SONM closes ICO at $42M cap

Blockchain-powered universal fog supercomputer SONM didn’t take long to  reach its funding goal, closing down its ICO after reaching its $42 million cap just four days into what was expected to be a month-long process. The ICO attracted 8,774 participants who own 331,360,000 SNM tokens which can be traded on China’s HitBTC and EtherDelta.

“SONM is delighted to announce the spectacular success of the ICO (and) humbly thank our community for its support and participation in the ICO which raised over $30 million USD in the first 24 hours and went on to reach its cap within just days of opening,” SONM CEO Sergey Ponomarev said. “With a renewed sense of vigor heightened by our community’s strong demand for our tokens, the SONM team is excited to progress the project which we believe will revolutionize the computing market.”

SONM also allows miners to gain tokens by conducting calculations for all network members. Smart devices located anywhere can participate in the fog network and sell computing power peer-to-peer through the company’s application pool.