Supercomputer Organized by Network Mining (SONM), a universal fog supercomputer powered by blockchain technology, has announced the launch of its Initial Coin Offering, which will conclude on July 15th 2017. The ICO, currently capped at $40 million USD in accordance with the Ethereum price, has already raised 10,000 ETH in a pre-sale round which started on April 15th and successfully closed within twelve hours.
By adjusting the algorithms behind conventional cloud and grid networks, SONM aims to become the first distributed supercomputer to be used for general purposes, including site hosting, DNA analysis, and scientific calculations. SONM will issue tokens of the same name on the Ethereum blockchain.
SONM CEO, Sergey Ponomarev said: “SONM would like to thank its pre-ICO investors for their immediate support in the project, which I believe represents the future of computing. Following the success of the token pre-sale, SONM is delighted to present its highly anticipated SNM token for public sale. SONM’s general purpose decentralized fog supercomputer network is answering the market’s call for more cost-efficient and readily available computing power. 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,”
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.
The platform also provides miners the ability to gain tokens 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.
SONM’s ICO includes a progressive bonus structure for the first 80% of tokens sold. The funds raised in the crowdsale will be distributed: 33% are 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.
Investors can participate in the SONM ICO using BTC, ETH and other major cryptocurrencies. The SNM token basic price is 1 ETH = 2824 SNM. The amount of SNM tokens to issue for the other cryptocurrencies (except Ethereum) deposits will be calculated according to the current exchange rate of this cryptocurrency in Ethereum. 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.