Today, we are proud to announce that we are merging with two fellow titans of decentralized AI, SingularityNET and Ocean Protocol, to create the largest independent player in AI research and development; the Artificial Superintelligence Alliance. The tokens from the three respective organizations will all merge to form one universal AI token known as the Artificial Superintelligence token $ASI.
The AI field is accelerating at a phenomenal pace. With the release of the latest LLMs, the pace of innovation has noticeably accelerated into a torrent of growth that every single startup, decentralized project and large multinational must come to terms with.
Artificial General Intelligence (AGI) has never felt closer. It is clear that at this pace, we could continue beyond AGI, straight to Artificial Superintelligence (ASI) where AI systems perform at far-beyond human levels of competence effectively operating with the sum of all human knowledge. The benefits of Artificial Superintelligence are so monumental, that they should not be controlled by the few and must therefore be decentralized. Fetch.ai, alongside SingularityNET and Ocean Protocol form three of the longest-serving teams in decentralized AI, committed to building open and beneficial AI and striving to build exit ramps away from centralized monopolies. Together, we aim to give AI researchers, companies and governments an alternative that doesn't lock them into walled gardens, tilt to a particular bias, or worse, allow the risk of user de-platforming and the loss of their intellectual property, social graph and followers.
The resources needed to win this competition are immense and the solution needs to be vertically integrated into the whole technology stack, including infrastructure like data management, AI Agents and models and predictions. The Alliance brings together the skills and expertise of our respective companies in the pursuit of superintelligence including,
a. Fetch.ai's advanced autonomous AI agents and blockchain infrastructure
b. SingularityNET's rich R&D heritage in AI development and integration
c. Ocean Protocol's data sharing and monetization
The union of three companies will also include the merge of their respective tokens into the 'Artificial Superintelligence' token, with the token ticker $ASI. The combined value of the Alliance at signing is $7.5 Billion (theoretically ranking at #20 on Coinmarketcap) with 2.631 Billion tokens and $FET as the benchmark currency.
Snapshot of the Projects
There are 225,000 wallet holders of $FET, $OCEAN and $AGIX tokens, as well as several hundred thousand more holders who leave their tokens on exchanges. The combined weight of all three projects will create one universal decentralized AI token $ASI.
Fetch.ai, SingularityNET, and Ocean Protocol have established their presence within decentralized AI over the last seven years but their founders have dedicated decades to AI advancements.
SingularityNET is founded and led by the "Father of AGI" Dr. Ben Goertzel, with a mission to create a decentralized, democratic, inclusive and beneficial AGI. Fetch.ai is founded by DeepMind veteran and founding investor Humayun Sheikh and Ocean Protocol is co-founded by Trent McConaghy, who previously built AI-based software that every chip designer uses to drive Moore's Law.
The merger facilitates the combination of three thought leaders in the research and development of AGI whose Alliance posts the question of when and how AGI and ASI will be achieved, rather than if.
The answer lies in decentralization.
The Artificial Superintelligence Alliance is a united stand against the big tech's control over technology. We're joining forces to change the game on how AI is created, shared, and used by everyone leaning into the principles of decentralization to accomplish an open and equitable form of AI.
This is our first major step in our audacious mission of creating decentralized AGI and ASI. This merger enables us to compete with the leading centralized entities. And we will continue to look for opportunities to further grow the Artificial Superintelligence Alliance with other partners that align with our ethos and mission.
Creating decentralized Artificial Superintelligence (ASI) that benefits humanity and is inclusive.
We have our eyes set on the horizon of ASI, and we are equally committed to the present. We will continue to develop practical and usable decentralized AI tools for businesses and users' needs today.
The foundation of AI, including AGI and ASI, rests on powerful computing capabilities. We aim to use the scale of $ASI to secure the necessary computing resources, including cutting-edge silicon and energy, in a decentralized manner. This approach not only supports the sustainable growth of AI but also democratizes access to these critical resources.
The Artificial Superintelligence Alliance exists to give people the freedom of choice to own and control their data and AI, to respect each person's autonomy and sovereignty. This has never been more important and is a guiding principle of the Alliance.
