Companies Rename Themselves To Bump Up Share Price
The craze continues as companies begin changing their name
to include the word “Blockchain” and watch their share price soar. As The Verge reports, a spate of renaming shenanigans has seen Long Island Drinks Corp become Long Blockchain, immediately causing its stock to surge 200%. Likewise, a California-based vaping startup Vapetek changed its name to the unlikely Nodechain, while offering only vague promises about its Blockchain-inclusive future plans.
The practice continues what has become a curious phenomenon. In October, Cointelegraph reported on how a veteran yet little-known UK telecommunications company reinvented itself as a notionally Blockchain-centric outfit, adding the term to its company name. Its stock swiftly took off, jumping from £15 ($20) to a high of £84 ($112) in days.
The trend continues in Asia, with Hong Kong tea manufacturer Ping Shan Tea Group now becoming the tenuously tea-linked Blockchain Group Co. How Blockchain impacts the company’s operations or product remains uncertain, with its website making no mention of the technology other than in its new name. In Russia, cryptocurrency-related consumer marketing has taken a more mainstream turn, with Cointelegraph noting how a sushi restaurant chain rolled out an ICO-themed drinks menu, even including a reference to China’s ban. Burger King outlets in the country have also experimented with their own token, which the fast food giant dubbed ‘Whoppercoin.’
ICO to Build Next Generation AI Raises $36 Million in 60 Seconds
SingularityNET raised $36 mln in one minute,
completely selling out of its native AGI tokens. While this is an enormous amount of money to raise in an incredibly short period of time, it’s somewhat unsurprising considering demand. The company asserts that the issue was massively oversubscribed, with 20,000 people registered to participate, seeking to buy $361 mln worth of tokens. The company reduced the number to a more manageable level, according to its press release,
“[Screening] all applicants using layers of algorithms, in addition to manual review, to comply with global KYC/AML regulations. This reduced the pool of contributors to 5,000, but also set a new standard for fundraising via Blockchain with respect to global legislation.”
Artificial general intelligence
SingularityNET aims to create a decentralized marketplace of AIs, where each AI can interact with one another (and pay one another) as needed to solve customers’ problems.
Founder Ben Goertzel gave an example:
“If you need a document summarized, as a user you can put a request into SingularityNet… You may get bids from twenty different document summary nodes…and you may choose one with the right balance of reputation and price.
But now that document summary node if it hits something in the document it can’t deal with, it can outsource that…if the document summary node that you’re paying…hits an embedded video it can outsource that to a video summarizing node and it can then pay it some fraction of the money it was paid. Or, if it sees a quote in Russian…it can outsource that …to a Russian to English translation node that can do that translation, then send it back to the document summary node.”
Artificial intelligence and machine learning are hot trends in computing these days, but are largely controlled by massive corporations. These corporate titans develop their own proprietary systems and software and keep it in-house. SingularityNET intends to decentralize this heavily centralized field, allowing developers of AI tools to monetize them and non-corporate users to benefit from them.
As with any new venture, it remains to be seen whether this is even possible, or whether behemoths like Google will forever dominate the field of AI. One thing is certain – there is plenty of interest in decentralized AI systems. SingularityNET’s token sale could not make that any more clear. Just like the Nicholas Cage movie, these tokens were “gone in sixty seconds.”
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