SingularityNET, and Ocean Protocol will combine their tokens into one

Three AI-oriented blockchain projects — SingularityNET, and Ocean Protocol have signed an agreement on the merger of tokens. This is reported by The Block.

SingularityNET, and Ocean Protocol will combine their tokens into one

According to a comment from the company's representatives, as a result of the merger of the platforms, an "Alliance of artificial Superintelligence" with the native coin Artificial Superintelligence (ASI) is being formed.

The deal aims to create "the largest independent open source player for AI research and development." The teams stated that they see the merger as a benefit from the development and growth of three protocols aimed at creating a large-scale decentralized infrastructure.

"We will fulfill the promise of creating a vertically integrated set of blockchain technologies, while increasing the scale to compete globally. The combination of our developments creates a leader in research, applications and commercialization of artificial intelligence," said Bruce Pont, CEO and co—founder of Ocean Protocol.

ASI will be used to "protect the public network as a data access token and unlock payments without having to resort to traditional banking and payment systems," the CEO of the platform said.

All three protocols will publicly submit a merger proposal. The vote on the issue is expected to take place from April 2 to April 16.

If the initiative is approved by the project communities, the native token (FET) is being transformed into ASI with an issue of 2.63 billion coins at a starting price of $2.82.

The assets of SingularityNET (AGIX) and Ocean Protocol (OCEAN) are converted to ASI in ratios of 0.43335 to 1 and 0.433226 to 1, respectively. Given the current figures, the total circulating supply of the new coin will exceed $7.5 billion.

As part of the merger, the managing board of the "Superintelligence Collective" will also be created. It will be headed by the founder of SingularityNET, Ben Herzel, as CEO, and the founder will take the place of chairman Humayun Sheikh, and Bruce Pon and Trent McConaughey will represent Ocean Protocol.


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