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What is SoMee.Social (ONG)?
Future of ONG Cryptocurrency and know how to buy ONG

What is ONG?

#1 - SoMee.Social (ONG): The Basics

What is SoMee.Social?

  1. SoMee.Social is a blockchain-powered dashboard that allows users to interact with all their social media profiles on various platforms from a single interface. The SoMee.Social platform intends to enable users to exercise complete control over their online identities by serving as a bridge to all centralized social media platforms. The SoMee.Social platform is developed by SoMee Global Inc.
  2. SoMee.Social is also a platform for incentivized community building and user interactions. The platform provides a decentralized solution which allows users to connect with each other without being affected by censorship and privacy concerns.
  3. The incentive based economy of the SoMee.Social platform is powered by its own cryptocurrency called the ONG Coin. The platform uses ONG Coin as a means to reward users for their quality and quantifiable contributions to the SoMee.Social community.

SoMee.Social (ONG) Development

  1. SoMee Global Inc. was known as OneName Global Inc. before its rebranding in June 2018. The company was founded in 2013 by Christopher Kramer who also serves as CEO in the company. Brian Conte and Lily Liu have been appointed as CTO and COO, respectively.
  2. The company had initially minted 300 million ONG Coins. The ONG coin was implemented on two blockchains. Tokens that were bought using Ether were released on the Ethereum blockchain while tokens that were obtained by using Bitcoin, Waves, and fiat currency, were released on the Waves blockchain.
  3. The company held its ICO (initial coin offering) between August 11, 2017 - September 20, 2017. At the end of its ICO, SoMee.Social (OneName.Social at that time) managed to raise over $1.2 million.

 

#2 - What are the Benefits of SoMee.Social?

SoMee.Social Technology

SoMee.Social uses a host of algorithms, technologies and other concepts to power its platform, some of them being:

  1. Gravity Algorithm: SoMee.Social deploys a unique algorithm called “Gravity” to measure rewards and incentivize users for verified content. The Gravity algorithm calculates the weight and impact of content posted by the users. The Gravity and the Gravitational pull of the content are determined in proportion to the number of people viewing the content in a measured time frame. Any content or contribution by the users either has positive Gravity or negative Gravity. Positive Gravity is defined by the number of upvotes while negative Gravity is determined by the number of downvotes. This process enables the SoMee.Social platform to analyze the impact of content on the community by inferring to the nature of its Gravity.
  2. Gravity Score And Credential Verification: Each user on the SoMee platform has a Gravity score that influences the weight and impact calculated by the Gravity algorithm on the contributions made by the Users. Users can attain higher Gravity score on verifying their credentials and experience by providing concrete KYC proofs which may also include resumes and Academia profiles.
  3. G-Force: The Gravity algorithm defines the weight and impact of the content as G-Force. The G-Force mechanism works on the concept of “Stickiness” in the media, as explained by Malcolm Gladwell, describing the capacity of media content to attract attention. Content pulling a bigger audience in a short period will generate a higher level of the G-Force.
  4. G-Fuel is the mechanism for enabling promoting, boosting, and voting on content. Similar to Facebook and some other social media platforms, users on the SoMee platform can promote their content by adding G-Fuel. However, a paid post cannot always guarantee gaining the desired amount of Gravity, although an effective combination of good Gravity Scores and G-Fuel can influence the Gravity and the Gravitational pull. G-Fuel can be purchased with US dollars.
  5. G-Boost: The SoMee platform features a two-way system for determining the distribution of G-Bucks(a G-Fuel equivalent, given to the content creators by the advertisers). The System offers complete authority to the advertisers and creators to choose either party. Content creators can even disable the advertiser promotion system if they don’t want to promote any advertiser.

G-Bucks compensation distribution from advertisers to the content creators is an automated process but can also be done manually after approval from both parties. This distribution gives an assurance to the advertisers about the content their advertisements are being displayed on. Similarly, content creators can choose what brands and advertisers they want to promote.

Features of SoMee.Social

  1. Reliable Blockchain: The ONG token is built on the Ethereum blockchain, which has been thoroughly tested and has been proven to be a reliable and versatile blockchain. The most critical feature of the Ethereum blockchain is its customisable smart contracts, which allows SoMee platform to modify its algorithm to meet the transactional and functional requirements without compromising the security of the coin.
  2. Multicurrency Wallet: SoMee Platform features a wallet that has support for multiple currencies including fiat. The SoMee wallet cannot only store cryptocurrencies but also has a limited token exchange functionality. The wallet inherits the intuitive user interface from of the SoMee.Social platform, which enables seamless transactions of digital currencies within a few clicks.
  3. Multi-Blockchain Ecosystem: SoMee platform intends to create an ecosystem that leverages multiple blockchain protocols to provide more advanced features to its users. E.g. SoMee can integrate with APIs from Storj (decentralized cloud storage solution) enabling users of SoMee to provide their idle storage spaces. This integration will allow SoMee platform to gain alternate revenue streams while further increasing the potential of ONG Coin adoption.

 

#3 - How to Purchase and Store ONG Coin?

