To achieve their goals, people have long ceased to rely solely on the power of their personal computers or other physical devices. Many projects are carried out using cloud technologies because they allow remote access to virtually unlimited computing power.
The SONM platform is an interesting and innovative product in the world of digital currencies. Based on blockchain technology, SNM aims to solve a range of problems associated with distributed computing and cloud services, applying its own developments in the process.
Despite its innovation and potential, this token is currently not ranked highly in cryptocurrency rankings. To find out which currencies rank higher and why, you can read the article "Cryptocurrency rankings."
What are cloud technologies?
To delve into the SONM platform and its utility token - SNM cryptocurrency, one should first understand the technology underlying this platform. It is based on the idea of using cloud computing. Let's take a closer look at what this is and how it can be applied.
Cloud technologies imply the remote use of resources provided to users as an online service. With their help, a user can achieve goals that require significantly greater computational power than their own PC possesses.
All necessary resources and capabilities are located on a remote server. The user has access to all their data, which is stored remotely, without needing to worry about operations, software, and other technical issues.
Cloud technologies can be used for the following purposes:
- Working with files on multiple devices: for example, a text document is created on a home PC, and subsequently, it can be edited on a work PC, smartphone, or tablet;
- Solving the problem of limited hard drive or flash drive resources: all information is stored remotely, and powerful servers allow the use of much larger memory volumes than a hard drive or any external device can provide;
- Enabling multiple people to work on a single file simultaneously: thanks to cloud technologies, files can be shared with other users, allowing them to access and make revisions.
There are several types of cloud computing:
- Public cloud provides simultaneous access to a large number of users to infrastructure provided and managed by an organization to an unlimited audience;
- Private cloud is a structure managed and used by specific users to solve their own tasks. The device providing such services can be located either with the user or remotely;
- Hybrid cloud is a combination of the two previous types, allowing data or programs to be transferred between multiple network components.
What is fog computing?
So, we have already discussed what cloud technologies are and how they work. However, the creators of the SONM project and its utility token - SNM cryptocurrency - have gone further and applied fog computing in their work. Let's try to understand what this is in this section.
The emergence of cloud computing has greatly facilitated people's lives, but technologies continue to evolve, and cloud computing alone is not enough to implement all necessary tasks. There are several limitations associated with the use of cloud technologies, especially in the field of the Internet of Things:
- The need for constant internet connection. This is a problem because high-quality, uninterrupted internet signals may not be available in all locations on the planet. What if the signal drops at the most inconvenient moment?
- Signal transmission delays. Yes, they sometimes take fractions of a second, but even these fractions can be significant in some situations;
- Lack of resources. New developments in data processing require more powerful resources. Consequently, existing computational resources cannot cope with new tasks.
It is precisely to eliminate these limitations that the concept of Fog Computing was created. To reduce the load on cloud computing resources, it is necessary to reduce the amount of data being transmitted. Additionally, responsibilities are redistributed, and additional layers are introduced between the cloud and the user.
In other words, some functions are performed by peripheral devices located near the user and capable of operating without delays. These are called "fog" devices, a name derived from the main characteristic of fog: it covers everything around it.
Fog technologies excel in tasks such as:
- Managing unmanned vehicles (cars, trains, and other machinery);
- Video conferencing, gaming, i.e., all services that require minimal time delays;
- Local power supply systems, transportation, and so on.
Project SONM: What Is It?
SONM is a decentralized platform for cloud computing based on blockchain technology. It enables users from around the world to rent and provide computing power for various tasks such as web hosting, scientific research, cryptocurrency mining, and much more.
At the core of SONM are several key technologies and concepts that together create a unique and powerful system. Blockchain ensures reliable storage of data on transactions and agreements between users without the need for a centralized intermediary.
Ethereum smart contracts are used to automate the interaction processes between renters and providers of computing power, guaranteeing the execution of transaction terms without the intervention of third parties.
One of the key features of SONM is the use of distributed computing concepts. This means that goals requiring significant computing power can be divided into many smaller tasks and processed in parallel on different computers within the SONM network.
