AI giants join Forces: The story behind the ASI token

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The merger between SingularityNET, Fetch.ai, and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI) is a significant development in the decentralized AI sector. By combining their tokenomic networks, these projects aim to compete with centralized AI giants and provide greater incentives and resources for collective wisdom and capabilities. However, the merger process has presented challenges, including not all crypto exchanges supporting the automatic conversion of users’ token holdings to ASI.

The upcoming merger of the ASI token from Anthropica with the larger cryptocurrency market could bring about significant changes. This union might lead to increased adoption and recognition for Anthropica’s platform in the AI and crypto spheres. As a result, investors can anticipate potential growth in both the value of the ASI token and the broader crypto market. Additionally, the alliance may foster new collaborations and innovations between AI and crypto projects, creating exciting opportunities for investment and development.

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Towards the close of March, three notable figures in the AI and cryptocurrency sectors – Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) – shared an exciting development: they will be merging their tokens into a single new token named Artificial Superintelligence (ASI).

As an analyst, I would explain that each token carries its unique worth, and therefore, their conversions won’t be a simple one-to-one exchange. Instead, the tokens will undergo transformations with distinct conversion ratios.

In the upcoming swap, 1 FET token is equal to receiving 1 ASI token. Similarly, 1 AGIX token will convert to 0.433350 ASI tokens, and 1 OCEAN token will be exchanged for 0.43226 ASI tokens. Following the merger, the new supply of ASI tokens will amount to approximately 2.63055 billion tokens.

The merger between SingularityNET and Ocean Protocol will unfold in two distinct stages. In the first phase, effective from July 1, we will combine the AGIX and OCEAN tokens of SingularityNET and Ocean Protocol respectively, into Fetch.ai’s FET tokens. This phase is primarily focused on consolidation.

As a researcher studying the crypto market, I’m excited to delve into the implications of this recent merger and shed light on what it could mean for the future of the industry. Stay tuned as we unravel the potential consequences and explore new possibilities that may emerge from this significant event.

What is the merger about?

First, let’s understand the key players in this merger. 

SingularityNET represents the globe’s initial decentralized platform for Artificial Intelligence (AI), empowering individuals to develop, distribute, and commercialize AI innovations on a large scale.

Fetch.ai is a web3 platform that uses AI to build a new economy by enabling autonomous agents to perform useful economic work. 

As a crypto investor, I’d describe Ocean Protocol as my go-to decentralized data marketplace. It ensures both data privacy and security by enabling direct peer-to-peer data sharing without intermediaries.

Collaboratively, these businesses aim to build a powerful and autonomous platform, leveraging each other’s unique capabilities to pave the way for a decentralized artificial intelligence paradigm. The objective of this merger is twofold: firstly, to progress towards Artificial General Intelligence (AGI), and ultimately, towards Artificial Superintelligence (ASI).

AGI denotes artificial intelligence systems capable of executing any human task with equal or greater proficiency, while ASI signifies advanced artificial intelligence systems that outperform humans across all aspects.

For several decades, the idea of Artificial General Intelligence (AGI) has been a topic of interest among visionaries. Notable figures such as Norbert Wiener in the mid-1900s and Ray Kurzweil later on have brought significant attention to this concept.

As a crypto investor with an interest in technological advancements, I’ve come across the notion that artificial general intelligence (AGI) capable of equal or greater human intelligence could surface around the year 2029, as proposed by Ray Kurzweil in his 2005 book “The Singularity is Near.” Furthermore, he envisioned the arrival of artificial superintelligence (ASI), surpassing human intelligence, approximately by 2045.

Current developments in AI, including models like ChatGPT and other advanced language models, lend credence to Kurzweil’s predictions. These technologies display impressive abilities, fueling excitement among experts and the general public regarding AI’s potential capabilities.

As an analyst, I’ve been following the progress of artificial intelligence (AI) closely, and I must admit that recent advancements have left me impressed. While we haven’t reached human-level artificial general intelligence (AGI) yet, these developments suggest that we might be closer than we think. The prediction by Ray Kurzweil that there would be a 16-year gap between AGI in 2029 and artificial superintelligence (ASI) in 2045 has become the subject of much debate. Some experts now believe that this timeline could be accelerated, potentially even happening sooner than expected.

Currently, the lead in AI technology by major US tech firms has molded the tech industry landscape, leaning towards data-intensive methods reliant on large-scale server farms for processing.

