In a groundbreaking move towards decentralizing artificial intelligence (AI), Fetch.ai, SingularityNET, and Ocean Protocol have announced their merger, signaling the birth of a formidable alliance aimed at reshaping the landscape of AI technologies.
The trio’s decision to join forces comes as a response to the growing need for decentralized alternatives within the AI sector, traditionally dominated by large technology conglomerates. In an emailed announcement on Wednesday, the three entities unveiled their vision of creating an AI collective that offers a decentralized framework, challenging the centralized control exerted by major industry players.
As part of the merger agreement, the native token of Fetch.ai (FET) will undergo a transformation, rebranding as ASI, which stands for “artificial superintelligence.” ASI will boast a total supply of approximately 2.63 billion tokens, with an initial price set at $2.82. Additionally, the native tokens of SingularityNET (AGIX) and Ocean Protocol (OCEAN) will merge into ASI at conversion rates of around 0.433 to 1. This integration will result in ASI commanding a fully diluted market capitalization of approximately $7.5 billion, signifying its formidable presence within the decentralized AI ecosystem.
The convergence of Fetch.ai, SingularityNET, and Ocean Protocol marks a pivotal moment in the quest for democratizing access to AI technologies. By pooling their resources and expertise, the alliance seeks to foster innovation, promote interoperability, and empower developers and users to harness the potential of AI in a decentralized manner.
