AI tokens are set to merge. Here’s how it works:

Three major AI-related cryptocurrency tokens are set to merge following a successful community vote, as the Artificial Superintelligence Alliance announced approval of a new ASI token on Tuesday.

The new ASI token combines Fetch.AI’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN into a single digital asset. The alliance claims that once the merger is completed in May, the expected total value of the new ASI tokens will reach $7.5 billion.

As the diverse community comes together, Fetch CEO and Alliance Chairman Humayun Sheikh explained that the three projects will remain distinct, with Artificial Superintelligence Alliance Board members only deciding on new items for the Alliance.

“Every project, as it is today, makes its own decisions and works holistically, giving the project complete independence while integrating technology,” said Sheikh. decryption.

Community disputes will be resolved through voting, the sheikh said. Only token stakers can vote.

“ASI’s goal is to make AI networks a true decentralization of technology development and deployment,” he said.

Last March, Fetch, SingularityNET, and Ocean Protocol announced the creation of the Superintelligence Alliance. They said the alliance aims to accelerate investments in artificial general intelligence (AGI) and accelerate access to AI models and databases.

“Our joint vision has always been to launch AGI and ASI in an open, democratic, and decentralized way,” said Dr. Ben Goertzel, founder and CEO of SingularityNET, in a statement. “The ability to challenge Big Tech’s control over .”

Like other cryptocurrency markets recently, AI tokens have also declined across the board, with FET trading at $2.08, down 20.5% over the past seven days. AGIX fell 19.7% to $0.85, while OCEAN fell 20.7% to $0.88.

Now that the merger is complete, the alliance said FET will be renamed ASI, resulting in a total new supply of 2.63 billion tokens. AGIX and OCEAN tokens will then be migrated to ASI with a conversion rate of 0.433350-1 and 0.433226-1 respectively.

After the merge is complete, AGIX and OCEAN held in self-custodial wallets will be provided with the means to exchange for ASI, and FET tokens will be automatically changed to the new token. AGIX and OCEAN held on cryptocurrency exchanges will automatically be converted to new ASI tokens, the Superintelligence Alliance said.

According to the Alliance’s explanation, tickers for AGIX and OCEAN will be decommissioned from the exchanges on which they are currently listed. Holders were warned not to send their tokens to exchanges once converted to ASI.

“We are pleased that the Fetch and SingularityNet communities have resolved this hurdle and approved the token merger,” Ocean Protocol founder and CEO Bruce Pon said in a statement. “We’re excited to get started.”

Editor: Andrew Hayward