Three leading Web3 initiatives focusing on the burgeoning artificial intelligence sector have announced a strategic alliance. On March 27, Ocean Protocol, SingularityNET, and Fetch AI revealed their plans to merge their tokens and collaborate on research and development.
Described as a decentralized alternative to the current centralized tech giants dominating AI development and innovation, this partnership aims to foster the growth of decentralized AI infrastructure, attract investment into projects pursuing Artificial General Intelligence (AGI), and expedite the expansion of their respective platforms.
This groundbreaking collaboration presents an unparalleled opportunity for these influential decentralized entities to challenge Big Tech’s hegemony over AI development, utilization, and monetization. The collective endeavors to advance toward decentralized AGI and ultimately Artificial Superintelligence.
A Closer Look a Fetch AI
Fetch AI (FET), founded by Humayun Sheikh, a key investor in DeepMind, pioneers a decentralized platform for deploying AI agents that enable users to interact with applications through natural language prompts. SingularityNET (AGIX), led by founder Ben Goertzel, a prominent mathematician and AI theorist, operates a blockchain-based marketplace for AI services and algorithms. The Ocean Protocol (OCEAN) facilitates the secure exchange of tokenized data assets.
Each project has proposed governance plans for the merger, initiating 14-day voting windows set to conclude on April 16. Pending approval, FET will transition to the new ASI token, while AGIX and OCEAN will undergo migrations at a ratio of approximately 0.433 to each ASI.
An announcement revealed that ASI is poised to achieve a fully diluted valuation of $7.5 billion with a total supply of 2.6 billion tokens post-merger.
“Our goal is to merge our platforms to ensure ethical and transparent artificial intelligence, decentralizing AI,” stated Sheikh. “Decentralized AI fosters direct interactions between developers and users, bypassing the traditional gatekeepers of centralized authorities.”
“The AI revolution… should unfold in an open, democratic, and decentralized manner,” added Goertzel. “This has been the shared vision of SingularityNET, Fetch.ai, and Ocean Protocol from their inception.”
The newly united “tokenomics network” will be governed by the Superintelligence Collective. Goertzel will serve as CEO, Sheikh as chairman, and Ocean’s co-founders Bruce Pon and Trent McConaghy will represent their protocol.
While the foundational entities behind the three projects will remain distinct, they will collaborate on guiding the operations of the Superintelligence Collective and the shared ASI tokenomic ecosystem.
The announcement arrives amidst growing interest in the broader artificial intelligence sector. This enthusiasm follows intensified competition among neural network-based large language models, catalyzed by the emergence of ChatGPT.
Conclusion
Despite AI’s struggle to gain traction within the Web3 space, AI tokens have emerged as one of the top-performing cryptocurrency segments in recent months.
According to CoinGecko, the collective market capitalization of digital assets linked to artificial intelligence surged by over 830% in five months, rising from $3.18 billion in late October to $29.6 billion today.
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