How to Purchase ONG Coin?

ONG Coin is pre-mined cryptocurrency, which means that entire supply of the ONG Coin was created at the time of its inception. This makes it impossible to create any new coins in the future via ONG mining. Nonetheless, ONG can be obtained by exchanging it for other cryptos on a cryptocurrency exchange.

  1. SoMee cryptocurrency is available for trading on cryptocurrency exchanges like Bancor Network, IDEX, Qryptos, and Ether Delta. ONG can be purchased by exchanging Bitcoin, Ether, Bancor, and QASH.
  2. The ideal way to trade cryptocurrencies is to compare rates on all trading exchanges to get best rates. CoinSwitch can make this process very easy for the users.
  3. CoinSwitch is the largest cryptocurrency trading platform, which allows trading of more than 350 cryptocurrencies with over 45000 possible pairs. Users can compare ONG rates and trade across all available exchanges at one place. CoinSwitch also aggregates live price and performance charts of cryptocurrencies, enabling users to make an informed decision.

How to Store ONG Coin?.

ONG is mostly referred to as a coin, but in reality, it is an ERC-20 based token. SoMee.Social platform comes with an inbuilt wallet to store ONG Coins. The SoMee.Social is also available as a mobile app for both iOS and Android. Other than the official wallet, ONG can also be stored on Ethereum compatible third party wallets. Some popular options are:

  • MyEtherWallet
  • Metamask
  • Mist
  • Ledger Nano S
  • Trezor

 

#4 - What is the Future of SoMee.Social?

Also Read: Complete Analysis of SoMee.Social | Live SoMee.Social (ONG) Price Charts And Predictions

  1. As of August 28, 2018, ONG has a market cap of $702,935. In April 2018, the company burned 50% of the total token supply, which reduced the total supply to 150 million ONG tokens. Over 36.5 million ONG tokens are circulating in the market.
  2. ONG launched for trading in the global crypto market on December 01, 2017, for an initial price of $0.253057. The market conditions in January 2018, caused the ONG price to reach at its all-time high of $2.67.
  3. Since January 2018, the price has remained highly volatile, although some stability was observed during the June 2018. As of August 28, 2018, the price is floating near $0.019 mark.
  4. Market predictions for the ONG price do not reflect any considerable increase in the value. According to the analysts, the price should be standing somewhere near $0.2235 in 5 years, which is still a lesser value compared to its launch price.

Price (USD) History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 01, 2018

0.026217

0.026298

0.023028

0.025706

6,725

880,743

Jul 01, 2018

0.037265

0.041695

0.035616

0.037760

5,950

1,203,285

Jun 01, 2018

0.042704

0.046874

0.040316

0.044726

12,220

1,146,109

May 01, 2018

0.065070

0.065776

0.057478

0.061107

7,769

1,646,873

Apr 01, 2018

0.112535

0.115304

0.098953

0.103461

528

1,537,424

Mar 01, 2018

0.185757

0.238659

0.185505

0.202330

4,687

2,537,758

Feb 01, 2018

0.820586

0.910930

0.646564

0.873268

18,561

11,210,629

Jan 01, 2018

0.156737

0.298126

0.153316

0.170102

2,547

1,975,068

Dec 01, 2017

0.253057

0.349993

0.252297

0.346391

10,811

-

 

#5 - How is SoMee.Social Different from Other Cryptocurrencies?

  1. Unlike Bitcoin, ONG Coin is a utility token, which serves a multitude of purposes within the ecosystem of the SoMee.Social platform.
  2. Although there are several decentralized social media platforms, SoMee.Social differs greatly in functionalities from such platforms. Instead of creating its own social media platform, SoMee.Social serves as a unified dashboard to combine all social media networks using a single interface.
  3. Similar to the Steemit and the Golos platform, SoMee.Social also features a reward system for the content creators, But the use of Gravity algorithm ensures a fair calculation of rewards while allowing even the less popular post to be heard.
  4. The ability to integrate APIs of various blockchain protocols allows the SoMee.Social platform to inherit the features from source blockchains. This mechanism helps users to earn other cryptocurrencies from within the SoMee.Social platform.

 

#6 - Should you Invest in SoMee.Social?

  1. The SoMee.Social is providing an intriguing platform to interact with all major social media platforms. On a theoretical level, SoMee.Social does seem like a platform with a lot of growth potential, yet it has been unable to attract a lot of attention.
  2. Although SoMee.Social features a single interface to interact with all social media platform, the complexity of the blockchain and cryptocurrencies may become a hurdle in its adoption by common users. The primary reason behind it is simply that a lot of people tend to ignore the privacy and other censorship issues associated with the traditional social media platforms.
  3. The platform also faces direct competition with the giants like Facebook, Twitter, Instagram, LinkedIn, and some others. These platforms have been around for years and users have become so used to them, that they may simply not want to migrate to a new platform.
  4. Price-wise ONG Coin doesn't seem to in an attractive position for investment as of August 2018. However, the cryptocurrencies are subject to high volatility, so any future predictions cannot be taken with the utmost surety.

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