The FET, AGIX and OCEAN team's plan to merge in order to lead the next generation of decentralized AI infrastructure.
This is the first of three governance proposals that we intend to bring before the community.
The AI field is accelerating at a phenomenal pace. Artificial General Intelligence (AGI) -- when an AI system can perform all human tasks at least a human level of competence -- has never felt closer.
It is clear that at this pace, we will continue beyond AGI, straight to Artificial Superintelligence (ASI) where AI systems perform at far-beyond human levels of competence, effectively operating with the sum of all human knowledge.
The benefits of Artificial Superintelligence are so monumental that they should not be controlled by the few and must therefore be decentralized. Decentralization needs to be vertically integrated in the whole technology stack, including infrastructure like data management, AI Agents and models / predictions.
A governing council will be formed with the leadership of the existing projects. With Humayun Sheikh as Chairman, Ben Goertzel as the CEO, and with Trent McConaghy and Bruce Pon as council board members
We have a number of exciting plans of collaboration between the three teams, however, it will take time for this to be put into place. In the short term, you can expect business as usual for each project.
An important first step to enable tighter cohesion between the three ecosystems is to have a single utility token for all of our projects. This enables easy interoperability between all of the ecosystems.
We are planning on creating the ASI token; short for “Artificial Superintelligence”. We feel this name reflects our combined vision of the future. This will make the new ASI network the central hub of Web3 AI.
This proposal sets out to both rename the existing FET token to ASI as well as rename the Fetch network into the ASI network. This renaming process will broadly affect users in the following ways:
- FET holders on the native network will have their tokens migrated automatically during a network upgrade. No additional action is therefore required.
- FET holders on centralized exchanges should see their tokens converted automatically as well.
- FET holders who do not fall into the categories above, will need to use conversion contracts and tools to perform this migration manually. Further details will be provided after the vote.
In addition to the renaming of the network and token, the total supply of the token would be increased. This increase is to enable the AGIX and OCEAN tokens to be merged into the ASI token. The conversion rates will be as follows:
- Since the proposal is to rename the Fetch network, the FET:ASI conversion ratio will be 1:1. Therefore if you currently hold 1000 FET this would convert to 1000 ASI.
- The AGIX:ASI conversion ratio will be 0.433350:1. Therefore, if you currently hold ~2307 AGIX this would convert to 1000 ASI.
- The OCEAN:ASI conversion ratio will be 0.433226:1. Therefore, if you currently hold ~2308 OCEAN this would convert to 1000 ASI.
It is possible that there may be additional proposals in the future to allow other projects to join the Alliance.
After the merge has completed, it is expected that the FET, OCEAN and AGIX tokens will no longer exist.
It is difficult to give an exact timeline for the changes to the protocol due to the complexity. However, the following is a breakdown of the sequence of steps that will be taken during this process:
- Governance proposal submitted
- Governance proposal completes and result is collected
- FET token renaming starts
- Main network migration
- Fork of ETH and BSC token contracts
- Centralized exchanges perform token migration
- AGIX token conversion to ASI starts
- OCEAN token conversion to ASI starts
- Token migration complete
We will communicate with the community after the vote and provide a more detailed timeline when the information is finalized.
This proposal covers the transition of FET token to the new ASI token and the preparation of the merger of the three projects. The following is a summary of the scope of the proposal.
- The rename of the network and token.
- A hard fork of the FET tokens contracts on the ETH and BSC networks.
- Notice of the change in the total supply of tokens to allow other projects to join the Superintelligence Alliance. Separate governance proposals will be submitted for each project (and corresponding tokenomics updates).
By voting yes on this proposal you are agreeing to the changes outlined above.
Decentralized governance is important to us. We will be submitting two further governance proposals to accept both the AGIX and OCEAN ecosystems into the token after this vote has concluded. It is also likely that there will be additional governance for future iterations of the merger.