USD 7.5 Billion Capitalisation As AI Projects Merge

Bull runs are always an exciting time where we get to see many Crypto currency projects come to life, as the old adage goes “Those who build in a bear market profit in the bull run. And that is exactly what we are seeing occur now. On of the areas that was being developed during this passed bear market was Artificial Intelligence (AI) projects and they have received a significant amount of hype.

These Blockchains incorporate AI in a number of different ways but many have similarities which seems to have created an opportunity for a number of AI projects to merge. In the latest and breaking news SingularityNET, Ocean and FetchAI are currently in talks to merge their projects and the accumulated net worth of these projects if merges would be a heft USD 7.5 Billion. Not exactly small change, but the broader implications are yet to be seen as in what effect it will have and how the projects will intergrate.

It is quite a different approach as previously we are often used to project teams splintering and commencing their own start-ups so this is definitely something quite new and it might even be beneficial for the AI Blockchain sector.

Merge Brings Together Sector Leaders

The merge is aimed at reshaping the landscape of artificial intelligence (AI) development, Fetch.ai (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) have announced their merger into the Artificial Superintelligence Alliance. This alliance is a first of it’s kind and the merger has launched a new token called the ASI token which is already boasting a massive USD 7.6 billion market capitalisation. The merge signifies not only a consolidation of resources but also a collective effort to challenge the dominance of major tech companies in the AI sector providing a decentralised version.

The decision to merge comes from each of the individual projects progress made by each project in the field of AI. By joining forces they believe the alliance will be able to accelerate the advancement of Artificial General Intelligence (AGI) while disrupting the stronghold that Big Tech holds over AI development, utilisation and commercialisation. The alliance's primary objectives are to expedite progress toward AGI and to establish a decentralised AI infrastructure that operates globally..

Ben Goertzel, CEO of SingularityNET recently stated that the necessity of democratising AI development and ensuring its deployment in an open and decentralised manner. He highlighted the importance of creating a tokenomic network capable of challenging the dominance of Big Tech and ensuring that AGI and ASI remain free from biased influences.

One Mind By Consensus

Humayun Sheikh, founder of Fetch.ai echoed these statements while highlighting the potential of the merger to uphold ethical standards and transparency within the AI ecosystem. The consolidation of efforts aims to foster a more democratic and trustworthy environment for AI innovation.

The merger has included the migration of native tokens FET, OCEAN and AGIX into the single ASI token. FET will be rebranded as ASI with a token supply of 2.63 billion and an initial price of USD 2.82. SingularityNET and Ocean Protocol tokens will also be converted to ASI at specified conversion rates. The ASI token will serve as the backbone of the decentralised AI network facilitating transactions and interactions within the ecosystem.

Can They Do It?

While the three platforms will maintain their independence they will collaborate closely under the oversight of a governing council. This council comprising key figures from each project will steer the direction of the alliance and ensure its alignment with its core objectives. However the establishment of the alliance still requires the approval from their respective communities through a voting process that is being listed as a proposal.

How the company plans on overcoming hurdles in the event that one community does not agree or debate arises is still unclear and there is still a lot of fine tuning required prior to the merge taking full effect.

Following the announcement of the merger all three tokens experienced a surge in value reflecting market sentiments of hype and news so tread carefully if you’re planning on investing. Fluctuations in the broader crypto currency market in particular Bitcoin's recent volatility have impacted their prices in subsequent trading sessions.

As the crypto market explores new opportunities in AI the merger of Fetch.ai, Ocean Protocol, and SingularityNET represents a new form of market maturity with not an acquisition but a merger of companies/projects. Although by pooling their resources and expertise these projects do aim to pioneer the next frontier of AI development but will it be enough to outwork X, Microsoft, Google and other top companies in this field?

Time will tell,

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Posted Using InLeo Alpha