With the negative publicity ICO received in the past few months, coupled with a slowdown that made many industry watchers apprehensive, it was surprising to still see companies raise record figures in record time as seen with the SingularityNET ICO. The company said their aim was to raise $361 million in token sales and on the day of launch garnered $36 million in the first minute.
Though remarkable, it was not surprising as the company had already issued a press statement indicating that their token had been oversubscribed, having had more than 20,000 investors indicate interest before the pre-sale. They went further to scale down a subscription to 5000 investors using a special algorithm that used the KYC/AML protocol to screen investors according to international best practices.
This raised standards for ICO which heretofore was mainly an all-comers affair. With SingularityNET approach to investor screening and selection, they have practically demonstrated that internal regulatory measures could be effectively utilized by companies to ensure seamless delivery that operates within the ambits of existing rules that may be applicable to ICOs.
The company plans to establish a decentralized marketplace in which AI interact with one another within across boards in solving problems. The Artificial Intelligence and machine learning field are in high demand, although it is dominated by giants such as Google. With the entry of decentralized platforms such as SingularityNET, we are likely going to have companies make AI services available to smaller players since the big players keep and use their AI software in-house and service big corporations like themselves.
Speaking on the prospects of the decentralized platform for AI, Ben Goertzel, the company CEO said that clients would be able to have a wide range of services that ensure work is accomplished with the platform’s ability to integrate AI to AI interaction. He said that if for instance, a client needs a document summarized, with the SingularityNET token, such documents summary could be paid for and the platform could mobilize different AI specialist for the video, scripting, transcribing or even translation, paying each AI specialist node for a specific assignment.
From the response of investors, it is obvious that Artificial Intelligence holds a lot of attraction to people. Nevertheless, expectations are high on the company to deliver on their promises of making AI services available to smaller players. Their performance is critical in determining if the field would be the exclusive preserve of big players or be made available for all.