Three prominent blockchain-based AI projects, Fetch.ai, SingularityNET, and Ocean Protocol, have announced their intention to merge their tokens and create a new decentralized AI alliance.
The proposed merger, dubbed the “Artificial Superintelligence Alliance,” aims to establish a viable alternative to the centralized AI projects dominated by tech giants.
TLDR
- Fetch.ai, SingularityNET, and Ocean Protocol propose merging their tokens to create a new token called ASI (Artificial Superintelligence).
- The merger aims to create a decentralized AI alliance, offering an alternative to centralized AI projects controlled by big tech companies.
- The combined entity plans to develop an open, decentralized AI infrastructure at scale, promoting transparency and collaboration.
- The ASI token would have a fully diluted valuation of $7.5 billion, with FET, AGIX, and OCEAN tokens converting to ASI at specific rates.
- The merger is subject to community approval, with voting expected to take place in April 2024.
The decision to combine forces comes as a response to the growing concerns over the potential oligarchy of large technology companies like Microsoft, Alphabet, Amazon, Apple, and Meta in the AI space. By merging their tokens, the three projects seek to create an open, decentralized AI infrastructure that prioritizes transparency, collaboration, and shared data among contributors.
$FET, $AGIX & $OCEAN are considering merging their tokens into an ‘ASI’ token with an FDV $7.5b.
We may have a new AI powerhouse in the arena.. pic.twitter.com/Ynihw13x2c
— Miles Deutscher (@milesdeutscher) March 27, 2024
Under the proposed merger, Fetch.ai’s native token, FET, will become the new ASI (Artificial Superintelligence) token, with a total supply of approximately 2.63 billion tokens and a starting price of $2.82. SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will convert to ASI at rates of around 0.433 to 1. The resulting ASI token is expected to have a fully diluted valuation of $7.5 billion, positioning the alliance as a significant player in the AI industry.
The merger proposal is currently subject to community approval, with a 14-day consultation period set to begin today. Voting on the proposal is anticipated to take place between April 2 and April 16, 2024. If approved, the merger will mark a significant milestone in the development of decentralized AI, as it will bring together the expertise and resources of three leading projects in the field.
The proposed governing council for the “Superintelligence Collective” will be led by SingularityNET founder Dr. Ben Goertzel as CEO, with Fetch.ai founder Humayun Sheikh taking on the role of Chairman. Ocean Protocol will be represented by Bruce Pon and Trent McConaghy. This leadership structure aims to ensure the alliance remains focused on its mission to promote ethical, transparent, and decentralized AI development.
As the AI revolution continues to unfold, the importance of ensuring that advanced AI systems are not controlled by a select few cannot be overstated.
The Artificial Superintelligence Alliance represents a significant step towards creating a more democratic and trustworthy AI ecosystem, where developers and users can interact directly, bypassing traditional gatekeepers and centralized authorities.
