- SingularityNet, FetchAI, and Ocean have joined an alliance.
- The ASI alliance looks to take on Big Tech and its dominion over the AI industry.
- The $7.5 billion alliance aims to accelerate the race to a more open and democratized AI industry.
Artificial Intelligence (AI) has been making waves in recent headlines, proving it is more than just another buzzword. The growing hype surrounding the technology has spurred a race among firms, especially Big Tech, as they vie for control over the sector.
In this fast-paced competition, several blockchain companies have also joined the fray, aiming to ride the AI wave and democratize access to this transformative technology.
However, despite these valiant efforts, Big Tech’s dominance remains, overshadowing the handful of blockchain AI projects. Enter the Artificial Superintelligence Alliance, a multi-billion dollar merger involving SingularityNet, Fetch.AI, and Ocean Protocol, poised to directly challenge the monopolistic control over AI.
What is the ASI Alliance?
The Artificial Superintelligence Alliance is a merger of the leading AI blockchain protocols in the industry. It includes SingularityNet, a blockchain-based AI marketplace; Fetch.AI, a decentralized multi-agent AI platform; and Ocean Protocol, a data exchange firm.
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Pending approval from their respective communities, this alliance is poised to establish the world’s largest open-sourced decentralized network via the ASI token, accelerating the collaborators’ race to Artificial General Intelligence (AGI).
How will SingularityNet, FetchAI, and Ocean Merge Their Token?
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 operate across a combined decentralized AI network, providing unprecedented scale and power.
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Upon receiving majority approval from their respective communities, the following conversions will take place:
- 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.
Who Will Lead the ASI Alliance?
In an official release shared with DailyCoin, SingularityNet confirmed that the ASI alliance will be led by Ben Goertzel, CEO and Founder of SingularityNet; Humayun Sheikh, co-founder of Fetch.AI; Bruce Pon, CEO and Co-Founder of Ocean Protocol; and Trent McConaghy, Co-Founder of Ocean Protocol.
According to the release, the underlying entities, SingularityNet, FetchAI, and Ocean Protocol, will continue to operate as separate entities but will collaborate closely in the shared $ASI tokenomic ecosystem and the operation of the Alliance.
How will the ASI Alliance Impact the AI Industry?
The ASI Alliance looks to capitalize on the success of the AI industry, including the growth of the underlying organizations as a countermeasure against Big Tech’s expanding control over AI development, use, and monetization.
The alliance aims to create a decentralized, open AI infrastructure that will promote open networks for coordinating machine intelligence toward shared objectives, unlike BigTech’s promotion of closed-source solutions such as ChatGpt.
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 marks a significant achievement for both the crypto and AI industries, posing a direct challenge to Big Tech’s expanding dominance over AI.
Read more about the ASI token:
SingularityNet Confirms Groundbreaking AI Merger to ASI Token
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