Cryptocurrency associated with the emerging artificial intelligence (AI) industries have performed strongly since the beginning of last year, and this year will only be even stronger.
Now it appears that three of the largest AI cryptocurrencies may want to merge into a massive AI token.
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Altcoin news
Three major AI cryptocurrencies want to merge into one coin
The three AI crypto projects in question are SingularityNet (AGIX), Fetch.ai (FET) and Ocean protocol (OCEAN).
The three tokens would like to merge their coins into a new token called AltSignals (ASI), Bloomberg reports.
According to Bloomberg, the deal may be officially announced later today, but that is subject to community approval. At least that is what sources report to Bloomberg, because the projects themselves have not yet announced anything at the time of writing.
The projects have a similar goal: the development of a decentralized AI protocol based on blockchain technology that is not owned by a single party or major shareholders.
Bloomberg also reports that the new collective will be led by Ben Goertzel, the founder of SingularityNet. Fetch.ai CEO Humayun Sheikh would then become the new chairman.
The new AI cryptocurrency would immediately have a large market value
The news immediately caused an explosion in the prices of all three existing currencies. AGIX is currently up 10%, FET even 12% and OCEAN no less than 24%.
OCEAN currently has a market cap of $913 million, AGIX of $1.7 billion and FET of $3.35 billion. Together they would have a market capitalization of approximately $6 billion.
Bloomberg reports that the new ASI token is a fully diluted value, or total diluted market value, of $7.5 billion. All future token issuances are taken into account.
This means that the new coin could potentially grow into a top 20 coin in terms of market value. At least if the plans are actually followed through.
Considering the immediate rise that the coins made, this could be even higher. The initiative also coincides with a rising interest in everything related to AI. Several AI projects are currently raising large amounts of money from investors.
UPDATE: The news has now been confirmed by Fetch.ai.
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