About SingularityNET (AGIX)
SingularityNET is a blockchain-based platform that purports to enable individuals with the opportunity to create, share and monetize AI services easily. The SingularityNET platform creates an environment that enables participants worldwide to engage in its digitally accessible AI marketplace.
The platform is promoted as an open-source network enabling individuals to browse, test and purchase AI services. This positions SingularityNET as a potential resource for developers looking to publish and offer AI algorithms and services to customers. Transactions are securely processed on the blockchain, ensuring transparency and trust.
All purchases are made using the SingularityNET native cryptocurrency token called AGIX. SingularityNET started exclusively as an ERC-20 token, deployed on the Ethereum blockchain network. Today, SingularityNET exists on Ethereum and the Cardano blockchain.
Merger with Fetch.ai (FET) and Ocean Protocol (OCEAN)
Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) announced their collaboration on March 27, 2024, forming the Superintelligence Alliance. This alliance aims to create the universal AI token, ASI, by combining their resources and technologies.
In Phase 1, starting on July 1, 2024, deposits and withdrawals of Ocean Protocol (OCEAN) and SingularityNET (AGIX) were halted to prepare for the migration. The SingularityDAO dApp now hosts the migration platform from OCEAN and AGIX to FET. During this phase, AGIX and OCEAN tokens will temporarily merge into FET on the Ethereum blockchain, necessitating holders on other chains to bridge their tokens to Ethereum. FET trading will proceed as usual, with its price representing the combined value of AGIX, OCEAN, and FET. Additionally, AGIX and OCEAN tokens will start being delisted from exchanges. OCEAN tokens will be exchanged for FET at a ratio of 1:0.433226, and AGIX tokens will be exchanged at a ratio of 1:0.433350.
In Phase 2, the FET token ticker will be updated to ASI. This phase includes the deployment of the ASI token across multiple blockchains. Additionally, the Fetch.ai network will be upgraded to become the ASI network. New migration contracts will be introduced to support the conversion of the remaining OCEAN, AGIX, and FET tokens into ASI. To facilitate the transitions, EVM and other bridges will be opened for ASI transfers.
After the merger, the Fetch.AI Foundation, Ocean Protocol Foundation, and SingularityNET Foundation will remain separate entities, each responsible for the advancement of their individual platforms. All platforms will use the ASI token, with the ASI Alliance emphasizing collaborative and synergistic development.
Binance is facilitating this transition to ensure a seamless experience for its users. For further information, users are encouraged to read the official announcement from Binance.
