Fetch.ai, SingularityNET, and Ocean Protocol, key players in decentralized AI, have announced intentions to finalize the merger of the Artificial Superintelligence Alliance (ASI) by June 2024, as per a statement shared with CryptoSlate on May 29.

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

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

Initially proposed three months ago, the merger is designed to accelerate AI growth, catalyze investments in Artificial General Intelligence (AGI), and disrupt the dominance of Big Tech in AI technology development and commercialization.

The merger seeks to expedite the expansion of decentralized AI infrastructure on a large scale, laying the groundwork for an open, 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 combine the strengths of the three platforms to drive significant progress. Goertzel stated:

"This marks just the beginning of a broader movement to unite efforts towards beneficial decentralized AGI and super-intelligence. The ASI token serves as both a symbol and a practical tool in our collective pursuit to leverage advanced AI, blockchain, and decentralized governance for swift and effective progress towards a transformative future."

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

"With our increased economies of scale, the Alliance can begin to fundamentally shift the landscape where Big Tech currently dictates the course and direction of AI. While we have a long journey ahead, this initial step provides a solid foundation for others who share our mission to drive meaningful change."