The cryptocurrency space for artificial intelligence (AI) is buzzing with excitement following rumors of a potential token merger between three leading blockchain-based AI companies: SingularityNET, Fetch.ai, and Ocean Protocol.
According to a Bloomberg report citing anonymous sources, these companies are exploring the possibility of merging their native tokens (AGIX, FET, and OCEAN respectively) to create a unified token for a decentralized AI platform.
Token Prices Spike on Merger News
The rumor has sent shockwaves through the crypto market, with all three tokens experiencing significant price surges. As of press time, SingularityNET (AGIX) is up 12%, Fetch.ai (FET) has climbed 15%, and Ocean Protocol (OCEAN) leads the pack with a staggering 34% increase. This positive sentiment has also boosted the broader AI crypto sector, which has seen a 23% growth over the past week. Notably, all three tokens involved in the potential merger now rank within the top ten AI cryptocurrencies.
Details of the Proposed Merger
Details surrounding the potential merger remain scarce. Bloomberg’s sources suggest the merged entity would operate under a single token dubbed “ASI,” with a fully diluted market capitalization of approximately $7.5 billion. The deal, which could be announced as early as Wednesday, would require approval from each individual project’s community.
Governance and Leadership Structure
The report outlines a potential governance structure for the merged platform. The three individual platforms would reportedly continue functioning independently, collaborating under the guidance of a “Superintelligence Collective” led by SingularityNET’s founder and CEO, Ben Goertzel. Bloomberg’s sources further suggest that Fetch.ai CEO Humayun Sheikh, an early investor in Google’s DeepMind AI acquisition, would serve as chairman.
Motivation for Decentralized AI
The report highlights the motivation behind the potential merger. It suggests that emerging AI platforms like SingularityNET, Fetch.ai, and Ocean Protocol are striving to create a decentralized AI ecosystem on the blockchain. This approach aims to prevent the concentration of control over AI development in the hands of large corporations like Microsoft, Google, and Facebook.
Official Statements Awaited
At the time of writing, none of the involved companies (SingularityNET, Fetch.ai, or Ocean Protocol) have issued official statements regarding the potential merger on their social media channels or official blogs. The decentralized AI community eagerly awaits further details about the proposed ASI token and its potential impact on the future of decentralized AI development on the blockchain.
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