- SingularityNet, Ocean Protocol, and Fetch.AI confirm to DailyCoin their merger.
- The three AI industry leaders will establish the Artificial Superintelligence Alliance.
- The Alliance aims to capitalize on the AI sector and the growth of the underlying three projects as a countermeasure against Big Tech.
Artificial Intelligence (AI) took the world by storm after it proved that it was more than just a buzzword but rather a tangible force shaping the very foundations of our current technological landscape.
With projects such as ChatGPT, Dall-E, and more capturing the attention of industry giants like Microsoft and Google, the race to dominate the technology has intensified. In this fast-paced competition, decentralized entities like SingularityNet, Ocean Protocol, and Fetch.AI stand at the forefront, championing the cause of democratizing AI access for all.
And what better way to do that than proposing a multi-billion dollar merger of their blockchain networks?
The Artificial Superintelligence Alliance (ASI)
In an official release shared with DailyCoin, SingularityNet confirmed that it is merging with leading AI protocols in the industry, Ocean Protocol and Fetch.AI, to create the Artificial Superintelligence Alliance.
Sponsored
The alliance, if approved by the respective communities, will culminate in the world’s largest open-sourced decentralized network via a $7.5 billion merger, accelerating the collaborators’ race to Artificial General Intelligence (AGI).
As part of the formation of the Alliance, Fetch.AI’s FET token, Ocean Protocol’s OCEAN token, and SingularityNet’s AGIX token will converge into a single $ASI token that will function across the combined decentralized AI network, providing unprecedented scale and power.
Sponsored
Expressing his views on the merger, Dr. Ben Goertzel, CEO and Founder of SingularityNet, shared with DailyCoin:
“As the AI revolution intensifies it is imperative that AGI and ASI are not owned and controlled by any particular party with their own biased interests. They should be rolled out in an open, democratic, and decentralized way. This has been the joint vision of SNET, Fetch.ai, and Ocean Protocol from their inception, and for this reason, it makes total sense that our three projects come together to form a tokenomic network that has greater power to take on Big Tech and shift the center of gravity of the AI world into the decentralized ecosystem.”
According to the release shared with DailyCoin, the alliance will be led by Ben Goertzel, Humayun Sheikh, Bruce Pon, and Trent McConaghy. The underlying entities will continue to operate as separate entities but will collaborate closely in the shared $ASI tokenomic ecosystem and the operation of the alliance.
ASI’s Vision: Capitalizing on the Rise of AI
With this merger, the alliance looks to capitalize on the rise of AI and the growth of the underlying three projects as a protest against Big Tech’s control over AI development, use, and monetization.
The collab also aims to create a decentralized AI infrastructure that seeks to turn closed-source AI systems into open networks to coordinate machine intelligence toward shared objectives.
When the proposal receives majority approval from the respective communities, the following will occur:
- FET becomes ASI with a total supply of 2.63055 billion tokens and a starting price of $2.82
- AGIX tokens migrate to ASI at a conversion rate of 0.433350:1
- OCEAN tokens migrate to ASI at a conversion rate of 0.433226:1
- ASI will have a total FDV of $7.6 billion (combined value as of March 26, 2024)
Bruce Pon, Ocean Protocol CEO & Co-Founder, believes the combination can deliver on the promise of a vertically integrated stack of decentralized technologies with scale to compete globally.
“The combination of our technologies creates a leader in R&D, applications, and commercialization of AGI,” Pon notes. “The unified ASI token is the glue to orchestrate all actors with common incentives. ASI tokens are used to secure the public network, as data access tokens and to unlock computation without needing traditional banking and payment rails. It is the native currency for the machine economy.”
On the Flipside
- OCEAN witnessed the biggest surge among the three tokens, gaining as much as 36% over the past 24 hours to trade at $1.49 as of press time following news of the merger.
- Tether Operations Limited also recently introduced its entry into AI.
Why This Matters
The Artificial Superintelligence Alliance is a major development for the crypto and AI industries as it challenges Big Tech companies’ monopolistic control over AI technologies.
Read about Tether’s entry into AI:
Tether Bets Big on AI: Can Blockchain Take on Big Tech?
Read about scammers targetting FTX and BlockFi claimants:
