Quick take:
- The companies reportedly want to create a decentralized Alternative to Existing AI Projects Controlled by “BigTech”.
- The deal would result in the creation of the largest open-sourced independent player in AI research and development.
- The companies will submit the proposal for the merger to their respective governance members on March 27, 2024.
Fetch.ai, Ocean Protocol, and SingularityNET have announced plans to merge their tokens, forming “the largest open-sourced independent player in AI research and development.”
The three blockchain companies are uniting to create what they call the Artificial Superintelligence Alliance, which will result in the formation of an entity valued at about $7.5 billion based on the combined fully diluted market capitalisation of their tokens on Monday. As of this writing, the combined valuation of the three tokens had exceeded $8.6 billion.
The merger is part of an initiative to create a decentralized Alternative to Existing AI Projects Controlled by “BigTech”, the companies announced on Wednesday.
According to the press material shared with NFTgators, Fetch.ai, Ocean Protocol, and SingularityNET will submit the proposal for the merger to their respective governance members on March 27, 2024.
The three companies have been among the leading players in the blockchain and AI space. For instance, Fetch.Ai, which has partnered with the likes of Bosch, a German engineering and tech giant, is building a decentralized multi-agent platform for deploying AI applications. Its main focus has been developing a network that will help developers build and commercialise AI applications.
On the other hand, SingularityNET offers a blockchain-based marketplace and framework for AI services, with a mission to create a decentralised and inclusive Artificial General Intelligence, while Ocean protocol offers a secure privacy-preserving platform for data exchange, which allows businesses and individuals to trade tokenized data assets seamlessly.
Commenting on the announcement, Humayun Sheikh, Fetch.ai CEO and Founder and early DeepMind investor said in a statement: “In a world of exploding AI innovation, the giants of Big Tech dominate the headlines and conversations. We’re forging a different path.”
According to Sheikh, the three companies are on a mission to create a platform that ensures ethical and transparent artificial intelligence to decentralize AI.
Dr. Ben Goertzel, Founder and CEO of SingularityNET commented: “It is imperative, as the AI revolution intensifies, to ensure that AGI and ASI as they develop are not owned and controlled by any particular party with its biased interests. They should be rolled out in an open, democratic and decentralized way.”
Goertzel added that the visions of the three companies are well aligned and combining their tokenomic networks gives them greater power “to take on Big Tech and shift the centre of gravity of the AI world into the decentralized ecosystem.”
According to Goertzel, one of the key goals of the network is to launch a decentralized neural-symbolic AGI system with globally superior capabilities in logical and scientific reasoning, artistic creativity, and other key areas.
Bruce Pon, Ocean Protocol CEO and Co-Founder believes the merger will enable the companies to deliver “a vertically integrated stack of decentralized technologies while gaining scale to compete globally, creating a leader in R&D, applications and commercialization of AGI.”
The companies will launch a unified token called $ASI, which will be used for among other things, securing the public network, as data access tokens, and unlocking computation without needing traditional banking and payment rails, Pon said.
The Artificial Superintelligence Alliance will be led by the CEO Ben Goertzel, while Humayun Sheikh will serve as the Chairman. On the other hand, Bruce Pon and Trent McConaghy will join the leadership governance as representatives of Ocean Protocol.
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