SONM announces ICO

Blockchain technology-powered universal fog supercomputer Supercomputer Organized by Network Mining (SONM) is conducting an ICO from June 15 through July 15. SONM tokens will be issued on the Ethereum blockchain.

SONM aims to be the first supercomputer for general purposes by modifying the algorithms behind conventional cloud and grid networks.

“Market demand for computing power is rising exponentially across a range of industries,” SONM CEO Sergey Ponomarev said. “SONM’s unique offering directly responds to this demand by making use of idle standing computing power to solve non-deterministic tasks like hosting websites, the backend for mobile apps, and massively multiplayer online gaming (MMO instances). Any miner with a smartphone or supercomputer cluster can become a part of SONM’s fog network and generate computing power to be used by others.

“Fog computing with its greater innate potential, is widening the scope of what cloud computing can achieve by bringing solo miners, private datacenters, public clouds, and IoT into the network. The SONM platform, based on BTSync’s data transmission software and Yandex Technologies’ open source code for decentralized computation, is an integration of the most advanced solutions in the field of fog and cloud computation.”

SONM will offer services including app development, scientific calculations, website hosting, video game server hosting, machine learning for neural networks, video and CGI rendering, augmented reality location-based games, and video streaming services by hybridizing fog computing with open source PaaS technology. Miners can earn tokens by serving calculations for network members, who can be operating smart devices anywhere in the world and selling their computing power peer-to-peer through SONM’s Application Pool.

“In recent years, being a part of a pool has been the only way to profit from mining, but this method often doesn’t even cover electricity costs associated with Proof-of-Work (PoW) mining,” Mr. Ponomarev explained. “SONM will reduce miners’ costs by eliminating the need for PoW mining and by suggesting the most profitable applications and tasks for each miner’s hardware.”

Computing power buyers will use SONM’s tokens to pay for calculations executed through the smart contracts-based SONM platform. Those tokens will be exclusively created during the crowdfunding period. The funding cap will be confirmed according to the ETH/USD conversion rate prior to the ICO.

Progressive bonus structure exists for the first 70 per cent of tokens sold through the ICO. One third of funds raised will be used for marketing, market expansion, community enhancement and overall expansion, 30 per cent go toward research and development, seven per cent to complementary technologies, six per cent for technology infrastructure and four per cent for legal and office expenses.

Investors can participation the ICO using most major cryptocurrencies including Bitcoin and Ethereum. The SNM basic price is one ETH for 606 SNM.The amount of tokens to issue for cryptocurrencies other than Ethereum deposits will be calculated according to current exchange rates.