Gone in 60 Seconds: Singularity NET’s $36m ICO
In possibly the world’s fastest ICO to date, SingularityNET has raised $36 million (USD) in just one minute after 500 million AGI (Artificial General Intelligence) tokens went on sale to the public this past Friday.
So large was the demand for the AGI tokens that the ICO was postponed by 48 hours, with the start-up communicating that “by the time registration closed, the whitelisted demand exceeded $360 million”, over 10x that of their $36 million hard cap.
In an effort to acknowledge their community’s unprecedented demand, the postponement was announced so as to sift through the staggering 20,000+ whitelist applicants. This gave as many eligible investors access to the ICO as possible.
Having vetted all applicants in accordance with global KYC/AML requirements, the company revealed that the final pool of whitelisted participants shrunk remarkably, totalling 5,000. Such a refreshingly stringent screening protocol was welcomed by legitimate, legally compliant community members, who too often lose out in ICOs to more dubious investors who quickly snap up all the available tokens.
Commenting on this vetting process that challenged the comparatively lax industry-standard for fundraising via blockchain, co-founder Simone Giacomelli shared that:
We believe this decision in practice a good example for all token sales going forward, and will be healthy for the decentralised and blockchain community over the long run.”
SingularityNET, as outlined in their whitepaper:
Aims to become the key protocol for networking AI and machine learning tools to form a coordinated Artificial General Intelligence.”
The platform, aiming to become a bridge between AI developers and business users, is the brainchild of Dr. Ben Goertzel (Twitter: @bengoertzel). He is a mathematics PhD and a leading expert in Artificial General Intelligence and robotics, having become involved with many world-leaders in these fields, including Aidyia, Hanson Robotics, Singularity University, and Humanity+.
It was in fact Hanson Robotics’ most advanced robotic creation, Sophia, who announced the token sale at a recent Web Summit in Lisbon. Acting as Chief Humanoid for SingularityNET, she became the world’s first robot to request funding from humans in order to make herself more intelligent.
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