8 months ago
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Three major players in the decentralized finance (DeFi) and artificial intelligence (AI) space—Fetch.ai, SingularityNET, and Ocean Protocol—have reached an agreement to merge tokens. This move aims to build an ethical and transparent decentralized AI ecosystem and foster AI research and development.
A Wednesday press release stated that the new alliance seeks to challenge Big Tech’s control over AI development by establishing a decentralized alternative. The goal is to accelerate research and development towards Artificial General Intelligence (AGI) and, ultimately, Artificial Superintelligence (ASI).
“In a world of exploding AI innovation, the giants of Big Tech dominate the headlines and conversations. We’re forging a different path,” said Humayun Sheikh, CEO and Founder of Fetch.ai.
According to Sheikh, this collaboration will combine each entity’s strengths and expertise to create a robust new ecosystem for building and deploying AI applications at scale, securing private data exchange for AI models, and democratizing access to cutting-edge AI tools.
Dr. Ben Goertzel, Founder and CEO of SingularityNET, emphasized the importance of ensuring that AGI and ASI are developed in an open, democratic, and decentralized manner, which has been the shared vision of the three organizations since their inception.
“It makes total sense that our three projects come together to form a tokenomic network that has greater power to take on Big Tech and shift the center of gravity of the AI world into the decentralized ecosystem,” said Goertzel.
“Among our many commercial and research goals for this combined network to work is to launch a decentralized neural-symbolic AGI system with globally superior capabilities in key areas like logical and scientific reasoning and artistic creativity. The impact of such a system may greatly exceed what we’ve seen from significant LLMs and lead the global economy into a new era of beneficial decentralized AGI and ASI,” added Goertzel.
As detailed in the announcement, each project’s community will submit the merger proposal for voting. Voting will take place from April 2 to April 16, 2024. If approved, the FET, AGIX, and OCEAN tokens will convert to the unified ASI token, which will have a total supply of 2.63 billion and a starting price of $2.82.
According to Bruce Pon, Ocean Protocol CEO and Co-Founder, ASI is the native token of the new network and will be used to secure the public network, grant access to data, and enable computation without traditional financial systems.
“The unified $ASI token is the glue to orchestrate all actors with common incentives. $ASI tokens are used to “secure the public network, as data access tokens and to unlock computation without needing traditional banking and payment rails. It’s the native currency for the machine economy,” noted Pon.
The Superintelligence Collective will govern the merged tokenomic network, with Dr. Ben Goertzel as CEO and Humayun Sheikh as Chairman. While Fetch.ai, Ocean Protocol Foundation, and SingularityNET Foundation will maintain separate operations, they will work together within the $ASI tokenomic ecosystem and the Superintelligence Collective.
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