SingularityNet, Fetch.AI, Ocean Protocol merger will drive decentralized AI development: ChainGPT CEO
The upcoming token merger of prominent artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol will set a new standard for decentralized AI development, Ilan Rakhmanov, the CEO and founder of ChainGPT, told Cointelegraph in an interview. He explained:
“This move is likely to drive high-level development resources and creative collaboration toward the goal of decentralized AI development. By pooling expertise and technologies, the merger could establish new standards for decentralized AI that enhance security, privacy, and transparency.”
The $7.5 billion AI token merger was confirmed on March 27, hours after reports started emerging of the potential deal. The three protocols are united by the common goal of developing blockchain-based decentralized AI protocols, which can’t be controlled by centralized parties or large stakeholders.
The high-level merger is a testament to the benefits of decentralized AI over its centralized counterparties, according to ChainGPT’s Rakhmanov:
“AI is frequently becoming second nature to users in their personal, professional, and private lives. That means the security of user’s information is paramount. A robust decentralized platform for AI, free from centralized control, is an ambition worth pursuing!”
The decision of the protocols was announced during a period of growing interest in AI protocols, a week after reports of the Saudi Arabian government considering the creation of a $40 billion investment fund for AI development. The fund would launch in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z).
The fund could take place in the second half of 2024. If approved, this would make the Saudi government the largest investor in the AI space.
Related: Biden administration takes action to safeguard public from AI risks
The AI token merger is the ultimate path for ecosystem growth and long-term value accrual, according to Alexandre Dreyfus, the CEO and co-founder of Chiliz, who told Cointelegraph:
“I’m interested in the fact that tokens would merge, but each company would stay independent, and all their efforts would be done on the same token & ecosystem. This is the future of token M&A.”
If the upcoming AI token were to hold its fully diluted valuation of $7.5 billion, it would become part of the 20 largest cryptocurrencies by market capitalization, according to Dreyfus.
Related: Marc Andreessen, Galaxy Digital, Accolade, back new $75 million crypto fund: Report
