ICO Aimed at Creating Artificial Intelligence Raises $36 Million in a Minute
December 25, 2017
SingularityNET raised $36 million in one minute, completely selling out its AGI tokens. The company claims that the number of the token's buyers exceeded all expectations. 20,000 people registered to participate, seeking to buy tokens worth $361 million.
According to a press release, the company reduced the number to "more manageable level":
"We selected a certain percentage of applicants, using layers of algorithms, in addition to manual selection, observing the global rules of KYC / AML. This reduced the number of participants to 5,000 people, but it also set a new standard for fundraising through blockchain in relation to global legislation. "
SingularityNET aims to create a decentralized AI market, where every AI can interact with each other (and pay each other) as the need to solve customers' problems arises. The founder Ben Goertzel gave an example:
"If you need to summarize a document as a user, you can simply send a request to SingularityNet ...
You can get bets from twenty different processing nodes ... and you can choose the one with the best quality-price ratio.
But now, when this node comes across something in the document, with which it cannot cope, it can transfer it to outsourcing. Or, if it sees a quote in Russian ... it can outsource it to a node of translation from Russian into English, which can perform this translation, and then send it back. "