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Fetch.ai, SingularityNET, Ocean Protocol to merge AI tokens, create an AI alliance
Fetch.ai, SingularityNET, and Ocean Protocol have agreed to merge tokens and create a decentralized artificial intelligence (AI) alliance.
The three are seeking to create an artificial intelligence collective, providing a decentralized alternative to existing projects controlled by large tech companies, according to an announcement emailed Wednesday.
(FET)the native token of the AI-focused Web3 platform Recover.ai, will become ASI – “artificial superintelligence” – with a total supply of approximately 2.63 billion tokens. The native tokens of the decentralized AI network SingularityNET (AGIX) and the Ocean Protocol data platform (OCEAN) will merge into ASI, both at conversion rates of approximately 0.433 to 1. ASI will have a fully diluted market capitalization of approximately $7.5 billion.
The proposed combined entity plans to create open, decentralized AI infrastructure at scale, compared to existing systems whose inner workings may be hidden from the public, the companies said.
AI has seen a surge in mainstream interest since early 2023 thanks to tools like ChatGPT. However, there are fears that the largest companies – Microsoft, Alphabet, Amazon, Apple and Meta – could establish an oligarchy in the space. This has prompted blockchain and Web3 companies to throw their hats into the ring to present an alternative where data is more transparent and shared among contributors.
CORRECTION (April 3, 16:40 UTC): The article previously said that ASI would have a starting price of $2.82. In effect it would correspond to whatever the price of the FET is at launch. Remove this reference.