EddieJayonCrypto
28 Mar 24
Fetch.ai, SingularityNET, and Ocean Protocol have agreed to merge tokens and create an alliance for decentralized artificial intelligence (AI), providing an alternative to projects controlled by large technology companies. The proposed combined entity plans to create an open decentralized AI infrast...
Fetch.ai, SingularityNET, and Ocean Protocol have agreed to merge tokens and create an alliance for decentralized artificial intelligence (AI), providing an alternative to projects controlled by large technology companies. The proposed combined entity plans to create an open decentralized AI infrastructure at scale, as compared to existing systems whose inner workings may be hidden from the public. This move comes as concerns about the largest tech companies establishing an oligarchy over the AI space have spurred blockchain and Web3 companies to present an alternative where data is more transparent and shared between contributors.
The three firms are seeking to create an AI collective, providing a decentralized alternative to existing projects that are controlled by large technology companies. FET, the native token of AI-focused Web3 platform Fetch.ai, will become ASI – "artificial superintelligence" – with a total supply of around 2.63 billion tokens and a starting price of $2.82. The native tokens of decentralized AI network SingularityNET and data platform Ocean Protocol will merge into ASI, both at conversion rates of around 0.433 to 1. ASI will have a fully diluted market cap of around $7.5 billion. This move is a response to AI's surge in mainstream interest and concerns over the largest tech companies' potential oligarchy in the AI space.
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