SonoCoin claims to be the world’s first “audible cryptocurrency”. Find out what that means today in our review.
What Is SonoCoin?
SonoCoin, found online at Sono.money, is a blockchain-based audible cryptocurrency. The ICO for SONO tokens is underway throughout December and January.
SonoCoin aims to provide similar benefits to other decentralized cryptocurrencies, including fast transaction times, lack of centralized control, and easy access through mobile apps and desktop software.
The token is catered towards the payment processing industry (SonoCoin will have processing fees of around 0.5%), the gaming industry, and the advertising industry, although the currency is adaptable to a wide range of industries and uses.
How Does SonoCoin Work?
Obviously, there are a number of digital tokens on the market today, and they all offer similar benefits. The unique thing about SonoCoin is the use of audio.
SonoCoin is a digitally encrypted audio file that operates on a proprietary blockchain system. That blockchain uses proof of stake (PoS) to verify transactions.
The SonoCoin audio file is a sound interpretation of a code that can be recognized and recorded by any device that reproduces sound. The SonoCoin whitepaper compares this to bitcoin’s peer-to-peer value transfers, although SonoCoin has an improved UI similar to PayPal.
One of the innovations of the bitcoin blockchain was the ability to send any digital file in a secure way. SonoCoin extends this idea to audio files. With SonoCoin, you can send encrypted audio files in a secure way using blockchain technology.
The currency is written in Golang, Leveldv, and C++, and it uses an open source algorithm called ED25519.
The sounds of the SonoCoin can be played at frequencies not heard by humans. Audio files are stored in .wav format.
A beta version of the project is already available. SonoCoin will also develop an e-wallet that will hold your SonoCoin digital keys. All transactions on the wallet will be recorded and viewable on the blockchain. You’ll be able to use the wallet to transact through the use of audio-encrypted sounds. The receiver identifies the coin, then must receive the private key to authenticate the transaction.
Use Cases For SonoCoin
Why do we need an audible cryptocurrency? What industries can benefit from SonoCoin? Here are some of the targeted markets according to the SonoCoin whitepaper:
SonoCoin will address problems in the payment processing industry, including high fees and inefficient transfers. SonoCoin also allows for the transfer of money without KYC/AML verification and other complex paperwork. While the industry typically charges fees of 1.5% to 3%, SonoCoin plans to charge a fee of around 0.5%. Users will have full access to the SonoCoin network regardless of their KYC/AML status.
SonoCoin wants to target the gaming industry, which they believe is fragmented into a number of different coins. SonoCoin aims to be adopted by the gaming community as the primary digital currency. Gamers could use SonoCoin to complete in-app purchases without verification requirements. SonoCoin can provide gamers with a secure, anonymous payment method.
Online Gambling Industry:
SonoCoin sees itself as a superior alternative to bitcoin in the online gambling industry. Today, the average bitcoin transaction takes up to one hour and costs about $20. SonoCoin aims to provide cheaper, more accessible payments to the online gambling community.
SonoCoin wants to revolutionize the advertising industry by introducing ultrasonic frequency transfers of coins through ads. The sounds carried by SonoCoin tokens can be played at frequencies not heard by humans, which means advertisers don’t need to change their message to the consumer.
The SonoCoin ICO
The SonoCoin ICO begins with two-presales, followed by an initial coin offering. 15% of the tokens will be sold in each pre-sale, with 40% being sold in the ICO. The remaining tokens are reserved for research and development (15%) and management and stakeholders (15%).
There’s a total supply of 100,000,000 SONO tokens, with 70 million tokens available to the public. The first first-sale began in early December, followed by the second pre-sale from December 14 to December 29, with a 30 day ICO beginning on January 20, 2018.
Tokens range in price from 1.10 EUR (pre-sale price) to 1.68 EUR (ICO).
Who’s Behind SonoCoin?
The SonoCoin project began in early 2016 by a group of software developers in Geneva. As of 2017, the company claims to be in the process of establishing its headquarters in Switzerland.
The project is led by Leonid Afanasyev (Founder), the founder and director of Crown Capital Group SA, a Switzerland-based asset management company established in 2007.
Other key members of the team include Thaddeus Burns, Jean-Henry Morin, JJ Sendelbach, and Chrstian Frampton, all of whom are members of the advisory board for SonoCoin.
SonoCoin is a digital currency that allows you to send value through the use of audio signals. One of the innovations of blockchain technology was that you can securely send any digital file in the world – whether it’s a currency or a copyrighted file. SonoCoin extends this idea to audio files.
To learn more about SonoCoin and the ongoing ICO, visit online today at Sono.money.