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Blockchain-Based Artificial Intelligence Companies Consider Token Merger
Three prominent blockchain-based artificial intelligence firms, SingularityNET, Fetch.ai, and Ocean Protocol, are reportedly in discussions to merge their crypto tokens in order to create a decentralized AI platform. A recent report by Bloomberg has shed light on this potential collaboration, although the sources chose to remain anonymous due to the sensitive nature of the information.
The news of the possible merger has had a positive impact on the tokens associated with these companies. SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) have all seen significant increases in value, with gains of 12%, 15%, and 34% respectively, at the time of reporting. The overall sector has experienced a 23% increase in the past week, according to data from CryptoSlate, with all three tokens now ranking in the top ten.
Merger Details and Potential Implications
If the merger proceeds as anticipated, the plan involves merging the existing tokens of the three companies into a unified ASI token with an estimated fully diluted value of approximately $7.5 billion. The announcement of this deal is expected to take place in the near future, pending approval from the respective communities of each company.
Under the proposed terms of the merger, SingularityNET, Fetch.ai, and Ocean Protocol will continue to operate as separate entities while collaborating under the oversight of a newly formed “Superintelligence Collective” spearheaded by Ben Goertzel, the founder and CEO of SingularityNET. Additionally, Fetch.ai CEO Humayun Sheikh, a notable early investor in Google’s AI venture DeepMind, is slated to assume the role of chairman.
It is worth noting that these emerging AI-focused platforms are striving to advance decentralized AI technology on blockchain networks to counteract the dominance of major, profit-driven tech conglomerates such as Microsoft, Google, and Facebook. The goal is to distribute control and operational decision-making power more evenly throughout the decentralized AI ecosystem.
Although representatives from SingularityNET, Fetch.ai, and Ocean Protocol have refrained from commenting publicly on the potential merger, the decentralized AI community eagerly anticipates further details regarding the envisioned ASI token and its implications for the evolution of decentralized AI technologies on blockchain platforms.
Disclaimer: No official statements or communication regarding the rumored merger have been released by the aforementioned companies via their official social media channels or blogs as of the present time.
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