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The Birth of the Superintelligence Collective
Three prominent decentralized AI ventures, Fetch.ai, SingularityNET, and Ocean Protocol, have unveiled plans to merge and establish the world’s largest decentralized AI ecosystem. The proposed merger, contingent upon community endorsement, seeks to expedite advancements toward decentralized Artificial General Intelligence (AGI) and subsequently towards Artificial Superintelligence (ASI).
Understanding AGI and ASI
AGI concentrates on constructing an AI with the ability to replicate human reasoning capabilities, whereas ASI strives to surpass AGI’s limitations in all aspects. For instance, while J.A.R.V.I.S, the computer assisting superhero Iron Man, serves as an AGI system, it falls short of the capabilities of an ASI-powered Deep Thought computer in “The Hitchhiker’s Guide to the Galaxy” series.
The prospective entity, to be known as the Superintelligence Collective, will amalgamate the strengths of the three entities to create a robust alternative to prevailing AI projects overseen by tech behemoths. Fetch.ai is forging a Web3 platform for the emerging AI economy and developing a decentralized multi-agent platform for deploying AI applications. SingularityNET has established an AI-powered blockchain-based marketplace and framework for AI services, while Ocean Protocol has been dedicated to constructing a decentralized data exchange platform.
The Impetus Behind the Merger
The merger is a response to the escalating proliferation of AI projects and represents an opportunity for these frontrunners to forge a compelling rival to Big Tech’s domination over AI development, application, and monetization. This move positions them in contention against formidable players such as OpenAI, Google, Microsoft, and Meta, offering a platform for developers inclined to construct AI models that challenge centralized, proprietary technologies.
The amalgamation of their research, brands, technologies, and products will lay the groundwork for building a scalable decentralized AI infrastructure that amalgamates the various focuses of each project and hastens investments in AGI research.
Accelerating the Development of a Democratic AI Ecosystem
As AI evolves, the prerequisites and costs for enhancing models have risen, underlining the appeal of distributed ecosystems for small-scale developers and the open-source community. The prominence of decentralized AI lies in fostering direct interactions between developers and users, sidestepping conventional gatekeepers, thereby enhancing data privacy, and fostering a more democratic and transparent AI ecosystem. This ethos encourages global stakeholders to contribute to the ecosystem.
The transaction particulars entail token migration, with Fetch.ai’s FET spearheading the transition and evolving into ASI. SingularityNET’s AGIX tokens and Ocean Protocol’s OCEAN tokens will subsequently transition to ASI. Upon majority approval from each respective community, the proposed ASI token is poised to possess a Fully Diluted Valuation (FDV) of approximately $7.5 billion as of March 26, 2024.
The proposed token consolidation entails a conversion rate of 0.433350 to 1 for SingularityNET holders and 0.433226 to 1 for Ocean Protocol participants. Meanwhile, Fetch.AI plans to rebrand while preserving the same token volume. If the proposition garners assent, $ASI is anticipated to commence trading at $2.82 per token.
While this token merger is somewhat unconventional, it is not without precedent. In 2022, NuCypher and Keep Network orchestrated a similar consolidation to birth a new venture named Threshold Network Token, revealing the potential success of such synergies. Following the merger announcement, SingularityNET witnessed a 10% surge, Fetch.AI experienced a 12.82% upsurge, and Ocean Protocol saw a substantial 23% increase in value.
Leadership and Potential Impact
The Superintelligence Collective will be spearheaded by Ben Goertzel as CEO, the visionary AI researcher who introduced the term “AGI” back in 2005. Goertzel will be joined by Humayun Sheikh of Fetch.AI as the Chairman and Trent McConaghy from Ocean Protocol. While the entities guiding the development of the merging networks will remain distinct, they will operate in close collaboration in the shared ASI tokenomic ecosystem and the operations of the Superintelligence Collective.
The estimated market capitalization post-merger could propel the ASI token into the ranks of the top 20 most valuable cryptocurrency projects, positioned just below Uniswap, surpassing notable entities like Litecoin, DAI, and Stellar. The amalgamation is set to position the Superintelligence Collective as the second most valuable AI token in the crypto domain, trailing only NEAR Protocol, which boasts an $8.1 billion market capitalization as of the current juncture.
Shared Vision and Future Prospects
The visionary leaders of the three projects have articulated their enthusiasm about the merger, highlighting a shared vision of fostering a decentralized, democratic, and inclusive AI ecosystem. They anticipate that this consolidation will galvanize investments into AGI and foster a more democratic and trustworthy milieu for AI innovation.
The three entities are slated to deliberate on the token integration in a joint Spaces on X event at 20:00 GMT on Thursday, March 28, hosted on Fetch.AI’s platform. The event will feature prominent figures such as Dr. Ben Goertzel, Humayun Sheikh, Bruce Pon, and Trent McConaghy.
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