China Fallout Claims ICO Casualty
With cryptocurrency prices trading in the green, conditions seem ripe for issuing a new token in a crowdsale. Nonetheless at least one digital token is delaying its plans amid China’s rebuffing of this market in recent days. TraneAI, which is developing the first decentralized network for artificial intelligence (AI) on the blockchain, has delayed the Ethereum-based TPAI coin’s launch, according to reports.
TraneAI was scheduled to launch its three-week ICO of the TPAI tokens today and was targeting USD 50 million in its deal. Those plans, however, have put on hold for the foreseeable future.
In a report on CrowdFund Insider, TraneAI CEO Tomer Dicturel blamed the delay on “volatility in the market,” which started with China’s ban of ICO deals and extended to the shutdown of major exchanges.
While volatility has been more pronounced of late, evidenced by a pendulum shift in the prices of the top 10 cryptocurrencies based on market cap from double-digit percentage declines last week to double-digit percentage advances today, price swings are nothing new to this market, especially this year.
And by all accounts the TPAI has all the makings of a transparent ICO with a clear and direct connection to the blockchain, while others leave something to be desired. TraneAI provides a roadmap on how proceeds of the coin sale would be directed toward storage and processing infrastructure until the project reaches profitability, which is expected in 2018.
AI systems are used the development of products such as self-driving vehicles and the next Siri, for instance. TraneAI seeks to decentralize the AI training process on the blockchain for faster innovation, targeting quality labeled data to be used in AI systems across industries. Ethereum-based TPAI tokens will be used toward purchasing products and services on the TraneAI ecosystem, including custom chatbots powered by AI systems.
It’s unclear when the TraneAI ICO will be rescheduled.
For more information about buying and trading Ethereum, see our complete guide here.