With the crypto market doing slightly better today, with Bitcoin and Ethereum up 0.8% and 1.4% respectively, one altcoin is showing the crypto market what a real rally looks like.
Fetch.ai ($FET) is a project that aims to create a decentralized digital world where autonomous software agents can perform tasks on behalf of individuals, businesses, and other entities. These tasks can range from simple data retrieval to complex operations like managing supply chains, optimizing energy grids, and coordinating transportation systems. The goal of Fetch.ai is to harness the power of artificial intelligence and blockchain technology to enable these autonomous agents to interact, transact, and collaborate efficiently without human intervention.
The FET token is the native cryptocurrency of the Fetch.ai network. It serves several essential purposes within the ecosystem. First, it acts as the primary medium of exchange, facilitating transactions between autonomous agents and users. For example, if an agent performs a task, it can be compensated with FET tokens. Second, the token is used to access and pay for various services on the Fetch.ai platform, such as data services, machine learning models, and infrastructure. Additionally, FET tokens are crucial for staking and participating in the network’s consensus mechanism, ensuring the network’s security and stability. In essence, the FET token underpins the economic activities within the Fetch.ai ecosystem, incentivizing participation and enabling a wide range of autonomous interactions and transactions.
On 27 March 2024, in a groundbreaking development for the artificial intelligence (AI) industry, three leading decentralized AI projects—Fetch.ai, Ocean Protocol, and SingularityNET—announced their decision to merge to form the Artificial Superintelligence Alliance. This strategic alliance aims to create an open-source, decentralized platform poised to challenge the dominance of major tech companies in the AI sector.
The Artificial Superintelligence Alliance is the result of the collaborative efforts of three visionary leaders in decentralized AI: Dr. Ben Goertzel of SingularityNET, Humayun Sheikh of Fetch.ai, and Trent McConaghy of Ocean Protocol. By pooling their expertise and resources, they aim to accelerate the development of Artificial General Intelligence (AGI) on the blockchain, making this revolutionary technology accessible to a wider audience rather than a select few.
A significant aspect of this merger is the unification of the three projects’ native tokens—$FET, $OCEAN, and $AGIX—into a single token called $ASI. This new token will act as the backbone of the combined decentralized AI network, which had a total token value of $7.6 billion as of 26 March 2024.
The founders of the alliance emphasize that the pursuit of AGI and Artificial Superintelligence (ASI) must be conducted in an open, transparent, and decentralized manner. Their goal is to create an AI ecosystem that prioritizes ethics, transparency, and direct collaboration between developers and users, thereby reducing the influence of centralized authorities and traditional gatekeepers.
Several factors have driven the creation of the Artificial Superintelligence Alliance, including rapid advancements in AI technology, significant growth within the individual projects, and a shared vision of establishing a robust, decentralized AI infrastructure. By leveraging the combined strengths of SingularityNET, Fetch.ai, and Ocean Protocol, the alliance aims to build a scalable platform that promotes ethical and trustworthy AI practices.
The formation of this alliance is also expected to attract increased investment in AGI research and development. By facilitating the commercialization of each project’s technology and providing access to advanced AI platforms and extensive databases, the alliance hopes to accelerate the realization of AGI on the blockchain.
Well, yesterday, the Artificial Superintelligence Alliance (ASA) announced plans to host a business summit followed by a Super Launch Party, bringing together up to 2,000 supporters and partners. This event will feature a global gathering of AI leaders, including Sophia the Robot and Desdemona’s Dream Band. A highlight of the event will be the release of “The Consciousness Explosion,” a new book by AGI pioneer Ben Goertzel.
Organized in collaboration with DigiCEX, a newly formed global central exchange focused on AI and Web3, and several ASI ecosystem partners, the Super Launch Party will take place at Antalya’s Digiverse Exposition Center. This venue is renowned for being a “physical metaverse” and the largest 3D interactive immersive digital dome.
The formation of the Artificial Superintelligence Alliance represents a significant milestone in the development of Artificial Superintelligence (ASI) and Artificial General Intelligence (AGI). The Alliance is committed to fostering these technologies in an open, decentralized manner, contrasting sharply with the centralized control that poses societal risks. The Alliance’s approach covers crucial areas such as data management, AI models, and infrastructure, leveraging the collective expertise of its members.
Ben Goertzel, CEO of the Alliance, highlighted the historical significance of the current moment in AI development. He emphasized that the AI revolution is advancing rapidly, with AGIs capable of reasoning and inventing autonomously. The Alliance aims to ensure that the transition to ASI is not dominated by Big Tech and government entities but unfolds in a broad, participatory manner. The Alliance unites tokens, teams, and software systems within the decentralized AI world.
The founders of Fetch.ai, SingularityNET, and Ocean Protocol are anticipating the opening of the token bridge on Binance on July 5, 2024. This bridge will facilitate the merger of FET, AGIX, and OCEAN tokens under the ASI ticker, with an initial market capitalization of over $5 billion. This consolidation is set to power decentralized ASI efforts.
Humayun Sheikh, Alliance Chairman and Founder of Fetch.ai, remarked on the transformative potential of the Alliance. He noted that economies of scale would enable significant advancements in countering Big Tech’s control over AI’s narrative and direction. Sheikh also expressed gratitude for the enthusiastic response from various communities and welcomed strategic collaborators into the Alliance.
The news gave $FET an enormous boost and reminded everyone that on 5 July 2024, $FET, $AGIX, and $OCEAN will merge to form one universal AI token called Artifical Superintelligence ($ASI), allowing it to surge by over 30%, thereby helping it to become the 27th most valuable cryptoasset with a market cap of roughly $4.13 billion.
Many $FET investors and traders now seem to be hoping that $FET will break above $2 even before the merger takes place.
Featured Image via Pixabay
