Home / Archive / SONM Closes ICO after Hitting $42 Million Cap in 4 Days

SONM Closes ICO after Hitting $42 Million Cap in 4 Days

Last Updated March 4, 2021 4:57 PM
Lester Coleman
Last Updated March 4, 2021 4:57 PM

Supercomputer Organized by Network Mining (SONM), a blockchain powered fog supercomputer, reached its $42 million cap four days into its ICO with 8,774 participants. SNM tokens are now listed on HitBTC, a Chinese exchange, and EtherDelta, a smart contract based exchange platform.

A total of 331,360,000 SNM were minted in the ICO. Token creation is now permanently closed.

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

SONM also provides miners the ability to gain tokens by conducting calculations for all network members. Smart devices anywhere can participate in the fog network and sell computing power peer-to-peer through the SONM application pool.

A ‘Renewed Sense Of Vigor’

“We humbly thank our community for its support and participation in the ICO which raised over $30 million in the first 24 hours and went on to reach its cap within just days of opening,” said company CEO Sergey Ponomarev. “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 ICO using ETH, BTC, Dash and other cryptocurrencies.

Also read: SONM: Distributed computing+ blockchain = Perfect Quake 3 LAN?

Fund Distribution

The ICO included a progressive bonus structure for the first 80% of tokens sold. The funds will be distributed as follows: 33% for marketing promotion, market growth, community and expansion; 30% for research and development; 20% for the original SONM team; 7% for complementary technologies; 6% for technology infrastructure; and the remaining 4% for indirect costs such as legal and office expenses.

“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,” said Jaron Lukasiewicz, a SONM advisory board member who was CEO of the Coinsetter and Cavirtex exchanges that Kraken acquired.

Besides Lukasiewicz, the board of advisors includes Lisk CEO and President of the Lisk Foundation Max Kordek, and ChronoBank CEO Sergei Sergienko.