SONM (SNM) Token Upgrade and Redenomination Plan

Dear community:

To fulfill the requirements of SONM project technology and infrastructure upgrade, the SONM project will conduct a token swap from April 20th 2021 until July 1st 2021.

The details regarding SNM contract upgrade are as follows:

1. The total supply of SNM tokens will be switched from 444 million to 44.4 million, and the volume of holding tokens in all addresses will be scaled in the same ratio accordingly.

2. In order to reduce SONM gas fee, SONM project will develop a version based on Binance Smart Chain, and issue SNM BEP-20 tokens. SNM ERC-20 and SNM BEP-20 will co-exist with the total supply remaining constant.

3. The upgraded SNM ERC-20 contract address is 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B. The Token Swap from the legacy SNM (ERC-20) to the upgrade SNM (ERC-20) will be from 2021–04–20 to 2021–07–01 (#block 12739188).

4. SNM BEP-20 contract address is 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B. The Token Swap between the upgrade SNM (ERC-20) and SNM (BEP-20) will start from 2021–04–20.

SONM Expansion

SONM development team has been working relentlessly to fulfill our roadmap. Aiming to create a novel fog computing architecture that will allow software to work seamlessly across the globe, we build SONM infrastructure as the ground floor. Then we should gain more commercial platform adoption and grow mass. In 2019, we upgraded our product from the Crypto-IaaS infrastructure into a full-featured Cloud platform for startups and individuals. One of the applications on SONM cloud platform is the ‘one-click’ cloud service named Raysrender. The whole development of Rays is based on SONM infrastructure, and consumption of computing power is settled in SNM tokens.

Apart from Rays, a commercial Software-as-a-Service heavily dependent on GPU computing, the second critical commercial application on SONM will be FogX, a decentralized exchange for Fog Mining Power. The reasons our team decided to build FogX are as follows:

  1. SONM PC sharing marketplace serves as the natural powering house to facilitate the sales, transactions, leases and loans of mining power sources.
  2. SONM remains distributed in its core, thus the distributed fog computing power suppliers will enhance the transparency and the reliability of the whole FogX marketplace.
  3. SONM proprietary Ethereum sidechain reduces the cost of on-chain transactions; SONM is to integrate Binance Smart Chain to save the cost much more significantly.

This contract upgrade would allow more opportunities for the development of SONM infrastructure and applications, thus bringing more benefits to our community.

SONM (SNM) Token Swap Guide

SONM will conduct a token upgrade plan from April 20 on, aiming to establish a hybrid ERC-20+BEP-20 token metrics. The total supply of SNM tokens will be reduced from 444 million to 44.4 million, with a redenomination rate of 10:1. After the swap, the SNM ERC-20 and SNM BEP-20 will co-exist with the total supply remaining constant.

For the swap process, if you are holding your SNM tokens in exchanges, the swap process from old SNM tokens to upgrade SNM tokens will be fully automated. No further action is required from you. Please refer to the specific announcements from the respective exchanges regarding the deposit and withdrawal of SNM tokens.

If your SNM tokens are stored in an ERC20 wallet, please follow the token swap Guide as below to upgrade your SNM:

Token swap from old SNM (ERC-20) to upgrade SNM (ERC-20)

SNM V1-ERC20 Contract Address (OLD SNM):0x983F6d60db79ea8cA4eB9968C6aFf8cfA04B3c63

SNM V2-ERC20 Contract Address (UPGRADE SNM):0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B

Swap Ratio: 10:1 — Every 10 SNM V1-ERC20 can be swapped to 1 SNM V2-ERC20.

Swap Period: 2021–04–20 to 2021–07–01 (#block 12739188).

Note: After the swap is closed, we will not support the swap between SNM V1-ERC20 and SNM V2-ERC20 in any form. We sincerely encourage SNM holders to complete their swap within in the valid term ASAP.

