Ilan Rakhmanov, the CEO and founder of ChainGPT, believes that the forthcoming token merger involving prominent artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol will set a groundbreaking standard for decentralised AI development. In an interview, Rakhmanov stated:
“This move is likely to drive high-level development resources and creative collaboration toward the goal of decentralised AI development. By pooling expertise and technologies, the merger could establish new standards for decentralised AI that enhance security, privacy, and transparency.”
The $7.5 billion AI token merger was confirmed on March 27, following reports of the potential agreement. The convergence of these three protocols signifies a shared commitment to advancing blockchain-based decentralised AI protocols that are immune to control by centralised entities or major stakeholders.
Rakhmanov emphasised the advantages of decentralised AI over its centralised counterparts, stressing the importance of safeguarding user information amidst the increasing integration of AI into various aspects of daily life:
“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 decentralised platform for AI, free from centralised control, is an ambition worth pursuing!”
The announcement of the merger coincided with a surge of interest in AI protocols, coming shortly after reports of the Saudi Arabian government’s consideration of a $40 billion investment fund for AI development in collaboration with Silicon Valley venture capital firm Andreessen Horowitz (a16z). If approved, this fund, expected to launch in the latter half of 2024, would make the Saudi government the largest investor in the AI sector.
According to Alexandre Dreyfus, CEO and co-founder of Chiliz, the AI token merger represents a strategic move towards ecosystem expansion and long-term value accumulation. Dreyfus shared:
“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.”
Dreyfus noted that if the upcoming AI token were to maintain its fully diluted valuation of $7.5 billion, it would rank among the top 20 cryptocurrencies by market capitalization.