Three blockchain projects, SingularityDAO, Cogito Finance, and SelfKey, have announced their merger to form the innovative Singularity Finance network. This network focuses on the tokenization of the artificial intelligence (AI) economy.
Objective of the Merger: Creating a New Economic Dynamic for AI
Singularity Finance will position itself as a Layer 2 solution designed to facilitate the tokenization of assets such as graphics processing units (GPUs) and provide AI-powered financial tools. The project aims to meet the growing needs of AI-related sectors while offering an optimized blockchain infrastructure for handling complex transactions and technological resources.
Token Unification: New Economic Structure
As part of this merger, the tokens of the three existing projects (SingularityDAO, Cogito Finance, and SelfKey) will be consolidated under a new token called Singularity Finance (SFI). SelfKey’s KEY token will become the foundation of the new network, while SDAO and CGV token holders will see their assets converted to SFI at respective conversion rates of 1:80,353 and 1:10.89. While these conversion rates have been initially defined, adjustments are being considered based on discussions with stakeholders.
An Initiative Inspired by SingularityNET
The merger between SingularityDAO, Cogito Finance, and SelfKey mirrors a similar approach taken by SingularityNET, the protocol from which SingularityDAO originated. Last June, SingularityNET merged with Fetch.ai and Ocean Protocol, two other AI-focused projects, to create the Artificial Superintelligence Alliance (ASI). This consolidation aimed to strengthen cooperation among AI-focused projects and drive their adoption within the blockchain ecosystem.
Towards a New Era for the AI Economy
Singularity Finance promises to accelerate the evolution of AI applications on the blockchain by offering tokenization solutions and financial tools that harness the power of AI. As a Layer 2 network, it aims to reduce transaction costs and optimize process efficiency while paving the way for a new approach to managing and valuing AI-related digital assets.
Through this merger, the three projects not only hope to strengthen their position within the blockchain ecosystem but also create an environment conducive to innovation in the field of artificial intelligence. By joining forces, SingularityDAO, Cogito Finance, and SelfKey aim to push the boundaries of decentralized finance and explore new opportunities in the future’s digital economy.
