarly, the ASI network upgrade prepares the blockchain to handle more activity securely and efficiently.
What's next for ASI?
The future of ASI could prove to be important for both the AI and blockchain spaces. The alliance has big plans and ambitious goals that could see the arrival of further advancements.
Future projects and collaborations
Advanced AI research and development
The ASI alliance is expected to continue pouring resources into AI research, especially towards decentralized superintelligence, neural-symbolic AI, and large language models. Development support for projects like OpenCog, Hyperon, and Fetch.ai’s autonomous agents will also reportedly be increased to fully explore the potential of AI.
Expanded ecosystem
The alliance wants to grow its network by working with other blockchain platforms and forming partnerships with schools, technology companies, and research groups. These partnerships could bring together different skills and resources, potentially accelerating the pace of AI innovation and making decentralized applications more popular.
Practical AI applications
One of the strategic goals of the alliance is to spotlight real-world AI applications. This includes deploying AI solutions in healthcare, gaming, supply chain management, and more. For example, Fetch.ai’s autonomous agents could improve the efficiency of logistics, while SingularityNET’s AI services could support faster and more accurate medical diagnostics.
Technological developments
Improved blockchain performance
Future upgrades to the ASI network are expected to focus on improving blockchain performance and scalability. This includes using better consensus algorithms, improving smart contracts, and making sure other blockchain networks work well together.
Security innovations
As the network expands, maintaining security will be crucial. The alliance will continue to refine and advance its security rules to protect user data and make sure AI transactions are as safe as possible.
Market adoption and impact
Increased adoption
The new ASI token is designed to help more people adopt and benefit from the platform, creating a low barrier to entry and a more intuitive experience overall. This can help attract more developers and businesses to the platform, potentially enhancing its utility and value further.
Disrupting Big Tech
By offering a decentralized alternative for AI development, the ASI alliance aims to challenge the dominance of so-called Big Tech companies and the threat of monopolization they pose. This democratization of AI could result in more ethical and transparent AI practices, which can ultimately benefit society at large.
Strategic goals
Encouraging innovation
One strategic priority is to encourage continuous innovation within the AI and blockchain industries. This involves supporting startups, funding transformative research, and creating an environment that supports the birth of new ideas.
Expanding global reach
The ASI alliance has stated plans to enter new markets and connect with communities worldwide. Educational initiatives will help to raise awareness about decentralized AI and possibly encourage wider adoption of the technology. A wider global reach also presents the opportunity to identify new use cases for decentralized AI, strengthening the technology's credibility and feasibility.
The final word
The merger of Fetch.ai, SingularityNET, and Ocean Protocol to create the ASI and create the unified ASI token represents a significant development in the AI and blockchain industries. The new token aims to improve interoperability, scalability, and security for decentralized AI applications, enhancing its appeal among prospective users that are open to adopting transformative Web3 technologies.
The merge process to create the new token is set to happen in two stages, with the project owners setting out clearly the steps current holders of AGIX, OCEAN, and FET must take to convert their assets to ASI. Meanwhile, the wider unification of the three technologies will create a cohesive AI ecosystem that can help boost the development of decentralized superintelligence and challenge Big Tech’s dominance.
Interested in learning more about today's AI space? Check out our guide to the AI cryptocurrencies to watch in 2024. And, be sure to explore our other insight articles that explore the intersection of AI and crypto.
FAQs
The ASI token merger sees the project tokens from Fetch.ai, SingularityNET, and Ocean Protocol combine into a single token known as ASI. This merger aims to improve interoperability and establish a stronger decentralized AI ecosystem.
The ASI token encompasses machine learning, AI services, and secure data exchange, enabling simplified usage of different platforms and technologies within a unified network.
The migration of the three tokens is set to happen in two phases:
Phase 1 involves merging AGIX and OCEAN into FET temporarily.
Phase 2 will see the rebrand of FET as ASI, as the new token is deployed across multiple blockchains.
The ASI alliance wants to make AI development more open and place such evolution in the hands of the many, not the few. Towards this end, the alliance aims to present a compelling alternative to the existing structure — one that's ultimately capable of applying artificial superintelligence — by combining the strengths of the three entities involved: Fetch, Ocean Protocol, and SingularityNET.
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