SONM Raises $42m and Closes ICO Just Four Days After the Launch

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by Tatsiana Yablonskaya · 3 min read
SONM Raises $42m and Closes ICO Just Four Days After the Launch
Photo: SONM

With a strong community support the SONM team is excited to progress the project that is expected to revolutionize the computing market.

Four days turned out to be enough for SONM to raise the planned $42 million. 8774 participants made it possible to close the ICO so soon after the official launch on July 15, 2017. SNM tokens are now listed on Chinese exchange HitBTC and EtherDelta, a smart-contract based exchange platform.

Totally, 331,360,000 SNM were minted in the ICO. Investors used such cryptocurrencies as ETH, BTC, and Dash among others to participate in the ICO.

The SONM team has created a progressive bonus structure for the first 80% of tokens sold. The distribution of the funds raised in the ICO is planned as follows: 33% will be directed to 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.

Such strong interest of investors couldn’t but resulted in the ICO website going down pretty quickly. In fact, once the campaign began, the website decided to give up. There were some errors when accessing the deposit addresses with some browsers working and others not so much.

“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”, SONM CEO Sergey Ponomarev addressed the investors. “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.”

“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,” SONM advisor and former Cavirtex CEO Jaron Lukasiewicz projected.

SONM (Supercomputer Organized by Network Mining) is a universal fog supercomputer powered by blockchain technology. SONM targets to adjust the algorithms behind conventional cloud and grid networks to become the first distributed supercomputer available for general purposes such as site hosting, DNA analysis, and scientific calculations. Thus, the company addresses the global problem – development of multi-purpose decentralized computational power market.

SONM project differs from costly centralized cloud services as it uses cost-efficient fog computing structure. Customers do not need to pay for private and monopolized cloud computing such as with Amazon, Microsoft, or Google Cloud, in advance. As far as SONM is fully decentralized, there is no single authority that regulates computing resource distribution.

“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”, Ponomarev says. “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”.

SONM has all chances to become the smartest, cheapest and largest decentralized computing system with strong rules regarding morality and loyalty.

Blockchain News, News, Token Sales
Tatsiana Yablonskaya

Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.

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