Fetch.ai, Ocean, and SingularityNET merger a step closer after proposal approval
|- The Fetch.ai community has approved the first proposal that will see FET being renamed to ASI.
- The community will need to pass a vote for two more proposals for the merger to be fully approved.
- Fetch.ai begins recovery alongside the general crypto market.
The voting process for merging Fetch.ai, Ocean Protocol, and SingularityNET continues to draw traffic as Fetch.ai's community approved the first proposal on Tuesday to change its name to Artificial Super Intelligence (ASI).
Read more: FET, AGIX, OCEAN prices drop as ASI Governance votes start for first of three proposals
FET community gives a nod to the ASI
In a post on its X account on Sunday, Fetch.ai stated that its community approved the first proposal that will form the foundation for ASI with a 99.8% "Yes."
The first proposal covers renaming the Fetch.ai network and the underlying FET token to the ASI network and ASI, respectively, a hard fork of the FET token contracts on the Ethereum network and BNB Smart chain, and a change in the token's total supply to allow the merger of Ocean protocol and SingularityNET.
Also read: Fetch.ai, SingularityNET, and Ocean Protocol to merge AI tokens
In another X post on Monday, Fetch.ai announced that voting for its second and third proposals has begun, encouraging users to vote with their FET tokens. The proposals include increasing the supply of ASI tokens to "accommodate" the merger of AGIX and OCEAN at different specific price ratios. The merger would debut the newly formed ASI token with a market capitalization of $7.5 billion.
Vote with your $FET! The 2nd & 3rd governance proposals for the @ASI_Alliance merger are live on the Fetch Network!
— Fetch.ai (@Fetch_ai) April 8, 2024
These proposals cover merging @singularityNET's $AGIX token & @oceanprotocol's $OCEAN token into $ASI
In this thread, let's go over some key details pic.twitter.com/A33yaNiRDZ
Vote with your $FET! The 2nd & 3rd governance proposals for the @ASI_Alliance merger are live on the Fetch Network!
— Fetch.ai (@Fetch_ai) April 8, 2024
These proposals cover merging @singularityNET's $AGIX token & @oceanprotocol's $OCEAN token into $ASI
In this thread, let's go over some key details pic.twitter.com/A33yaNiRDZ
Since the post, FET, AGIX, and OCEAN have recorded gains alongside the general crypto market. According to data from CoinGecko, AGIX's price has increased by 5.19% in the last 24 hours, while FET and OCEAN have risen by 4% and 3.8%, respectively.
The newly formed ASI, if successful, may trigger a rally for AI tokens in the coming months.
Read more: Ethereum's price recovery looks imminent as ETF approval sees a glimmer hope
The three projects have previously stated in a joint press release that the reason for the merger is to ensure that AGI (Artificial General Intelligence) and ASI, as they develop, are not owned and controlled by any particular party with its biased interests. "They should be rolled out in an open, democratic and decentralized way," said Dr. Ben Goertzel, Founder and CEO of SingularityNET.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.