SingularityNET ICO Gone in 60 Seconds
Since the electronic horse race to the upcoming Big Thing in blockchain warms up, an increasing number of businesses are getting on the bandwagon to launch their own revolutionary notions and ICOs. SingularityNET is a decentralized market for artificial intelligence, and it might have the record for the quickest selling ICO ever.
Based on reports, the ICO has been sold within 60 minutes of going public, raising $36 million for the business behind the ambitious endeavor. The group at Singularity reports that the crowdfunding was capped after getting $361 million in investor attention on its own whitelist from over 20,000 past shareholders.
The Artificial General Intelligence (AGI) tokens will force the SingularityNET frame which will enable businesses, organizations, and programmers to purchase and market AI, reducing prices and increasing output. According to their site:
Experts estimate that AI market will increase from the $200 billion it is valued today to $3.1 trillion by 2025, but serious roadblocks remain. Today, AI functionality is expensive, time-consuming, and hard to use.
Dr. Ben Goertzel, the CEO, said in response to the ICO:
Today’s results are powerful evidence that SingularityNET is an idea whose time has come. In discussing the SingularityNET project all around the world, I’ve found that it resonates remarkably with people from all walks of life, and the enthusiasm we’ve seen in our community is awe-inspiring.
The general vision is to unite AI and blockchain to make a decentralized market for unique kinds of AI, and the purpose is to become the crucial open protocol for media AI on the world wide web.
In an interview with TechCrunch, Goertzel went on to state:
Proprietary marketplaces exist, like the Amazon Web Services for instance. What we’re creating here is a decentralized marketplace, more like BitTorrent. There’s no central dictator deciding what gets in there. Anyone can put an AI online, wrap it in our API, and announce it to the network and any business that needs AI as a service can request it.
He proceeded to include that the provider would like to produce the system so the AI coating is independent of what blockchain they’re using. The model utilizes Ethereum, but it’s too slow, and they wish to have the ability to swap the blockchain tech readily.
The overwhelming reaction to the ICO is a very clear sign that investors are taking blockchain technologies severely, and there’ll be more to come.