Three leading decentralized AI projects:
Fetch.ai
SingularityNET (SNET), and
Ocean Protocol
intend to merge, and and create the world’s largest decentralized AI ecosystem.
Pending community approval, the merger seeks to expedite advancements in decentralized Artificial General Intelligence (AGI) and subsequently push towards the realization of Artificial Superintelligence (ASI).
‘AGI’ stands for Artificial General Intelligence, which refers to AI systems that possess human-like intelligence and cognitive abilities across a wide range of tasks. These systems would be capable of understanding and learning from diverse sets of information, similar to how humans do.
‘ASI’ stands for Artificial Superintelligence. It describes a hypothetical level of intelligence surpassing that of humans across all domains and activities. ASI would possess capabilities far beyond what any human mind can comprehend and could potentially lead to significant advancements or changes in society and technology.
The upcoming entity, slated to be called the Superintelligence Collective, will amalgamate the strengths of the three projects, offering a robust alternative to current AI initiatives dominated by major technology corporations (often referred to as Big Tech).
Fetch.ai, a Web3 platform for the new AI economy, is building a decentralized multi-agent platform for deploying AI applications
SingularityNET has built an AI-powered blockchain-based marketplace and framework for AI services, while
Ocean Protocol has focused on building a decentralized data exchange platform.
A significant portion of the discourse surrounding AI has centered on the concepts of openness and decentralization. With the growing sophistication of AI, the demands and expenses associated with training superior models have risen substantially. Consequently, distributed ecosystems have garnered significant appeal among small-scale developers and the broader open-source community.
“Decentralized AI facilitates direct interactions between developers and users, bypassing the traditional gatekeepers of centralized authorities. This enhances data privacy and paves the way for a more democratic and trustworthy AI ecosystem and encourages global participants to contribute,” Humayun Sheikh, Fetch.ai CEO said in a press release.
The transaction particulars entail token migration, with Fetch.ai’s FET spearheading the initiative and transitioning into ASI. Subsequently, SingularityNET’s AGIX tokens and Ocean Protocol’s OCEAN tokens are slated for migration to ASI as well. Upon securing majority approval from each community involved, the proposed ASI token will boast a Fully Diluted Valuation (FDV) estimated at around $7.5 billion as of March 26, 2024.
The diluted capitalization could position the ASI token comfortably within the top 20 most valuable cryptocurrency projects, ranking just below Uniswap and surpassing other prominent projects such as Litecoin, DAI, and Stellar.
Additionally, the merger would elevate the Superintelligence Collective to the status of the second most valuable AI token in the crypto sphere, trailing only behind NEAR Protocol, which currently boasts an $8.1 billion market capitalization as of the present moment.
Meanwhile, AI tokens remain some of the hottest assets in the ongonig bull run building from their impressive growth at the end of 2023.
REPORT | Watch Out for AI Tokens in 2024 After 185% Gains in Q4 2023, Says Binance Research
AI tokens demonstrated superior performance compared to major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) in 2023. Bitcoin ended the year [2023] with a 150% increase, while… pic.twitter.com/6axbDYu9Pa
— BitKE (@BitcoinKE) January 12, 2024
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