Altcoin Spotlight: Artificial Superintelligence Alliance (FET)
Interesting events have been occurring in both the cryptocurrency and fiat worlds as many businesses move to adopt AI technologies into their business model. One of these latest programs is the Artificial Superintelligence Alliance, which is an AI cryptocurrency token sold under the token ASI.
But what is ASI exactly, and what does it do? We have everything you need to know in this article, so keep reading.
What is Artificial Superintelligence Alliance?
Despite common belief, Artificial Superintelligence Alliance is not a new project, but rather a combination of cryptocurrency AI projects. The main facilitator of this alliance is Fetch.ai, which was previously known as the FET token.
The Artificial Superintelligence Alliance is a combination of the Fetch.ai blockchain, SingularityNET(AGIX), and Ocean Protocol(OCEAN), all of which have been in the crypto space for several years. As the development landscape has begun to change, these three platforms have come together to form Artificial Superintelligence Alliance or ASI.
They did so for the purpose of making a larger splash in the AI world and to be trailblazers in democratic AI development. They want the people to retain control over AI as it begins to take over the world. Their first project will be to create an open-source AI platform that would allow everyone to innovate the technology with their knowledge.
Related: Top 10 Artificial Intelligence (AI) Cryptocurrencies
How Will ASI Work?
ASI is a brand new joint project in 2024, and therefore, they haven’t started much in terms of development just yet. Instead, the project is working to fully combine all of their platforms to become one. Just like anything else in this world, it is a long process with several stages, which we will list below.
Phase 1
Phase one of ASI began on July 1st, 2024, and it includes merging the AGIX and OCEAN tokens into FET. During this phase, investors will be unable to purchase AGIX or OCEAN, and exchange platforms will begin converting both tokens to FET based on market value. The exception to this is Coinbase, which has stated it won’t be participating in this consolidation.
Phase 2
Once that is complete, phase two will begin. Because it is unclear how long phase one will take, there is currently no date specified for the beginning of phase two.
During phase two, all FET tokens will be converted or rebranded to ASI on a 1:1 ratio using blockchain bridges connected to the EVM. The blockchain itself will also undergo several upgrades to become the ASI blockchain, and all markets will discontinue listing FET and replace it with ASI instead.
After phase two, then innovation and development on the new blockchain can begin.
Who Invented ASI?
As mentioned, ASI is a combination project rather than a new invention, however it is assumed that the individuals behind the Fetch.ai (FET) project were the ones to initiate the alliance. Currently, the project has listed the following individuals as main project contributors:
· Ben Goertzel, CEO
· Humayun Sheikh, Chairman
· Bruce Pon
· Dr. Trent McConaghy
· Janet Adams, COO
Additionally, a council will be created to help govern the decisions of these individuals and ensure all three blockchains are supported in the new conglomerate project.
What Does This Mean for Investors?
If you have already invested in one of these three projects, then you need to ensure that your tokens get converted to ASI in the coming months. This is especially true if you regularly use Coinbase, which won’t be doing the conversion for you.
To convert your OCEAN or AGIX tokens from a cold wallet, you’ll want to contact support for either blockchain to discover the best way to do it. For investors that use a hot wallet or software wallet, you’ll want to contact your exchange. Some exchanges will do the conversion automatically, but others won’t, so you may need to complete extra steps.
Once your tokens are all in FET, we assume the phase two conversion will be easier, but keep an eye out for news articles, as this may change in the future.
Besides the change of token, investors shouldn’t experience many other differences. Although the token is changing, the mission and people behind the new token are the same as before, and they have a similar goal. Thus, you can rest easy knowing your money is still going to AI development.
Should You Buy ASI?
In general, we do not recommend purchasing cryptocurrency projects that haven’t been proven, though an investment in ASI is less risky than some others available. So, if you want to see where AI is going and want to invest money in research, an ASI investment might be for you—you could also buy FET now, which would be converted to ASI later.
While we aren’t big supporters of AI, it is important to acknowledge that it is quickly becoming a part of everyday life for many individuals around the globe, and as such, we would prefer there be a democratic and open-source option rather than government and large company (Amazon and Google) development.
Therefore, if you are going to support AI development, then we think investing in ASI is a good choice. Just remember that ASI is an unproven project, and though the developers behind it are honest, it could still crash, and you could lose some or all of your investment.
Related: AI in Blockchain and Bitcoin Technology
Where Can You Buy ASI?
When this article was published on July 17th, 2024, ASI tokens weren’t in circulation yet. Rather, interested investors need to buy FET (Fetch.ai), which will be converted to ASI at a later date during phase two. Currently, FET can be purchased on the following platforms:
· Binance
· HitBTC
· BitAsset
· Gemini
· Kraken
· Coinbase
Remember, if you buy on Coinbase, there is a chance your token won’t be converted.
Overall, out of the projects we feature in our Altcoin Spotlight, ASI or Artificial Superintelligence Alliance isn’t half bad. In fact, if you want to support AI development, purchasing ASI could be a good option. That being said, it is not a proven investment, and investors should proceed at their own risk.
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