SelfKey, a decentralized identity platform, has announced a community vote to decide its proposed merger with SingularityDAO (SDAO) and Cogito Finance.
If approved, the merger will result in the formation of Singularity Finance, a Layer 2 blockchain platform focused on tokenizing artificial intelligence (AI) assets.
The community vote will open on November 1, 2024, and will close on November 7, 2024, giving holders of SelfKey’s native token, KEY, a chance to shape the future of the project.
This follows a similar vote conducted within the SDAO community. The voting will be carried out via the Snapshot platform, with eligibility based on a snapshot of KEY token holders taken on November 1.
Merger aims to create AI-driven blockchain platform
The proposed merger will bring together SelfKey, SingularityDAO, and Cogito Finance to establish Singularity Finance, a platform that combines a Layer 2 Ethereum Virtual Machine (EVM) network with the advanced technologies developed by the three entities.
The new platform aims to position itself at the forefront of tokenizing real-world assets (RWAs) with a focus on the rapidly growing AI economy.
It plans to deliver AI-powered financial services alongside SelfKey’s self-sovereign identity solutions, ensuring both compliance and security.
A successful merger would involve swapping SelfKey’s KEY tokens for a new token, SFI, which will serve as the native token for the Singularity Finance Layer 2 ecosystem.
This merger seeks to democratize access to AI assets, opening up new opportunities for decentralized finance (DeFi) participants.
Community involvement drives the decision
SelfKey emphasizes the importance of community input in determining the outcome of the proposed merger. KEY token holders will have three voting options:
- Approve the merger
- Reject the merger
- Abstain from voting
The vote is a key step in the merger process, as the result will determine whether SelfKey proceeds with its plans to become part of Singularity Finance. “We invite our community to participate in shaping the future of SelfKey and this exciting new venture,” the company stated.
Advancing the AI economy and RWAs
The merger aligns with SelfKey’s long-term mission of supporting compliant decentralized identity solutions.
Through collaboration with SingularityDAO and Cogito Finance, the new platform will focus on tokenizing real-world assets within a regulated framework, making blockchain more accessible and useful.
With AI-driven financial services integrated into its ecosystem, Singularity Finance aims to build a compliant environment where users can safely and efficiently engage with tokenized AI and RWA assets.
The merger vote comes at a crucial time as blockchain projects increasingly turn to AI integration to unlock new opportunities.
Singularity Finance plans to use the merger to scale its technology and offer innovative services to both crypto and non-crypto users globally.
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https://invezz.com/news/2024/10/29/selfkey-community-to-vote-on-proposed-merger-with-singularitydao-and-cogito-finance/