Swap via computer:

Take SNM V1-ERC20 to SNM V2-ERC20 swap as an example (vice versa):

  • Enter the website https://swap.sonm.com/ and find SNM Upgrade.
  • Click on [Connect to Your Wallet], and connect to your Metamask.
  • Choose From SNM V1 to SNM V2.
  • Make sure your wallet has been switched to ETH Main network.
  • Click on [Authorize] to continue. (Note: the authorization only needs to be conducted once if you don’t switch your wallet. No further authorization will be needed for your swap).
  • Confirm your authorization in Metamask.
  • Use the Swap function. All of your SNM V1-ERC20 tokens will be swapped to SNM V2-ERC20 tokens at once. You can confirm the swap numbers on this page. After confirmation, Click on [Swap] to continue. Note: the type of token you receive after the swap is determined by the swap direction you chose. Please make sure before you continue.
  • Confirm your transaction in Metamask.
  • After the on-chain transaction is confirmed, your swap will be completed at once. You can add tokens to the wallet to view your balance.
  • Click on [Add Token] at the bottom of Metamask. Switch to Custom Token in the new page. Enter the SNM V2-ERC20 Contract address and click on [Next] to add. (SNM V2-ERC20 Contract Address: 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B)

Swap via mobile phone:

Take the Swap between SNM V1-ERC20 and SNM V2-ERC20 as an example (vice versa). The detailed procedure may vary depending on the wallet you use, however, the overall procedure is similar.

  • Open the wallet APP. Make sure you’ve selected the ETH wallet. Click on ‘Browser’ at the bottom of the page, and enter the address in the input box: https://swap.sonm.com. to find SNM Upgrade. Or you could directly access the page by scanning the QR code below.
  • Click on ‘Confirm’ to allow access to third-party websites.
  • Once you enter the page, your imToken will be automatically connected. If it is not automatically connected, click on ‘Connect to Your Wallet’ to connect your imToken.
  • Choose From SNM V1 to SNM V2.
  • After connecting to your wallet, click on ‘Authorize’ to continue. (The authorization will only need to be conducted once if you don’t switch your wallet. No further authorization will be needed for the following process.)
  • Confirm your authorization in imToken.
  • Use the Swap function. All of your SNM V1-ERC20 tokens will be swapped to SNM V2-ERC20 tokens at once. You can confirm the swap numbers on this page. After confirmation, Click on [Swap] to continue. Note: the type of token you receive after the swap is determined by the swap direction you chose. Please make sure before you continue.
  • Confirm your transaction in imToken.
  • After the on-chain transaction is confirmed, your swap will be completed at once. You can add tokens to the wallet to view your balance. (SNM V2-ERC20 Contract address: 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B)
  • Click on [Wallet]. Click on [+] on the right of your assets. Click on the empty search box on the top. In the new page, paste the SNM V2-ERC20 contract address and search. Click on [+] on the right and add your token.

Token swap from upgrade SNM (ERC-20) to SNM (BEP-20)

SNM V2-ERC20 Contract Address (UPGRADE SNM):0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B

SNM BEP20 Contract Address:0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B

Swap Ratio: 1:1 — Every 1 SNM V2-ERC20 can be swapped to 1 SNM BEP20.

Swap Period: from 2021–04–20 on.

Swap via computer:

Take the Swap between SNM V2-ERC20 and SNM V2-BEP20 as an example (vice versa):

  • Enter the website https://swap.sonm.com/ and find SNM Swap.
  • Click on [Connect to Your Wallet], and connect to your Metamask.
  • Choose From ETH to BSC.
  • After connecting, make sure your wallet has been switched to ETH Main network (If you are swapping SNM V2-BEP20 to SNM V2-ERC20, make sure your wallet has been switched to BSC Main).
  • Click on ‘Authorize’ to continue. (The authorization only needs to be conducted once if you don’t switch your wallet. No further authorization will be needed for swap at the same direction).
  • Enter the destination address, the address where you want to receive your swapped tokens. Note that it should be a wallet address on the target chain.
  • Enter the swap amount. If the amount exceeds the current amount on the target chain, your swap request needs to wait for proceeding until there are enough tokens to be swapped on the target chain. Please be aware of the risks.
  • Authorize in Metamask.
  • Use the swap function. The amount of SNM V2-ERC20 tokens will be swapped to SNM V2-BEP20 token. Click on Swap to continue. Note: the chain where your swapped tokens will be on is determined by the swap direction you chose. Please make sure before you continue.
  • Confirm your transaction in Metamask.
  • After confirming your on-chain transaction, the swap will be successful. You can add token to your wallet to see your balance. (SNM BEP20 Contract Address: 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B).
  • Click on [Add Token] at the bottom of Metamask. Switch to Custom Token in the new page. Enter the SNM V2-BEP20 address and click on [Next] to add.

