SingularityNet, Fetch.AI, and Ocean Protocols Merge for $7.5B AI Superintelligence Project
Summary:
Stakeholders of SingularityNet, Fetch.ai, and Ocean protocols have greenlit a merger worth $7.5 billion, leading to a united Artificial Superintelligence Alliance (ASI) project. The Fetch.AI token will transition into the ASI token, and SingularityNet and Ocean tokens will convert to ASI tokens, maintaining a combined value of $7.5 billion post-merger. The ASI project, eyeing three distinct product pipelines, intends to deploy AI agents in commercial settings, implement neural symbolic language learning models, and facilitate AI data sharing and usage. The objective of the project is to foster a more democratic and transparent AI ecosystem.
The stakeholders of SingularityNet, Fetch.ai, and Ocean protocols have given their consent for a massive merger worth $7.5 billion, paving the way for a joint initiative called the Artificial Superintelligence Alliance (ASI) project, as revealed on April 16. As part of the deal, Fetch.AI's token (FET) is set to evolve into the ASI token, with an estimated total supply of 2.6 billion. Concurrently, SingularityNet's (AGIX) and Ocean's (OCEAN) tokens will be exchanged for ASI tokens at rates near 0.43:1, resulting in a combined value of $7.5 billion for ASI tokens post-merger. The project is on track for a May 24 initiation.
Humayun Sheikh, chairman of the ASI and Fetch.ai's CEO, clarified their purpose as forming a large-scale, decentralized AI framework that prioritizes ethical and trusted practices. With this merger, developers and users are equally empowered for a more democratic and transparent AI ecosystem.
At present, the ASI is scrutinizing three distinct product lines: AI agents' deployment in business scenarios, neural symbolic language learning models (LLMs), and the sharing and use of AI data. Sheikh anticipates generating income through the launch of their agentic network, with a short-term emphasis on the rollout of numerous commercial products to enrich AI applications.
Regarding ASI's future plan, they aim to increase investment in the GPU infrastructure to boost their commercial, computational, and data activities. Fetch.ai announced a $100 million funding in the previous month for deploying Nvidia H200, H100, and A100 GPUs, intending to establish a platform for developers and users to capitalize on computing power.
Based in Cambridge, Fetch.ai employs LLMs and AI agents within its computing marketplace that connects users to AI-powered services. SingularityNET is a Swiss enterprise exploring AI application in finance, robotics, biomedical AI, media, entertainment, and more. On the other hand, Singapore's Ocean facilitates the trading of tokenized data assets on its platform.
With the rise of LLMs like ChatGPT, blockchain technology has witnessed considerable crossovers with AI. Sol Nasisi, CEO of Booksie, spoke to Cointelegraph on April 12 about the future potential of AI and blockchain in enabling independent book publishing platforms.
Published At
4/16/2024 10:40:00 PM
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