Supercomputer Organized by Network Mining (SONM), the universal fog supercomputer powered by blockchain technology, has announced that its Initial Coin Offering has successfully reached its $42 million USD cap with 8774 participants, closing four days into the sale which commenced on July 15th, 2017. SNM tokens are now listed on Chinese exchange HitBTC and EtherDelta, a smart-contract based exchange platform.

SONM CEO, Sergey Ponomarev said: “SONM is delighted to announce the spectacular success of the ICO. We 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. 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.”

Investors participated in the SONM ICO using ETH, BTC, Dash, and other cryptocurrencies. A total of 331,360,000 SNM were minted in the ICO. Token creation is now permanently closed. The funds raised in the crowdsale will be distributed as follows: 33% is reserved for marketing promotion, market growth, community, and expansion; 30% for research and development including team expansion, and advisers; 20% for the original SONM team; 7% for complementary technologies; 6% for technology infrastructure; and the remaining 4% for other indirect costs such as legal and office expenses.

Jaron Lukasiewicz, Cavirtex CEO and one of the SONM Board of Advisors, stated: “Following the impressive success of its ICO, which attracted an extraordinary level of interest from investors, I trust SONM will quickly establish itself as a leader and innovator in the distributed computing market.”

By hybridizing fog computing with an open-source PaaS technology, the SONM platform will offer a full range of services, including app development, scientific calculations, website hosting, video game server hosting, machine learning for neural networks, video and CGI rendering, augmented reality location-based games, and video streaming services.

SONM also provides miners the ability to gain tokens efficiently by conducting calculations for all members of the network. Smart devices located anywhere in the world are able to participate in the fog network and sell computing power peer-to-peer through the SONM Application Pool.