Artificial intelligence took centre stage in the crypto industry during the first quarter of the year, with Fetch.ai, SingularityNET, and Ocean Protocol announcing the launch of the ASI token in May. The merger will combine the digital assets of the three protocols, aiming to achieve a market capitalization of $7.5 billion, positioning it among the top 20 cryptocurrencies.
Under the merger terms, FET will be rebranded as ASI, with a token supply of 2.63 billion. SingularityNET and Ocean Protocol will migrate their tokens to ASI at conversion rates of 0.433350:1 and 0.433226:1, respectively. The proposal aims to accelerate investments in Artificial General Intelligence (AGI) and disrupt the dominance of big tech companies in AI development.
Dr. Ben Goertzel, Founder and CEO of SingularityNET, sees the merger as a step towards democratizing AI development. Humayun Sheikh, chairman of the Artificial Superintelligence Alliance and CEO of Fetch.ai, believes it marks the beginning of progress towards decentralized AGI and ASI.
CoinGecko’s report highlighted AI as a dominant narrative in the crypto industry during the first quarter, with remarkable growth and large-cap AI tokens leading the charge. AIOZ Network saw a 480.2% increase, Fetch.ai rose by 378.3%, and OriginTrail delivered a solid return of around 75%, reflecting widespread interest in AI within the crypto community.
What the ASI Token Means to the AI Space
Artificial intelligence emerged as a prominent theme in the crypto industry during the first quarter of the year, capturing the attention of investors and enthusiasts alike. The announcement of the ASI token launch by Fetch.ai, SingularityNET, and Ocean Protocol added significant momentum to this narrative. With the ASI token poised to integrate the digital assets of these leading AI protocols, it represents a landmark initiative aimed at fostering collaboration and innovation in the field of artificial intelligence.
The merger not only signals a strategic alignment of key players in the AI space but also underscores the growing importance of decentralized approaches to AI development and deployment. As the crypto community eagerly anticipates the launch of the ASI token in May, it reflects a broader trend towards the convergence of cutting-edge technologies and decentralized finance, promising new opportunities and possibilities for investors and developers alike.
See also: Tether Expands Into Tech, AI, Education, And Finance
