Crypto and AI join forces

AI and crypto are two buzzy themes that have dominated market headlines this year.

But what happens when their powers combine?

Three AI crypto platforms are preparing to complete a merger of their crypto tokens, in the digital asset industry’s latest play to create a “decentralized” AI sector that rivals traditional tech companies like Google, Microsoft, and Amazon.

Tokens from Fetch.ai, SingularityNET, and Ocean Protocol will merge into one Fetch.ai token, which will be dubbed “ASI,” which stands for Artificial Superintelligence Alliance, according to CoinDesk. Originally scheduled to be combined today, the integration was postponed until July 15 at the eleventh hour. Prices of all three tokens slid on the news.

The crypto firms are motivated by a desire to challenge the monopoly that big tech currently has over AI. Proponents of crypto argue that allowing a few companies to control the bulk of AI innovation and data has privacy risk implications that a “decentralized” model could help address.

“This is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence,” Ben Goertzel, CEO of the ASI Alliance, said in a statement. “The ASI token serves as a symbol and a practical tool for our shared quest to leverage advanced AI, blockchain and decentralized governance to move quickly and effectively toward an amazing future for all.”