What is SONM (SNM)?
Future of SNM Cryptocurrency and know how to buy SNM

#1: What is SNM?

SNM: The Basics

SONM is an innovative new platform that uses blockchain technology to provide a decentralised, secure, and global cloud network that can be used for varied applications by anyone in the world.

SNM Development

  1. SONM was launched in June, 2017. Its ICO began from 15th June, and ended on 15th July, during which 360 million of the 444 million maximum number of SNM tokens were sold.
  2. It is actually based on the Ethereum blockchain, utilizing ETH smart contracts. The SNM cryptocurrency is thus an ERC20 standard token on the ETH blockchain.

 

#2: What are the benefits of SONM?

SNM Technology

  1. The users of the SONM technology are divided into two groups: Customers and Suppliers. Suppliers are the people who list their computational power on the blockchain for use by people called customers. It’s not a conventional Proof-of-Work, or Proof-of-Stake coin. ‘Mining’ is done by contributing computational resources to application on the SONM blockchain, while the network is secured via ‘staking’ through Masternodes.
  2. Many people may require extensive computational power, without the financial means or resources to purchase or rent a supercomputer or set up a server farm. People in this category (Customers) can use the SONM platform, and rent immense computational resources over the blockchain in a peer-to-peer and secure manner.
  3. SONM allows people with powerful computer setups use the full extent of their machines, to generate value for them. SNM does this by providing a platform where people can use their resources for real-world tasks, and get rewarded in a peer-to-peer, and secure manner.
  4. SONM uses an innovative methodology called fog computing to achieve its decentralised network of computational resources. Fog computing employs multiple, distributed nodes that communicate and collaborate globally in a peer-to-peer manner, to share and combine resources and computational power to run applications. This is unlike cloud computing, where there is usually a centralised server farm, made up of dedicated machines that provide computing and storage resources.
  5. The interaction between customers and suppliers takes place via smart contracts on the ETH blockchain. Customers can list applications they want to run on the distributed SONM fog computing cloud, and define the payment, done in SNM coins. These applications will then have computational resources contributed to run them by suppliers, who get paid the specified amount of SNM.

Key Features

  1. Innovative purpose - SONM is one of the few cryptocurrencies that were not designed with crypto trading in mind. Instead, the blockchain technology, and subsequently cryptocurrency protocols, were used to implement the functionalities of the platform: A decentralised, trustless, secure, and global network of interconnected nodes that can seamless communicate and collaborate with each other to perform real-world tasks.
  2. Efficient resource utilisation - Unlike traditional mining, where only the CPU or GPU is used, in case of computing devices, the SONM blockchain ‘mining’ process utilises the entirety of a computer’s resources. This means that everything from the CPU, the GPU, RAM, storage, and networking capabilites, is used by the SONM blockchain. This makes an efficient use of resources that would otherwise be running idle, and allows the supplier to earn as much bang for their buck as they possibly can.
  3. Advanced network - The SONM blockchain, with its fog computing setup, is a very lightweight and efficient blockchain. By using masternodes and staking to secure the network, the entire computational capacity of the network is free to run distributed applications, perform scientific computations, render intensive graphics or animation, and much more.
  4. Secure and Robust - SONM ensures that both the customer’s and supplier’s user data is secured and protected. The blockchain technology itself automatically provides a highly secure and tamper-proof method to communicate in a decentralised and trustless peer-to-peer network. SONM also ensures extra security by requiring KYC authentication of customers who want to run custom applications or perform custom actions using the fog computational resource cloud of SONM. This protects users from fraudulent and intrusive use of their system.

 

#3: How to Buy & store SONM?

How to buy SONM

  1. SNM can be bought and traded at exchanges like Binance, Tidex, Liqui, Kucoin and HitBTC, with Binance being the largest by volume. SNM can also be bought with fiat currency at Changelly.
  2. SNM can be earned by contributing computational resources to run applications on the SONM blockchain.
  3. SNM can also be earned as a reward for securing the SONM network via staking, which can be done with a masternode.

SNM Wallet

  1. A new SONM wallet can be created from the official website.
  2. Since SNM is an ERC20 standard token, any wallet that supports ETH will also support SNM without any extra configuration.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the SNM cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for SNM on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate SNM wallet from the exchange to store your SNM cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of SONM?

Also Read: Complete Analysis of SONM | Live SONM (SNM) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.168633

0.17115

0.155098

0.160789

830793

60640428

May 01, 2018

0.2568

0.263605

0.233812

0.263605

3332960

92345168

Mar 01, 2018

0.211811

0.230078

0.207473

0.2273

1030490

76167264

Jan 01, 2018

0.371385

0.423366

0.347633

0.404211

5267520

133550104

Nov 01, 2017

0.087999

0.088453

0.070965

0.074885

844666

31644250

Sep 01, 2017

0.085228

0.087408

0.068876

0.079624

464352

28241100

Jul 01, 2017

0.074456

0.075187

0.053373

0.061253

420406

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  1. With the public release of the platform in June 30, 2018, prices are still slightly unstable. However, it is very likely they will soon rise, as more people start using the platform to run applications and rent their computational resources.
  2. The immense market potential of SONM indicates high chances of it becoming a major player in the coming months.

 

#5: How is SONM different from other cryptos?

  1. Dedicated development team - The development team behind SONM has pushed out features and updates regularly. After the ICO, the final development of the SONM platform finished in 2018, with the platform itself being released to the public on June 30, 2018. Now, full use of the decentralised SONM fog cloud is available, where people can sign up to have their tasks run on the SONM distributed computing resource, and where people can offer their device’s resources and computing power for rent.
  2. Unique technology - Unlike conventional hsahing algorithms and consensus mechanisms, SONM employs a unique methodology to implement its blockchain. The blockchain is secured efficiently via staking through masternodes, making the network environmentally friendly. The entire computational power of the blockchain is dedicated to the execution of decentralised applications, or computational tasks that use a node’s resources to complete. The node is then rewarded the specified amount of SNM for the task.
  3. Immense market potential - With Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) becoming the next big things after cloud computing, SONM is at the forefront of these technologies with its blockchain based implementation. Due to the trustless, and secure nature of the decentralised blockchain network, and efficient and robust development, SONM has the potential to be of the biggest coins in the near future.

 

#6: Should you invest in SONM?

  1. The platform is very recently released, makes it a perfect time to buy in, considering prices will probably rise soon.
  2. As people gradually start using the platform, the valuation of SNM is projected to increase very fast.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the extremely innovative nature of SONM, combined with its immense market potential, make it an extremely good choice for investment.
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