Bibox in Focus with SONM
SONM is delighted to have Chris Lim, the Director of Marketing Operations in Asia Pacific at SONM, to be the guest of the AMA held on Sept.16th at 16:00 p.m. (UTC+8). She has answered all the questions from the host and some representative ones from the group members. If you missed the interactive chance, then you should not miss this article!! The followings are the Q&A collected by SONM team, have a review with us:
Questions raised by the host:
1. Could you please introduce SONM to our community in a jargon-free way?
SONM is a powerful distributed worldwide system for general-purpose computing, implemented as a fog computing structure.
SONM is a viable alternative to cloud solutions and services because of using a fog computing structure. Consumers of computing power in SONM get more cost-efficient solutions than cloud services. SONM provides computing power in the most generalized case — general computing, this is suitable for a wide range of Consumers.
SONM provides a computing platform for real world applications: worldwide computations organized using SONM can serve to complete numerous tasks from CGI rendering to scientific computations. A number of applications will be launched either without modifications or with minimal improvements.
In SONM we join two global markets — the market of mining and the market of calculations using traditional cloud providers, so our clients (computation consumers and resource customers) receive conditions for mutually beneficial cooperation.
2. Please provide us with your most updated development roadmap and indicate which stage you are at right now. If this differs from your original development roadmap, please explain why.
SONM’s development and updates have been in line with the roadmap. Up until 2020 S3, SONM has completed ERC20 swap and BEP20 issuance. For the next stage, SONM will work on the Resource Allocation System (RAS) and Fog storage. The design of FogX NFT module and multi-chain version will also be undergoing.
SONM’s first strategic product is Rays Render, a SaaS application dependent on GPU computing, which perfectly shows the strength of SONM. Before Ray Render, we tried to attract encrypted users, because SONM required users to use SNM and cryptocurrency to pay rent. Now Ray can attract people from outside the encryption blockchain industry, because it accepts credit card payment thus creating external demand for SONM.
Now, SONM is focusing on developing FogX. FogX is a decentralized exchange for Fog Mining Power NFT. It is meant to provide a comprehensive alternative solution to cloud services, which can implement multiple tasks from various customers at the same time to meet their computing needs.
Soon, Ray Render and FogX will grow to be the main driving engines of SONM. With this two products complementing each other, SONM’s FogX computing skills and capabilities get to be supported by Ray’s command-creating and service-expanding. Ray’s function sphere also widens due to FogX’s NFT and cross-chain designs.
SONM is following up on the basis of the lattest roadmap. On the next stage, SONM will update Rays and launch FogX. The layer-2 solution — -SONM’s sidechain will also see an promotion and we will more on to explore more possibilities in PoS technology.
3. What are the major milestones SONM has achieved so far & what are in the future pipeline?
Apart from two main strategic products — — Ray and FogX, SONM’s sidechain development will be optimized. What’s more, our technological team is aiming at introducing PoS into SONM’s ecology to improve proficiency and reduce gas fee. Proof of Stake (PoS) is an upgrade to the consensus model of workload proof. In PoS-based chain, a group of verifiers take turns to propose and vote for the next block, and the voting weight of each verifier depends on its deposit (i.e., rights and interests).
Significant advantages of PoS include improving security, reducing centralization risk and cutting down energy consumption. SONM now has generally built a sustainable and high-quaility environment. Moving on to open more fields in Layer-2 solutions, map out securer Web3.0 plan and always care for user’s benefits and rights is what SONM is going for.
SONM has also made new steps towards its highly-scalable “Fog Computing + NFT” Architecture, shaped its metaverse in Web 3.0 era, and successfully played an important role for 5G networks, IoT, smart city and etc.
For more detailed information, you can visit:
4.Many projects look great only on their whitepaper & Roadmap but facing a lot of difficulties when trying to implement the project mission and end with failed. How does SONM overcome every obstacle in its project development?
SONM believes that difficulties must be solved once they have emerged. Every step that SONM took was based on your — customers’ and suppliers’ — needs, so that SONM has come up with its four major solutions to help overcome possible obstacles:
a. Infrastructure for blockchain applications
Infrastructure, provided by Sonm, allows to run any decentralized applications or host blockchain-based services, which need computing resources for it work. For example, such well-known projects as Golem, iExec, SIA, Elastic etc.
b. Machine learning
Sonm can provide massive pool of available GPU machines. This power can be used to run training on GPU, or parallel training to optimize meta parameters. Sonm supports TensorFlow and CUDA for your application inside Docker environment.
c. Video rendering on CPU/GPU
Unlimited resources for GPU rendering with low overhead and competing prices. This kind of resources works well with existing commercial rendering software, like Redshift and Deadline.
d. CDN and video streaming
The distributed fog computing structure of Sonm is perfect for the CDN establishment: hundreds of Sonm nodes around the globe allow you to serve content and organize effective balancing and scalability.
5.Who is the SONM platform targeting?
The main persons in SONM are Customers and Suppliers. Customers can select any rental time or computer architecture they need for their project and they set the cost. Using SONM they can execute wide range of tasks. Suppliers are the resource owners. They can earn tokens by selling computing power peer-to-peer to Customers to perform their calculations.
The defining feature of SONM is its decentralized open structure, where Customers and Suppliers can interact with no middlemen, while building a market for them, unlike cloud services. Decentralized computational power marketplace of SONM allows the customers to find each other and get the best prices.
Customers and Suppliers are the driving force of SONM. They fill the Market, creating competition and movement in the free resource market.
6.Security & User Interface are the most important aspect which users observe on a platform. How has SONM worked on this? Is Platform suitable for Newbies in the crypto field?
