SONM Post-ICO Update – October 2018 - Crush Crypto

SONM Post-ICO Update – October 2018

Overview

  • Project name: SONM
  • Ticker symbol: SNM
  • ICO date: June 2017
  • Market cap*: $20 million
  • Circulating supply*: 359,600,000 SNM
  • Total supply: 444,000,000 SNM

* As of October 15, 2018. Source: Coinmarketcap

SONM is a decentralized fog computing platform with use cases targeted at general-purpose computing tasks. SONM facilitates the use and exchange of general-purpose computing power and computer architectures.

The marketplace for SONM is built on the Ethereum blockchain and uses an ERC-20 token as its standard. However, there are two tokens used in SONM’s ecosystem.

The first is the ERC-20 standard used on exchanges, and the second is the SONM blockchain token. The SONM blockchain token is pegged at a rate of 1:1 to the SONM token and can be exchanged between their native blockchain and the Ethereum blockchain.

When purchasing or leasing computing power, SONM suppliers and customers use the SONM blockchain tokens as a medium of exchange. The ultimate goal of the SONM platform is to give more resources to crypto miners and make better use of the total computing power in the network.

Use cases for SONM include machine learning, video rendering on CPU/GPU, CDN and video streaming, and so on.

SONM was founded by Sergei Ponomarev, a smart contract expert, and Aleksei Antonov, a blockchain proponent. SONM was able to raise $42 million USD in their four-day ICO period.

Since then, SONM has launched its main net and is in the process of gaining Customers and Suppliers to exchange computing power within their fog computing platform. As of the date of publication of the article, there are 106 deals in process on the network.

SONM currently has five teams located in North America, Europe, and Asia. Along with expanding and further decentralizing their platform, SONM is holding computing challenges to incentivise use and development of their software and platform products.

SONM is also initiating a brand advocacy program to spread knowledge and awareness of their platform. Advocates will be compensated in SNM tokens for creating content, influencing users, or finding bugs in the software.


Key Milestones/News

The project is open source and their development progress can be tracked on GitHub. The SONM team provides frequent progress updates on their blog: https://sonm.com/blog/. Below are the key news/milestones achieved by the project.

  • June 2017: ICO concluded
  • June 2017: SONM alpha launched with Quake game server
  • July 2017: Discovery Algorithm and Whisper protocol integrated into network
  • October 2017: updates to SONM roadmap and deadlines
  • November 2017: SONM partnered with AION
  • February 2018: Machine learning made live on SONM
  • February 2018: GUI token wallet released
  • May 2018: SONM sidechain data warehouse released
  • June 2018: SONM mainnet audited by two independent smart-contract auditors, Hacken.io and SmartDec. The audit found no critical issues, but a few medium and low-risk issues.
  • August 2018: SONM hosts a fog computing challenge for developers
  • August 2018: smart contract security audits published

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Conclusion

SONM’s current platform is making good progress and staying up-to-date with deadlines according to the whitepaper and roadmap. Its mainnet is live with over 100 deals running.

SONM is continually trying to discover new use cases for their platform while incentivising users to build and grow the current SONM ecosystem using bounty programs. It has a profitability calculator so potential suppliers can gauge how profitable it is to distribute computing power on the SONM platform.

SONM is also focused on security and transparency, especially when it comes to their smart contract protocol.

On the disclosure front, the team has been making monthly updates which are quite thorough on the business as well as technical side. Overall, the project is one of the few that is live on mainnet with actual traction.


Additional Resources


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