What if artificial intelligence combines with cryptocurrency? The answer would be perhaps the future of everything.
One such merger actually happened earlier this week, when blockchain networks Fetch.ai, SingularityNET, and Ocean Protocol combined their tokens into one and created an alliance for decentralized AI — or “ASI,” which stands for “artificial superintelligence.”
Their partnership aims to provide an alternative to tech giants’ growing control of the AI industry.
Here’s what to know.
What’s the purpose of the alliance?
All three blockchain networks will continue to operate as before, but the new agreement will enable the platforms to collaborate to create blockchain-based decentralized AI protocols, which cannot be controlled by large stakeholders or centralized parties. The goal is to provide a viable alternative to tech giants’ control over AI development, usage, and monetization.
Read more: Big Tech is swallowing up AI
Fetch.AI is a blockchain network that provides tools to build innovative AI apps and services. Its native token is FET. Ocean Protocol is a blockchain-based marketplace that acts as a bridge between data providers and data consumers, and its native token is OCEAN. SingularityNET, on the other hand, offers a blockchain-based AI marketplace, and its native token is AGIX.
Tokens jumped almost 30% in a week
According to crypto tracking site CoinGecko, Fetch.ai’s FET token has a market cap of $3.3 billion. Following that are SingularityNet’s AGIX token, with a market cap of $1.7 billion, and Ocean Protocol’s (OCEAN) token, with a market cap of $856 million. The merger will bring the new token ASI to a fully diluted valuation of $7.5 billion.
Over the past seven days, FET shares rose 28%, AGIX shares soared 31%, and OCEAN shares jumped 28%.
From chip to blockchain, AI is everywhere
In the past few years, artificial intelligence has gained widespread acceptance across all sectors of technology. Microsoft, Amazon, Google, Apple — everyone is betting on AI. As blockchain companies strive to make data more decentralized and transparent, it’s no wonder they want to join the AI space.