A common website for the Alliance will be put up in the coming days, though each Foundation -- Fetch, Ocean Protocol, and SingularityNET -- will remain as independent legal entities. Existing leadership, teams, communities, and token treasuries will also remain unchanged. Any ongoing initiatives from each project will continue as planned and any changes, with respect to a given Foundation's offering, will be announced via official channels.
Over time, as the Foundations collaborate and the teams get the chance to work more closely together, we expect to announce joint projects and collaborations -- either internally to strengthen the overall product offering and improve the user experience, or externally to bring stronger go-to-market services for large and enterprise customers.
Each Foundation is still free to do as they like, to bring forward the values and adoption of decentralized AI -- without coercion or compulsion to pressure other Alliance members. When cross-team collaborations make compelling and pragmatic sense, we'll do it. If it doesn't, two teams could work on a similar topic with different approaches. Community members are free to join, and free to leave at all times.
A governing council will be formed to handle the governance of the Alliance, with Humayun Sheikh from Fetch.ai as Chairman, Ben Goertzel from SingularityNET as the CEO, and Trent McConaghy and Bruce Pon from Ocean Protocol.
The merge will be contingent upon a majority approval from the community and all three companies will field governance proposals to their respective communities. Voting will open on 2nd April and if successful, a token merge will begin that will see $FET, $AGIX and $OCEAN combine to form $ASI.
$FET is the reserve token of The Artificial Superintelligence Alliance and will become $ASI.
If you hold $FET tokens on an exchange, they will automatically be labeled as $ASI tokens. You don't need to do anything - this process will be managed for you. If you hold $FET offline or in a hard wallet you will be able to use a token swap mechanism that will soon be available to exchange to $ASI at a rate of 1:1
For now, there's no immediate action required from the holders. Holders of $OCEAN and $AGIX on exchanges will see their tokens relabelled to $ASI. Those holding tokens offline or in hard wallets can continue to hold them as before or use the token swap mechanism, available soon, to allow the exchange of $OCEAN and $AGIX for $ASI tokens. This swap option will be available indefinitely and exchange rates are fixed, so there's no rush to swap. Find all the details about $ASI on our dedicated page.
We'll stress on this again: Holders and users don't need to do anything right now. With the announcement live, each Foundation will speak to business partners, answer questions from the community and start to plan the next steps.
The first priority is to execute the token merge. The $FET token will be the reserve token of the Artificial Superintelligence Alliance. It will be renamed $ASI -- 'Artificial Superintelligence.' Please note the following:
Holders of $OCEAN and $AGIX can continue to hold tokens as before.
The exchange rate between $FET/$ASI and $OCEAN is fixed at 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX.
Holders can choose to swap their tokens as soon as the token swap tool is available, or 10 years from now if they want to.
The exchange rate will remain fixed and there is no deadline for swaps to take place.
Starting with $FET as the base token of the Alliance, the $FET token will be renamed $ASI, and an additional 1.48 Billion tokens will be minted, with 867 million $ASI allocated to $AGIX holders and 611 million $ASI allocated to $OCEAN token holders. The total supply of $ASI tokens will be 2.63 Billion tokens.
We took a snapshot on Monday, 25 March 2024. Here is the Max Supply (#) and Fully Diluted Value ($) summary:
Here is the calculation basis for the token minting to give a proportional share of new $ASI tokens to $OCEAN and $AGIX holders:
Token holders will receive 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX. This exchange rate is fixed and will not change. We expect that smart arbitrageurs will notice if a price differential between the tokens arises, and then arb it out to maintain a balance and equilibrium in the exchange rate.
The introduction of $ASI is expected to strengthen our presence in the decentralized AI ecosystem and beyond. With a community of over 250,000 wallets and more on exchanges, the future looks promising.
This isn't just a mission for Fetch.ai, Ocean Protocol, or SingularityNET alone---it's an open invitation to anyone who sees the potential in decentralized, ethical AI. Whether you code, conduct research, or simply believe in advancing technology responsibly, the Artificial Superintelligence Alliance will support you.
As we venture ahead, we're sticking to our guns - being open, working together, and staying true to our core values. We're on a path to intertwine AI with blockchain in ways that uplift and advance humanity in new directions.
Let's forge the new world - together.
