DeepBrainChain, a project that aimed to democratize access to artificial intelligence (AI) appears to be just inches from the chopping block, after a recent admission by the project CEO Feng He.
Despite the project almost maxing out its hard cap allocation by raising almost $12 million in its December 2017 initial coin offering (ICO) and launching with thirteen advisors in-tow, recent comments by DeepBrainChain CEO on Telegram indicate the project is struggling to move ahead due to funding concerns.
"Yes, I have shortcomings in management. In 2018, I spent too much energy on non-products and technologies and gave lectures in many places. I ended up wasting a lot of time, so in 2019, I changed my course and focused on products and technologies." He said, according to messages seen by Decrypt.
“Now the price is too low, I don’t want to sell [DeepBrainChain], so I’m talking to Gobi to invest, I hope they invest, so that we don’t need to sell [DeepBrainChain] to operate,” he added.
DeepBrainChain was focused on artificial intelligence. Image: Shutterstock
Gobi Partners is an investment firm that manages six funds and has seven offices in Asia. Decrypt has reached out to Feng He for a statement but has not heard back by press time.
It’s unsurprising that he no longer wants to sell DeepBrainChain (DBC) tokens, since they are all but worthless. The cryptocurrency is now trading 99% lower than its ICO price. One DBC is now worth $0.0007.
The price of DeepBrainChain has flatlined. Image: CoinMarketCap.
Similarly, trading volume has also practically collapsed in the last two years, falling from a peak of $65 million per day in January 2018, down to less than $90,000 today. As a result, if the DeepBrainChain team sell any more coins, it would depress the price even further.
The project has also been accused of squandering ICO funds and repeatedly failing to deliver on its promises. To this day, the project still hasn't released its public mainnet, and according to one disgruntled user it hasn't achieved much of anything else either.
DeepBrainChain community wants to know what progress the project has seen. Image: Telegram.
However, the project is not alone in its shortcomings. One recent report found that there have been at least 1,840 failed crypto projects since 2017 with the vast majority of these being listed as scams. On the bright side, at least Elon Musk thinks crypto’s worth tweeting about.