Fetch, SingularityNET, and Ocean Protocol merger into AI powerhouse to be finalized in June Fetch, SingularityNET, and Ocean Protocol merger into AI powerhouse to be finalized in June
The decentralized AI firms merger would create a $5.8 billion alliance to rival Big Tech companies.
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Updated: May. 29, 2024 at 11:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fetch.ai, SingularityNET, and Ocean Protocol, leading entities in decentralized AI, announced plans to finalize the Artificial Superintelligence Alliance (ASI) merger by June 2024, according to a May 29 statement shared with CryptoSlate.
The merger will unify the native tokens of these AI-focused protocols into the ASI token, which would have a total supply of 2.63055 billion tokens. This move will establish ASI as the AI industry’s largest open-source, decentralized network. As of May 28, the new token has a market cap of $5.8 billion.
FET token holders can migrate to ASI through a token migration contract by June 11. Likewise, holders of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens can swap their tokens by June 13.
The merger is set to be completed three months after the initial proposal. It was designed to bolster AI growth, expedite investments in Artificial General Intelligence (AGI), and disrupt Big Tech’s dominance in AI technology development and commercialization.
Challenging BigTech AI dominance
The merger aims to accelerate the growth of decentralized AI infrastructure at scale, laying the foundation for an open, scalable AI ecosystem that leverages blockchain for ethical and trustworthy AI development and deployment.
Ben Goertzel, CEO of the ASI Alliance, hailed the merger as a pivotal moment for AI. He emphasized that the alliance will merge the strengths of the three platforms to drive significant advancements. Goertzel stated:
“This is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence. The ASI token serves as a symbol and a practical tool for our shared quest to leverage advanced AI, blockchain and decentralized governance to move quickly and effectively toward an amazing future for all.”
Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, added:
“With our newfound economies of scale the Alliance can make real inroads to change the way Big Tech controls the narrative and direction of AI. We have a long way to go, but this first step provides a foundation for others with a similar mission to make a difference.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.
Ocean Protocol
$0.56573
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
SingularityNET
$0.56488
SingularityNET is a decentralized marketplace for AI services.