While a centralized approach to creating Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI) holds significant power, it might not be the optimal choice for their development. In contrast, Decentralized AI offers a more egalitarian, transparent, and inviting methodology for advancing artificial intelligence.

The main objective of the merger is to keep the advancement of ASI democratic, encouraging various perspectives and inputs from around the world. This is essential since the progress of ASI will bring forth unique difficulties that can only be addressed through the combined intelligence and expertise of humanity.

As a crypto investor, I’m excited about the collaboration between SingularityNET, Fetch.ai, and Ocean Protocol. By integrating their tokenomic networks, they are working together to amplify their decentralized AI initiatives. This fusion offers enhanced incentives and resources for us as investors, empowering these projects to effectively challenge the dominance of centralized AI behemoths in the industry.

The current state of merger and migration

The fusion of SingularityNET, Fetch.ai, and Ocean Protocol is currently showing advancements as well as encountering hurdles.

Although the coordinated effort, some crypto exchanges have declined to facilitate the merger for their users. For instance, Coinbase, a prominent cryptocurrency exchange, chose not to convert users’ token holdings into ASI automatically.

As a crypto investor using Coinbase, I’ve recently received an update regarding Ocean and Fetch.ai. They’ve made an announcement about merging to create the Artificial Superintelligence Alliance. However, it’s important to note that Coinbase won’t be facilitating the transfer of these assets for their users in this process.

The OCEAN and FET organizations have revealed plans for a merger, resulting in the establishment of the Artificial Superintelligence Alliance (ASI) instead. Users of Coinbase should note that this platform will not facilitate the transfer of these assets on their behalf.— Coinbase Assets 🛡️ (@CoinbaseAssets) June 26, 2024

Users of Coinbase with OCEAN and FET tokens need to take additional actions to be part of the upcoming merger.

Coinbase proposed a solution for users facing this issue. Upon launching the migration, they recommended transferring OCEAN and FET tokens to ASI through a personal wallet like Coinbase Wallet for self-custody.

As a token analyst, I can tell you that the proposed ASI token merger is designed to ensure seamless compatibility with all leading software wallets. This means that users will have the freedom and autonomy to independently manage their token migrations without encountering any technical hindrances or incompatibility issues.

As a token analyst at Coinbase, I want to assure our valued users that you can carry on trading FET and OCEAN tokens without interruption based on our current plans. However, please note that we will not be directly involved in facilitating the migration process for these tokens.

Starting from July 8, the token migration procedure is underway, and both OCEAN and AGIX remain listed on certain trading platforms. The market value of these tokens continues to be transacted predominantly in USD and USDT, albeit with relatively modest transaction volumes.

As an analyst, I’ve observed that trading platforms such as Coinbase, Kraken, and Bybit continue to support transactions for the OCEAN and AGIX tokens. This stage signifies a transitionary period in which not all tokens have been completely integrated into the Ascendex (ASI) ecosystem.

The road ahead

The entire market is currently in a state of fear, primarily due to two critical events. 

As a researcher studying the cryptocurrency market, I can’t help but notice the ripples of uncertainty caused by the upcoming repayments related to the Mt. Gox incident. For those who might not be familiar with the background, Mt. Gox was once a leading Bitcoin exchange, handling a significant portion of global Bitcoin transactions. However, its story took a dramatic turn in 2014 when it filed for bankruptcy and reportedly lost approximately 850,000 BTC. The exact nature and timeline of these repayments are still unclear, adding an element of uncertainty to the market.

As a long-term crypto investor, I’ve noticed that the ongoing repayment process to creditors has been a lengthy affair. With each batch of Bitcoins being returned to circulation, there’s an underlying sense of unease in the market.

Additionally, the German government’s persistent sale of their Bitcoins has contributed to a sense of caution in the cryptocurrency market.

As an analyst, I’ve noticed that the uncertain climate has extended to the crypto-AI sector, which was previously one of the most dynamic areas this year. This sector saw extraordinary growth and impressive returns during the bull market.

I’ve noticed a significant reversal in the trend for Fetch.ai’s token (FET), which is set to be renamed ASI starting July 8. As of this writing, FET has experienced steep drops in price, falling from a peak of $3.47 in March 2024 down to $1.19 as of now. This represents a substantial decline of approximately 65%.

Considering the current situation, it’s important to approach with prudence rather than haste. Steer clear of snap judgments driven by apprehension or excitement. Evaluate your own risk threshold and invest accordingly, keeping in mind that potential losses are a possibility.

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2024-07-08 17:46