Fetch.ai, Ocean Protocol, and SingularityNet have decided to merge their tokens into an Artificial Superintelligence coin

Crypto News– In a recent communication shared with Bitcoin.com News, a collaborative initiative was unveiled by the teams behind blockchain projects centered on artificial intelligence (AI). This initiative outlines plans to merge three distinct AI tokens – fetch.ai (FET), singularitynet (AGIX), and ocean protocol (OCEAN) – into a single digital asset known as ASI, representing artificial superintelligence.

Fetch.ai, Ocean Protocol, and SingularityNet have decided to merge their tokens into an Artificial Superintelligence coin

Following the announcement, all three cryptocurrencies witnessed significant surges in their values, with each experiencing double-digit percentage increases. This move underscores the growing prominence of AI-focused tokens within the cryptocurrency landscape, with their combined market capitalization nearing the $30 billion mark. Moreover, the AI sector within the realm of cryptocurrency has observed a noteworthy uptick of over 20% in valuation just within the past week.

According to the project teams, this collaborative endeavor is the brainchild of three prominent figures in the decentralized AI realm. Dr. Ben Goertzel, widely recognized as the Father of AGI, established singularitynet (SNET) as a blockchain platform and marketplace catering to AI services. Meanwhile, Fetch.ai was conceived by Humayun Sheikh, an early investor in Deep Mind, with a vision to create a decentralized ecosystem for the development and commercialization of AI applications.

In addition to the groundbreaking work by Dr. Ben Goertzel in SingularityNET and Humayun Sheikh‘s visionary leadership at Fetch.ai, Trent McConaghy has been a driving force behind Ocean Protocol’s development. McConaghy’s contributions have been pivotal in creating a data exchange platform designed to streamline the trading of tokenized data assets, all powered by cutting-edge AI technologies. Bruce Pon, CEO and co-founder of Ocean Protocol, sees the merger as a transformative leap towards realizing a fully integrated suite of decentralized technologies poised to compete on a global scale. The announcement further details that the estimated fully diluted valuation of ASI is approximately $7.5 billion, underscoring the significant potential of this collaborative endeavor.

Fetch.ai, Ocean Protocol, and SingularityNET Join Forces for Decentralized AI Collaboration

Three prominent entities in the artificial intelligence (AI) sector have announced plans to merge, forming the Artificial Superintelligence Alliance.

Fetch.ai, Ocean Protocol, and SingularityNET aim to establish a decentralized alternative to existing AI projects, which are largely controlled by major technology companies, as stated in a press release issued on Wednesday (March 27).

The combination of our technologies creates a leader in R&D, applications, and commercialization of AGI. 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.

Ocean Protocol’s CEO and co-founder, Bruce Pon

However, the proposed alliance is contingent upon approval from the respective communities of the three entities, as outlined in the release.

As part of this collaboration, the tokens powering the networks of the participating entities—$FET, $OCEAN, and $AGIX—will be merged into a single token called $ASI, which will operate across the combined decentralized network resulting from the partnership, according to the release.

The collective value of the three tokens amounts to $7.6 billion, as stated in the release.

The Artificial Superintelligence Alliance will integrate SingularityNET‘s decentralized AI network, Fetch.ai’s Web3 platform, and Ocean Protocol’s decentralized data exchange platform, according to the release.

Furthermore, the alliance is positioned to offer a compelling alternative to the dominance of Big Tech over AI development, utilization, and monetization, the release highlighted.

By leveraging blockchain technology, the alliance aims to transform AI systems into open networks for coordinating machine intelligence, thereby enhancing transparency and accessibility, as described in the release.

Additionally, the collaboration is expected to facilitate the commercialization of AI technology and enable broader access to AI platforms and extensive databases, thereby advancing the progression towards AGI on the blockchain, according to the release.

In another recent development in this domain, Stability AI announced on Friday (March 22) that its founder and CEO, Emad Mostaque, has resigned from his position and stepped down from the company’s board to focus on decentralized AI.