SONM has designed a complete system of user guides especially for Newbies. As the Guides were subdivided into SONM CLI Guide, SONM GUI Guide, SONM Telegram bot Guide, SONM Task manager Guide and SONM Worker monitoring bot Guide, Newbies can according to their needs.
What’s more, SONM has set a “How-To” column to help users learn about platform usage and the main operations, for instance: How to check installation integrity/ How to launch and manage task in SONM network/ How to force worker to re-detect your hardware
With all these efforts, newcomers will not be worried about whether they could suit the crypto field.
7. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us all partnerships you currently have and/or have planned?
It is notable that SONM’s partners keep expanding, the new-added ones are as follows:
- Bibox (the world’s first Artificial Intelligence-driven digital asset exchange)
- SONM joined Binance affiliate program (Binance has supported SONM upgrade & redenomination plan, SONM’s computing power products gained a greater advantage on #BSC.)
- TokenClub (@TokenClub_TCT is a top cryptocurrency community invested by Binance)
- Blockfolio (now FTX, the world’s most popular bitcoin & crypto portfolio management app)
- Atomicwallet (a decentralized Crypto Wallet with 1M users)
You can find the announcements of all the partnerships we had in the blog. Link like this: https://sonm.com/?s=partnership
Some info here: https://sonm.com/blog/sonm-crypto-iaas-is-here/
SONM team is pleased to announce that, in the future, any other projects are highly possible to be a partner of SONM, SONM will also try to dig out more potential partners and bring win-win results.
8.Users often care less about technology, but rather the value of the token. How does SONM manage to strike a balance between developing the technology and also improving the value of the token?
We are using a public platform of smart contracts for key operations that require consensus. Using smart contracts allows to make many kinds of contractual clauses partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
A significant part of the market is implemented on smart contracts. Information about SONM participants (profiles, ratings, history of operations) is stored in registries on the basis of smart contracts. Transactions are carried out on smart contracts.
Virtual currency used for payments in SONM is SNM token. It is a ERC-20 standard token, based on Ethereum. Token has a function of payment equivalent of computing powers. Token is designed as an utility token (not a securities) according to Singapore law (SFA, FAA), juridical practice and MAS definitions.
9. It is acknowledged that a project needs to deal with solving a real-world issue or problem. What is the problem that your project primarily focuses on?
SONM’s missions are as follows:
- To create a global decentralized marketplace of computing power: free from ownership, fault tolerant, secure and cheaper than centralized competition.
- To provide both individuals and businesses an opportunity to use enormous amounts of decentralized computing resources for the ﬁrst time in the history.
- To enable individual owners of computing resources to proﬁt from renting it out.
- To create a viable alternative to cloud computing giants that literally own the world right now.
- To create a platform for applications of a new type — applications of the future. These are decentralized applications, similar in architecture with micro services, able to horizontal scaling and are resistant to the fall of individual nodes.
- To support not only the future, but also the present — we are compatible with many existing applications.
10. Can you briefly outline some of the utilities of the SNM token in respect to its use cases and how beneficial it will be to holders in the long term?
Virtual currency used for payments in SONM is SONM token.
It is an ERC-20 standard token, based on Ethereum. The token is published both on Ethereum main network and in SONM blockchain. In the latter case the token is called SONM blockchain token. The tokens in both blockchains can be converted between each other at rate 1:1 using Deposit and Withdraw functions on SONM GUI.
Token’s purpose is to be used as a payment carrier for SONM computing power market. Token is designed as a utility token (not a securities) according to Singapore law (SFA, FAA), juridical practice and MAS definitions.
Each deal has a price in USD, but all transactions are made in SONM blockchain tokens using current SONM token rates on major cryptocurrency exchanges (Binance and others).
When the Customer creates a BID order, some tokens are prepaid for the future deal and are transferred to SONM Market:
- in case of time-bounded (forward) deal 1 day or deal duration is prepaid, the lesser value
- in case of spot deal 1 hour of deal is prepaid.
If the Customer cancels the order, the tokens are returned him back.
After the deal is settled Worker initiates deal billing and tokens for the deal time already spent are transferred to his Master’s account.
Questions raised by the group members are as follows, these are also the ones that you are most concerned with!!
1. Do you have any plans to add USDT pair in Binance?
SONM team has worked to engage in positive communications with Binance, therefore we can sure to tell you that adding USDT/BUSD trading pairs is a part of our plan.
2. Does SONM still work with the old core team? If yes, what is their role in the contemporary development? And when will you announce the new team?
There is no denying that SONM has kept some members of the old core team, and SONM is recruiting new members and making efforts to dig out more talents for its project. We are glad to announce that Chris Lim’s coming has added some new blood to SONM, once the new SONM team is established, we will publish immediately. Please stay tuned!
3. What happened with a not swapped coins from v1/v2 SONM? Team took them?
Please feel assured that SONM team will not take any tokens and make benefits from you. Since the tokens that were not swapped will be invalid and locked in the contract after the due date, the liquidity and the token supply will be influenced. In response to your request, our team will remind you of the due date at a more frequent way in the future.
4. When will SONM be updated to reflect the new team and roadmap?
SONM has never stopped upgrading its technology and services. With regard to SONM new team and future roadmap, what we could reveal is that the team is speeding up its renewal. SONM is aware of that all members have been waiting for a long time, please put your trust and look forward to our good news!
The above are the major Q&A at the AMM, hope you found it helpful, and thanks again for all your support. SONM team will deliver more exciting events to the community, please keep following!