Three leading blockchain-based AI projects, Fetch.ai, SingularityNET, and Ocean Protocol, have announced their plans to merge their tokens, creating a new decentralized AI alliance.
The proposed merger, called the “Artificial Superintelligence Alliance,” aims to provide a viable alternative to the centralized AI projects controlled by tech giants.
Summary
- Fetch.ai, SingularityNET, and Ocean Protocol announce plans to merge their tokens, creating a new token called ASI (Artificial Superintelligence).
- The merger aims to establish a decentralized AI alliance, providing an alternative to AI projects controlled by large tech companies.
- The combined entity will focus on developing an open, decentralized AI infrastructure, fostering transparency and collaboration.
The decision to join forces comes amid growing concerns over the potential monopolization of the AI space by large technology companies such as Microsoft, Alphabet, Amazon, Apple, and Meta.
By merging their tokens, the three projects intend to create an open, decentralized AI infrastructure that prioritizes transparency, collaboration, and the sharing of data among contributors.
Under the proposed merger, Fetch.ai’s native token, FET, will transform into the new ASI (Artificial Superintelligence) token, with a total supply of approximately 2.63 billion tokens and an initial price of $2.82. SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will convert to ASI at ratios of around 0.433 to 1. The resulting ASI token is projected to have a fully diluted valuation of $7.5 billion, establishing the alliance as a significant player in the AI industry.
https://twitter.com/milesdeutscher/status/1772929926905106460
The merger proposal is currently awaiting community approval, with a 14-day consultation period set to commence today. Voting on the proposal is expected to take place between April 2 and April 16, 2024. If approved, the merger will represent a significant milestone in the development of decentralized AI, bringing together the expertise and resources of three pioneering projects in the field.
The proposed governing council for the “Superintelligence Collective” will be spearheaded by SingularityNET founder Dr. Ben Goertzel as CEO, with Fetch.ai founder Humayun Sheikh assuming the role of Chairman. Ocean Protocol will be represented by Bruce Pon and Trent McConaghy. This leadership structure aims to ensure the alliance remains dedicated to its mission of promoting ethical, transparent, and decentralized AI development.
As the AI revolution continues to gather momentum, the importance of ensuring that advanced AI systems are not controlled by a select few becomes increasingly apparent. The Artificial Superintelligence Alliance represents a significant step towards creating a more democratic and trustworthy AI ecosystem, where developers and users can interact directly, circumventing traditional gatekeepers and centralized authorities.
The merger announcement has already sparked considerable interest within the crypto community, with the native tokens of the three projects experiencing significant price surges at the time of writing.
