Fetch.ai, SingularityNET, and Ocean Protocol, prominent entities in decentralized AI, announced plans to finalize the merger of the Artificial Superintelligence Alliance (ASI) by June 2024, according to a statement from May 29 shared with CryptoSlate.

The merger aims to consolidate the native tokens of these AI-focused protocols into the ASI token, which will have a total supply of 2.63055 billion tokens. This initiative intends to establish ASI as the largest open-source, decentralized network in the AI industry. As of May 28, the new token holds a market cap of $5.8 billion.

FET token holders can migrate to ASI using a token migration contract by June 11. Similarly, holders of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens have until June 13 to swap their tokens.

The merger is expected to be completed three months after its initial proposal. Its primary goals are to bolster AI expansion, accelerate investments in Artificial General Intelligence (AGI), and challenge the dominance of Big Tech in AI technology development and commercialization.

Disrupting BigTech's AI Dominance

The merger seeks to expedite the growth of decentralized AI infrastructure on a large scale, laying the groundwork for an open and scalable AI ecosystem that utilizes blockchain for ethical and reliable AI development and deployment.

Ben Goertzel, CEO of the ASI Alliance, described the merger as a pivotal moment for AI advancement. He emphasized that the alliance will harness the strengths of the three platforms to drive substantial progress. Goertzel stated:

"This marks just the beginning of a broader effort to unite efforts towards beneficial decentralized AGI and super-intelligence. The ASI token serves as both a symbol and a practical tool in our shared mission to leverage advanced AI, blockchain, and decentralized governance to swiftly and effectively shape a remarkable future for all."

Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, added:

"With our newfound economies of scale, the Alliance can make significant strides in altering the way Big Tech influences the narrative and direction of AI. While there is still a long road ahead, this initial step lays a foundation for like-minded entities to make meaningful contributions."