The platform will be part of a larger effort to compete with major companies in the artificial intelligence (AI) sector.
Fetch.ai (FET), one of the best-performing cryptocurrencies this year, extended its gains on Thursday. By late afternoon, the token's price had surged 11%, driven primarily by news of a strategic alliance involving its developer.
A Three-Chain Merger
Fetch.ai aims to monetize AI functionalities, but it isn’t alone in this space. Recognizing the competitive landscape, its developer has joined forces with two other key players: Ocean Protocol and SingularityNET.
On Thursday, the trio announced the formation of an AI collective. The tokens of Ocean Protocol and SingularityNET will merge into Fetch.ai’s token, creating a new, enhanced token dubbed ASI (short for "artificial superintelligence").
Key details of the merger:
- Total ASI supply: ~2.63 billion tokens
- Starting price per token: $2.82
- Initial market cap: ~$7.4 billion
Decentralized AI: A Competitive Edge
The alliance’s goal is to build a decentralized, open AI platform, a proposition likely to attract investors and public interest alike. AI remains a focal point in tech investing, fueling growth not just for niche AI firms but also giants like Microsoft.
By pooling resources, the alliance hopes to develop AI solutions that resonate with users and developers—positioning itself as a viable challenger to entrenched tech leaders. Collaboration, in this case, could prove more effective than going solo.
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FAQ Section
Q1: What makes Fetch.ai stand out among other AI-focused cryptocurrencies?
A1: Fetch.ai combines AI monetization with decentralized infrastructure, offering unique use cases like autonomous economic agents.
Q2: Why is the merger with Ocean Protocol and SingularityNET significant?
A2: The merger consolidates expertise and resources, creating a stronger competitor against centralized AI platforms.
Q3: How will ASI tokens be distributed?
A3: Existing FET, Ocean, and AGIX holders will receive ASI tokens via a conversion process detailed in the alliance’s roadmap.
Q4: What challenges might the alliance face?
A4: Competing with tech giants’ funding and scalability remains a hurdle, but decentralization could appeal to privacy-focused users.