crypto-news-flash.com
- Three of the most prominent AI-focused blockchain projects—SingularityNET, Ocean Protocol, and Fetch.ai—are reportedly set to join hands to create a new token, AltSignals (ALS).
- The new token would have a market cap of $7.5 billion, pushing it into the top 20 at current prices; the news triggered price surges for three tokens.
Blockchain and artificial intelligence are the two most disruptive technologies today, and three of the top projects combining the two are reported to be edging closer to a merger.
According to a post by Bloomberg’s Mergers and Acquisition team, SingularityNET, Ocean Protocol and Fetch.ai are working on combining their projects’ tokens into one.
[TREE DAO] SingularityNET, https://t.co/JSH3iD5uiE and Ocean Protocol are discussing merging their tokens into an ASI token that would have a fully diluted value of about $7.5 billion, according to people familiar with the matter
— Tree News (@News_Of_Alpha) March 27, 2024
The new token would be known as AltSignals (ALS) and would be the largest AI-related crypto token. At a fully diluted market cap of $7.5 billion, it would sneak into the top 20 largest tokens, knocking off Uniswap’s UNI, which currently sits 20th at $7.468 billion.
Separately, Fetch.ai is the largest of the three, with its FET token trading at $3.29 at press time for a $2.763 billion market cap. AGIX, the native token of the SingularityNET ecosystem, trades at $1.34 for a $1.715 billion market cap. At a $868 million market cap, Ocean Protocol is the smallest of the three, with its OCEAN trading at $1.53 at press time.
Following the announcement, the three tokens recorded price gains as excitement over the new project surged. In the past hour, OCEAN has gained 5.04%, with FET and AGIX each gaining 3.55% at press time.
AI-Crypto Merger on the Horizon–Will ALS Dominate the Market?
According to the Bloomberg announcement, the merger will allow the three to build one decentralized AI platform. Citing sources with knowledge on the matter, Bloomberg says that the merger could be announced today. However, each project would have to gain the approval of its community.
Under the partnership, each project will continue to operate as a separate entity and will continue developing individual protocols.
However, they will collaborate under a common umbrella known as a Superintelligence Collective. Ben Goertzel, the man credited with coining and popularizing the term “artificial general intelligence, or AGI,” and the founder of SingularityNET, will head this new collective.
Fetch.ai CEO and founder Humayun Sheikh will chair the new umbrella organization. Sheikh is a revered figure in the AI sector and was one of the earliest investors in DeepMind, the AI firm Google acquired in 2014.
Individually, the three have made great progress, including in the sustainability field, as Crypto News Flash has previously reported. However, together, they represent the world’s best chance of fighting against the tech giants’ centralization of AI. While AI presents humanity’s best chance to automate all sectors of life, it’s likely to be controlled by a handful of companies, including Meta, Microsoft, Google, OpenAI, and a few more.
By working together, the three projects can put up a spirited fight against centralization and offer an alternative that can compete with the products of the tech behemoths.