Three protocols related to artificial intelligence, Fetch.ai, SingularityNET, and Ocean Protocol have agreed to merge their crypto tokens into one and form an alliance.
An AI Collective to Challenge Big Tech
These three companies aim to establish an AI collective, offering a decentralized alternative to current projects under the control of major tech companies. Fetch.ai’s native token (FET), a Web3 platform focused on AI, will be transformed into an Artificial Superintelligence (ASI), with a total supply of around 2.63 billion tokens and an initial price of $2.82.
The native tokens of SingularityNET (AGIX) and Ocean Protocol (OCEAN) will also merge into ASI, at conversion rates of approximately 0.433 to 1, resulting in a fully diluted market capitalization of about $7.5 billion.
Towards an Open and Decentralized AI Infrastructure
The combined entity aims to create a large-scale open and decentralized AI infrastructure, unlike existing systems where internal operations may remain inaccessible to the public. AI has seen a significant resurgence of interest since the beginning of 2023, particularly with tools like ChatGPT. However, concerns that major companies – Microsoft, Alphabet, Amazon, Apple, and Meta – could establish an oligarchy in this field have prompted blockchain and Web3 companies to propose an alternative where data is more transparent and shared among contributors.
