“Artificial intelligence and machine learning are hot trends in computing these days,
but are largely controlled by massive corporations.
These corporate titans develop their own proprietary systems and software and keep it in-house.”
SingularityNET raised $36 mln in one minute, completely selling out of its native AGI tokens. While this is an enormous amount of money to raise in an incredibly short period of time, it’s somewhat unsurprising considering demand. The company asserts that the issue was massively oversubscribed, with 20,000 people registered to participate, seeking to buy $361 mln worth of tokens.
The company reduced the number to a more manageable level, according to its press release, by:
“[Screening] all applicants using layers of algorithms, in addition to manual review, to comply with global KYC/AML regulations. This reduced the pool of contributors to 5,000, but also set a new standard for fundraising via Blockchain with respect to global legislation.”
Artificial general intelligence
SingularityNET aims to create a decentralized marketplace of AIs, where each AI can interact with one another (and pay one another) as needed to solve customers’ problems. Founder Ben Goertzel gave an example:
“If you need a document summarized, as a user you can put a request into SingularityNet…
You may get bids from twenty different document summary nodes…and you may choose one with the right balance of reputation and price.
But now that document summary node if it hits something in the document it can’t deal with, it can outsource that…if the document summary node that you’re paying…hits an embedded video it can outsource that to a video summarizing node and it can then pay it some fraction of the money it was paid. Or, if it sees a quote in Russian…it can outsource that …to a Russian to English translation node that can do that translation, then send it back to the document summary node.”
Artificial intelligence and machine learning are hot trends in computing these days, but are largely controlled by massive corporations. These corporate titans develop their own proprietary systems and software and keep it in-house. SingularityNET intends to decentralize this heavily centralized field, allowing developers of AI tools to monetize them and non-corporate users to benefit from them.
As with any new venture, it remains to be seen whether this is even possible, or whether behemoths like Google will forever dominate the field of AI. One thing is certain – there is plenty of interest in decentralized AI systems. SingularityNET’s token sale could not make that any more clear. Just like the Nicholas Cage movie, these tokens were “gone in sixty seconds.”
[07 DEC 2017]
SingularityNET ICO Cap Dwarfed By $150 Mln Pledges
After receiving what a statement called “overwhelming demand” for its AGI token, SingularityNET will now run its ICO for a further week.
Originally setting a hard cap of $36 mln, the sale has already received $150 mln in pledged orders from investors.
“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.
The brainchild of Dr. Ben Goertzel, SingularityNET looks to leverage Blockchain to unite the disjointed AI industry and facilitate greater technological advances.
The project has already spawned a one-of-a-kind robotic ‘Chief Humanoid Officer’ named Sophia, which initially announced the ICO at a conference in Lisbon last month:
“The platform is positioned to dominate a projected $3.1 tln market by connecting and coordinating AI service at unprecedented scale,” the company added.
Goertzel himself gave extensive insight into both SingularityNET and the current state of AI as a whole during an interview with Cointelegraph in October.