Swap via mobile phone:

Take the Swap between SNM V2-ERC20 and SNM BEP20 as an example (vice versa). The detailed procedure may vary depending on the wallet you use, however, the overall procedure is similar.

  • Open the APP. Make sure you’ve selected the ETH wallet (Choose BSC Main if it is SNM V2-BEP20 to SNM V2-ERC20). Click on ‘Browser’ at the bottom of the page, and enter the address in the input box: https://swap.sonm.com/. Or you could directly access the website by scanning the QR code below.
  • Click on ‘Confirm’ to allow access to third-party websites.
  • Once you enter the page, your imToken will be automatically connected. If it is not automatically connected, click on ‘Connect to Your Wallet’ to connect your imToken.
  • Choose From ETH to BSC.
  • Enter the destination address, the address where you want to receive your swapped tokens. Note that it should be a wallet address on the target chain.
  • Enter the swap amount. If the amount exceeds the current amount on the target chain, your swap request needs to wait for proceeding until there are enough tokens to be swapped on the target chain. Please be aware of the risks.
  • Click on ‘Authorize’ to continue. (The authorization only needs to be conducted once if you don’t switch your wallet. No further authorization will be needed for swap at the same direction).
  • Confirm your authorization in imToken.
  • Use the swap function. The amount of SNM V2-ERC20 tokens will be swapped to SNM V2-BEP20 token. Click on Swap to continue. Note: the chain where your swapped tokens will be on is determined by the swap direction you chose. Please make sure before you continue.
  • Confirm your transaction in imToken.
  • After confirming your on-chain transaction, the swap will be successful. You can add token to your wallet to see your balance. (SNM BEP20 Contract Address: 0x46d0DAc0926fa16707042CAdC23F1EB4141fe86B)
  • Click on [Wallet]. Click on [+] on the right of your assets. Click on the empty search box on the top. In the new page, paste the SNM BEP20 contract address and search. Click on [+] on the right and add your token.

FAQ:

Find answers to some of the most frequently asked questions about SONM (SNM) Contract Upgrade.

1. Why do you wanna do the upgrade and move to BSC?

A: BSC is economic in on-chain transaction cost, ecologically prosperous, and equipped with rich BNB synergies, etc. SONM’s new computing power products can gain a greater advantage with these features of BSC;

2. How do you manage the ERC-20 SNM and BEP-20 SNM? Is there a contract ready to swap between ERC20 and BEP20?

A: SONM Ethereum (ERC-20 SONM) will coexist with SONM BSC (BEP-20 SNM). The total supply of SNM stays the same. It has been ready for two-way swap between ERC20 and BEP20. The swap address is: https://swap.sonm.com/.

3. Should I do manual swap if I hold SNM tokens in exchanges?

A: If you are holding your SNM tokens in exchanges, the swap process from old SNM tokens to upgrade SNM tokens will be fully automated. No further action is required from you. Please refer to the specific announcements from the respective exchanges regarding the deposit and withdrawal of SNM tokens.

4. If I missed the ending date (2021–07–01) of upgrading my old SNM tokens, can I do manual swap later?

A: Pleased be kindly reminded that the close date of SNM ERC20 token swap is 2021–07–01 (#block 12739188), once after the swap is closed, we will not support the swap between SNM V1-ERC20 and SNM V2-ERC20 in any form. We sincerely encourage SNM holders to complete their swap within in the valid term ASAP.

Global Fog Computing Platform

Global Fog Computing Platform