Blockchain-powered universal fog supercomputer SONM’s initial coin offering ICO is now live and will run until July 15, 2017. The cap is $40 million in accordance with Ethereum pricing. The pre-sale round raised 10,000 ETH.
SONM will become the first distributed supercomputer be used for general purposes by having the algorithms behind its conventional cloud and gird networks adjusted. Its uses include site hosting, DNA analysis and scientific calculations. SONM tokens (SNM) will be issued on the Ethereum blockchain.
“SONM’s general purpose decentralized fog supercomputer network is answering the market’s call for more cost-efficient and readily available computing power,” CEO Sergey Ponomarev said. “We expect our offering, which doesn’t require organizations to pay in advance for expensive and monopolized cloud computing services and bypasses the need for a single authority to regulate computing resource distribution, will revolutionize the computing market. The platform’s reputation system and self-learning intelligent agents, will help to catapult SONM to becoming to smartest, cheapest, and largest decentralized computing system with strong rules regarding morality and loyalty.”
The blend of fog computing and open source PaaS technology will allow SONM to offer app development, scientific calculations, website hosting, video game server hosting, neural network machine learning, video and CGI rendering, augmented reality location-based games, and video streaming services.
The ICO features a progressive bonus structure for the first 80 per cent of sold tokens. One-third of funds are reserved for marketing promotion, 30 per cent for research and development, 20 per cent for the original SONM team, seven per cent for complementary technologies, six per cent for technology infrastructure and four per cent for miscellaneous expenses.
No token creation, minting or mining will be available after the crowdfunding period. At the end of the ICO, SNM token creation will be closed permanently.
Investors can use most major cryptocurrencies. One ETH equals 2824 SNM. Other deposits will be calculated according the current exchange rates in Ethereum.
Tony Zerucha is the managing editor of Bankless Times.
A two-time LendIt Journalist of the Year nominee, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.
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