Fetch.ai, SingularityNET, and Ocean Protocol have agreed to combine their tokens and create a partnership for decentralized artificial intelligence (AI).
The three companies aim to create an AI collective to provide a decentralized alternative to existing projects managed by big tech companies, according to an emailed announcement Wednesday.
(FET), the native token of AI-focused Web3 platform Fetch.ai, will be an ASI (“Artificial Super Intelligence”) with a total supply of approximately 2.63 billion tokens and a starting price of $2.82. The native tokens of decentralized AI network SingularityNET (AGIX) and data platform Ocean Protocol (OCEAN) will both be integrated into ASI at a conversion rate of approximately 0.433:1. ASI's fully diluted market capitalization is approximately $7.5 billion.
According to the companies, the proposed combined entity plans to build an open, decentralized AI infrastructure at scale, compared to existing systems whose inner workings are hidden from the public.
Mainstream interest in AI has skyrocketed since the beginning of 2023, thanks to tools like ChatGPT. But there are also concerns that large companies such as Microsoft, Alphabet, Amazon, Apple and Meta will create an oligarchy in this field. For this reason, blockchain companies and his Web3 companies are doing everything in their power to increase data transparency and present alternatives that can be shared among contributors.