Fetch.ai, SingularityNET, and Ocean Protocol have agreed to unite their tokens and form a decentralized artificial intelligence (AI) alliance.According to an emailed release on Wednesday, the three intend to form an AI collective to provide a decentralized alternative to existing programs managed by giant technology companies.(FET), the native token of AI-focused Web3 platform Fetch.ai, will be renamed ASI – “artificial superintelligence” – with a total supply of around 2.63 billion tokens and a launch price of $2.82.The native tokens of decentralized AI network SingularityNET (AGIX) and data platform Ocean Protocol (OCEAN) will combine into ASI, both at conversion rates of roughly 0.433 to 1.ASI will have a fully diluted market capitalization of roughly $7.5 billion.
The proposed combined entity intends to build an open, decentralized AI infrastructure on a large scale, as opposed to existing systems whose inner workings may be hidden from the public, the businesses claimed.
AI has experienced a boom in general attention since the beginning of 2023, thanks to tools like ChatGPT.However, there are concerns that the largest corporations – Microsoft, Alphabet, Amazon, Apple, and Meta – will form an oligarchy in the field.That has prompted blockchain and Web3 firms to enter the fray, offering an alternative in which data is more transparent and shared among contributors.