Fetch.ai, SingularityNET and Ocean Protocol agreed to merge tokens and create an alliance for decentralized artificial intelligence (AI).
The three are seeking to create an AI collective, providing a decentralized alternative to existing projects that are controlled by large technology companies, according to an emailed announcement on Wednesday.
(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 (AGIX) and data platform Ocean Protocol (OCEAN) 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.
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, the companies said.
AI has seen a surge in mainstream interest since the start of 2023 thanks to tools such as ChatGPT. However, there have been concerns that the largest companies – Microsoft, Alphabet, Amazon, Apple and Meta – will establish an oligarchy over the space. That has spurred blockchain and Web3 companies to throw their hats into the ring to present an alternative where data is more transparent and shared between contributors.
