SelfKey Launches Community Referendum on Potential Merger: Details

Decentralized identity service SelfKey initiates a community vote to determine its proposed merger with SingularityDAO (SDAO) and Cogito Finance. Three entities might be transformed into Singularity Finance, a layer 2 for tokenizing AI assets.

KEY holders to vote on crucial referendum: Details

SelfKey, a platform for decentralized identity use cases, shared the details of its upcoming community referendum designed to decide the agenda of the merger between SingularityDAO (SDAO) and Cogito Finance. The SelfKey vote will open on Nov. 1, 2024, giving its community an opportunity to have their say in the merger that has already been tabled.

The vote will close on Nov. 7. It follows a similar initiative announced for participants of SDAO community. The snapshot vote, as its name suggests, will take a snapshot of KEY token holders on the day the vote begins (Nov. 1), so all accounts need to be topped up with KEY before this date in order to participate.

All KEY holders, regardless of their reserves amount, will be able to participate in the SelfKey vote and determine the future of the project and its merger with SingularityDAO and Cogito Finance. 

The proposed merger will enable SelfKey to play a pivotal role in supporting advanced AI and blockchain technologies as Singularity Finance. A corresponding token merger would see KEY holders swap their tokens for the new unified asset, SFI, used as the native token of the layer 2.

Strategic alliance and token merger might be approved

Through combining an EVM layer-2 network with the technologies developed by SDAO, Cogito Finance and SelfKey, Singularity Finance aims to create a compliant ecosystem for tokenized RWAs. This will position the three entities at the forefront of the drive to tokenize real-world assets with a particular focus on the AI economy.

By drawing upon the respective strengths of SelfKey, SingularityDAO and Cogito Finance, Singularity Finance intends to democratize access to AI assets. Its proposed L2 and RWA ecosystem will be enhanced by advanced AI-driven financial services while ensuring compliance and security through SelfKey’s best-in-class self-sovereign identity solution.

The SelfKey public vote will be conducted using the Snapshot platform, enabling all KEY holders to participate. Token holders have the option of voting to approve the proposal, voting to reject it or to abstain from the vote altogether.