SingularityNet Extends ICO Period As Pledges Hit $150 Million

SingularityNet has extended its token sale period after receiving ‘overwhelming’ demand. The pioneering blockchain artificial intelligence marketplace says it has received $150 million in pledged orders, from nearly 10,000 registrants.

500 Million Token Sale

The company was initially seeking $36 million from the initial coin offering to fund its expansion plan. The offering was to close as soon as the $36 million milestone was reached, but as it stands, it appears the company will raise much more money.

The AI marketplace is now seeking to distribute 500 million tokens in a combination of public and private sales.

“Token sale is significantly oversubscribed at this point, and to properly handle overwhelming demand for AGI token, SingularityNET team extended their token sale date to the second half of December,” the statement continues,” SingularityNet in a statement.

Given the strong demand, the crowd sale will have no minimum contribution amount. While 32% of the funds raised from the offering will be used to fund business development, 26% is to be used to for network infrastructure as well as supporting AI and Internet of Things Development.

The AGI tokens up for distribution will be used to buy and sell services on the network. They will also act as mechanism for democratic governance of the network.

In addition, the tokens should solve the ‘assignment of credit’ problem allowing the network to quantify the value that an AI agent brings to the market. The result should be a global uncensored payments network able to serve the AI micro-services industry.

SingularityNet Big Plan

SingularityNet is a decentralized marketplace that accords tech companies the ability to monetize platforms at a higher scale with the help of artificial intelligence algorithms. The company plans to use funds from the offering to solve the intolerability issue that exists within the artificial intelligence space. Currently, there is no standard for collaboration and infrastructure for data cooperation.

AI Development is currently done in-house by corporations, with big budgets, able to acquire large data sets and hire a team of experts. Most of the applications that come into being, as a result, are usually used to serve corporate business models instead of the wider population.

SingularityNet will be an open marketplace whereby users will be able to access various developers AI services with ease. Developers will also be able to monetize their tools to generate significant returns from their works. By enabling AI collaboration, the AI marketplace hopes to make it easy for every system to learn from every other, thereby enhancing coordinated data sharing.

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