In an interview with Cointelegraph, Ilan Rakhmanov, the CEO and founder of ChainGPT, stated that the upcoming token merger of leading artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol will establish a groundbreaking standard for decentralized AI development. Rakhmanov emphasized that these protocols share a common objective of creating blockchain-based decentralized AI protocols that are not controlled by centralized entities or major stakeholders.
Rakhmanov highlighted the significance of this high-level merger, noting that it demonstrates the advantages of decentralized AI over its centralized counterparts. The decision to merge the protocols was announced at a time when there is a growing interest in AI protocols. Just a week prior, reports emerged about the Saudi Arabian government’s contemplation of establishing a $40 billion investment fund for AI development in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z). If approved, this would make the Saudi government the largest investor in the AI industry.
According to Alexandre Dreyfus, the CEO and co-founder of Chiliz, the AI token merger represents the optimal path for ecosystem growth and long-term value accumulation. Dreyfus pointed out that if the upcoming AI token maintains its fully diluted valuation of $7.5 billion, it would rank among the top 20 cryptocurrencies by market capitalization.
In related news, Marc Andreessen, Galaxy Digital, and Accolade have reportedly backed a new $75 million crypto fund, as per recent reports.