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Fetch.ai, SingularityNET, Ocean Protocol Set Date for Artificial Superintelligence Alliance Merger

May 28, 2024
    The three firms will merge their crypto tokens under the auspices of AI-focused Web3 platform Fetch.ai’s FET, which will be renamed ASI.AI has captured the attention of the technology world for the last year and a half, with concerns aired that tech giants like Microsoft, Alphabet and Meta will establish a hegemony over the sector.

As an analyst with a background in technology and finance, I’ve been closely monitoring the developments in the artificial intelligence (AI) sector over the past year and a half. The rapid advancements and growing influence of tech giants like Microsoft, Alphabet, and Meta have raised concerns about potential hegemony and monopolization in this space.

On June 13, the three organizations specializing in artificial intelligence protocols – Fetch.ai, SingularityNET, and Ocean Protocol – will finalize their merger to create the Artificial Superintelligence Alliance (ASI).

The trio intends to combine their digital tokens under the supervision of AI-centric Web3 platform Fetch.ai (previously known as FET). Starting from June 11, users can exchange FET for the new token, ASI. Subsequently, on June 13, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will be swapped over following the merger completion.
As an analyst, I have observed a significant surge of interest in Artificial Intelligence (AI) within the tech industry for the past year and a half. This renewed focus has brought about concerns regarding the potential dominance of tech giants such as Microsoft (MSFT), Alphabet (GOOG), and Meta (META). In response to these apprehensions, Web3 companies have been actively working on developing a decentralized AI infrastructure. Through this approach, data is made transparent and openly accessible among contributors, ensuring a more equitable distribution of power and resources in the sector.

According to CoinMarketCap’s latest data, each of the three distinct cryptocurrencies has seen a rise of over 2% within the past 24 hours. In contrast, the broader digital asset market, represented by the CoinDesk 20 Index (CD20), experienced a decrease of approximately 0.55% during the same period.

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2024-05-29 17:33