The merged entity, named Singularity Finance, will develop a layer-2 community particularly designed to tokenize AI-related property equivalent to GPUs and supply AI-driven monetary providers, in response to CoinDesk.
This consolidation follows an identical path to that of SingularityNET, the father or mother protocol of SingularityDAO, which merged in June with Fetch.ai and Ocean Protocol to ascertain the Artificial Superintelligence Alliance (ASI) token.
The present merger displays the growing give attention to leveraging AI applied sciences inside blockchain ecosystems and creating new strategies to tokenize and handle useful AI property.
The merger includes the creation of a brand new token, SFI. SelfKey’s current token KEY will convert into SFI, whereas SingularityDAO’s SDAO and Cogito’s CGV tokens will likely be built-in into the brand new token construction.
According to preliminary data, the alternate ratios will likely be 1:80.353 for SDAO and 1:10.89 for CGV, though these numbers might change based mostly on discussions with stakeholders. The goal is to streamline the monetary mechanisms of all three tasks right into a unified system that helps the quickly evolving AI financial system.
Singularity Finance’s platform will give attention to tokenizing property vital to AI growth, equivalent to GPUs, that are important for coaching AI fashions.
Additionally, the brand new entity will supply AI-powered monetary instruments, enabling extra environment friendly and clever monetary transactions inside the blockchain area. By combining the strengths of all three tasks, Singularity Finance goals to change into a number one participant within the intersection of AI and decentralized finance (DeFi).
The merger is part of a broader pattern within the blockchain sector, the place AI-focused tasks are more and more consolidating to maximise innovation and effectivity. These strikes replicate the rising significance of AI applied sciences and the demand for extra specialised monetary instruments inside the blockchain trade.
