NEW YORK, March 6, 2018 /PRNewswire/ -- ServerCube, Inc. announces its ICO to support its growing distributed computing network that fulfills the promise of the decentralized Blockchain by inverting the traditional data center model and offering several investment opportunities at the same time.
Currently, most computing power is concentrated in large centralized data centers controlled in a monopolistic fashion, including industrial scale crypto mining operations and deep learning AI centers. ServerCube disrupts this model by distributing computational power through a swarm network of residential and small office-based ServerCube Devices that provide "SC Hosts" with an incentive for running these high capacity mini computers.
Delivered directly to the home and requiring only internet and electrical access, a ServerCube Device utilizes its own software and network to initially mine cryptocurrency such as ETH. Its compact footprint fits comfortably in a corner at home or in a basement or garage, operates relatively quietly and uses energy efficiently.
"Our initial focus of the ServerCube platform is to build scale and profitability using cryptocurrency mining. But with approximately 1,500 installed ServerCube Devices running, the aggregated computing capacity will be in the same class as the Titan supercomputer. This will allow us to offer Blockchain as a service (BaaS) for all other classes of applications and customers who need Blockchain technology, but lack the technical capability and infrastructure to build it quickly. Our ServerCube platform will also have the parallel scale to work on high computational problems such as deep-learning AI, VR modeling and climate modeling. Essentially, any public sector organization or any commercial entity who wants to investigate, research or utilize AI technology will now have a ready-made platform available, at significantly lower-price points than the major providers in existence today," said Sunil G. Singh, CEO of ServerCube.
While the SC Device is outwardly simple to operate, the ServerCube platform contains powerful, first mover technical characteristics that make it a disruptive player in Blockchain computing, cryptocurrency mining, deep-learning AI, VR modeling and BaaS. The BaaS offering is made possible because of ServerCube Connect, a middleware layer that can share encrypted data with counterparties outside of the ServerCube. It connects the outside world, enabling transactions across public blockchains such as Ethereum, Bitcoin, or Dash; and private blockchains such as Corda and Hyperledger. In addition, fiat currency transfers are supported on the ServerCube platform.
SC Hosts are responsible for the up-time of the SC Device and receive a monthly incentive to cover a residential utility costs in its entirety, or provide wi-fi access, or a small monetary payment. For people in some geographies, that incentive will help to contribute towards a Universal Basic Income (UBI).
"Equally important, we believe that the ordinary people, the SC Hosts, who support the ServerCube platform should be directly incentivized or compensated in some way, and this (unfairly) does not happen with underprivileged users of mobile devices or social media networks, but we think it should. Without the people using mobile devices or social media networks, those platforms would fail. Large scale technology firms have an obligation to give something back to these users, and we intend to set a precedent for this," said Singh.
To support and grow the ServerCube platform, an Initial Coin Offering ("ICO") to sell ServerCube Coins ("SCCs") began March 2, 2018.
By participating in the ICO, buyers of ServerCube Coins will receive a weighted share of 15 percent of the generated cryptocurrency asset pool and/or 15 percent of the gross revenue pool paid by customers using the ServerCube platform. The ServerCube Coins themselves are used to identify SC Hosts and track ServerCube Devices with ERC223 compliant Smart Contracts and DLT, and also to pay for ongoing hardware refreshes of ServerCube Devices. Additionally, larger buyers of ServerCube Coins may choose to lease ServerCube Devices to create their own mining or computational pools. A limited number of SC Devices are also available as pre-paid leases to individuals, separately offered from the ICO itself.
The ICO is open to U.S. residents who are Accredited Investors, and also to all non-U.S. residents who are the equivalent of accredited investors in their own legal jurisdiction. More information about the details of this US Regulation D 506(c) Offering can be found in the required Personal Memorandum available at servercube.io.
Institutional investors and Accredited and Institutional Investors worldwide can also buy a "convertible" ServerCube Coin for a minimum of the equivalent of $500,000 USD, which converts one-to-one to equity shares in the event of an acquisition or IPO of ServerCube in the future. "We felt that there are two camps for startup investment money right now: one camp is 'old school' and goes through the well-known bootstrap to proof-of-concept to early stage investment model, and the other is the ICO investor. We are looking for a 'bridge' between these two camps to bring 'old school' institutional investors to ICOs, and we believe our convertible SCC model does this well," said Singh. ServerCube is registered as a C corporation in Delaware.
SOURCE ServerCube, Inc.