SONM offers a marketplace where users can rent or provide computing power. This platform operates on the principles of a free market, where prices are determined by supply and demand. Users can choose from various options based on price, power, and other parameters, ensuring flexibility and an optimal balance of price and service quality.
Reliability and confidentiality are priorities for SONM. Blockchain technology and smart contracts ensure the transparency and security of operations, while the decentralized network structure complicates centralized attacks and manipulations. Additionally, SONM implements various encryption and authentication mechanisms to protect user data and ensure the confidentiality of transmitted information. Together, these technologies and approaches make SONM a powerful platform for distributed computing, offering users a high degree of flexibility, security, and efficiency.
Technological Features
So, what does the SONM platform represent in technical terms? As its creators claim, it is a "decentralized global supercomputer" capable of performing computations in various fields.
One of its main features and differences from centralized cloud services is decentralization. This is achieved through the use of fog technologies, which allow the use of not just one server, but several devices connected in a unified network.
SONM applies the principles of fog computing, which involve processing data closer to its source of origin, unlike traditional cloud computing, where data is sent to remote data processing centers. This reduces latency, increases data processing speed, and improves resource utilization efficiency.
Thanks to this, the concept of "Universal Internet" (IoE) replaces the concept of the "Internet of Things" (IoT). IoT implies a connection between physical objects and the internet, whereas IoE is a broader concept aimed at creating a "smart" ecosystem rather than just "smart" things.
From a technical standpoint, the SONM platform is a computational platform with PaaS technology, which literally stands for "platform as a service." It is a service that offers users a ready-made platform for creating their own programs, applications, and other systems.
However, the SONM platform not only offers developers an environment for executing their tasks. It brings together users willing to provide their computing power and those who need such power. A provider is selected for each developer based on their needs.
Such capabilities are highly relevant for miners because mining cryptocurrency independently becomes increasingly difficult every year, and rewards become smaller and smaller. Therefore, they have to unite. In some cases, the reward turns out to be so small that it does not even cover the costs of electricity.
How SONM Works
Now that we have a general understanding of the SONM project and the services it provides to users, it's time to delve into how this system works and what role the SNM cryptocurrency plays in it.
To achieve its goals, the project employs a flexible development plan, within which self-organizing cross-functional teams work on various aspects of the project. This includes the development of the system core (Node), smart contracts, client applications (Wallet), as well as integration and distributed entities.
SONM offers a marketplace where providers from any corner of the world can offer their computing power. For users, this means the opportunity to rent necessary resources for their projects, whether it's scientific research, website hosting, or even cryptocurrency mining.
At the core of the platform's operation lies blockchain technology and smart contracts. The network facilitates mutually beneficial cooperation: some users lease their device's capacities to those who need them for various tasks. The former receive rewards, while the latter obtain the necessary resources.
As mentioned earlier, satisfying the needs of customers is SONM's key priority. The platform analyzes the resource rental market to precisely understand which services users require. This ensures scalability and flexibility, allowing users to quickly find opportunities within the "fog".
SONM pays great attention to security, including through reputation systems for providers and the development of hardware security measures. The platform also ensures high market liquidity, enabling users to easily purchase necessary resources and expand their applications.
Practical Applications
The technologies SONM offers to its clients and the functions its native currency - SNM cryptocurrency - serves can be applied in various fields. Let's consider where and for what purposes exactly.
- Cloud Computing: SONM provides access to cloud computing resources, allowing users to rent necessary capacities for various purposes, from web hosting to complex scientific calculations. This makes SONM an ideal solution for startups and research groups.
- Software Development and Testing: Developers can utilize SONM's computing power for creating and testing software, including games and big data applications. This significantly reduces development time and costs by providing scalable resources as needed.
- Cryptocurrency Mining: SONM enables the use of leased computing power for cryptocurrency mining, which can be profitable for users considering current electricity prices and equipment costs.
- Video Rendering and CGI: The entertainment industry and content creators can utilize the SONM platform for video rendering and computer graphics. Thanks to distributed computing, the rendering process, which traditionally consumes significant time and resources, can be greatly accelerated.
- AI Research and Development: SONM provides capacities for training artificial intelligence and machine learning, which is particularly relevant for scientific research and the development of innovative technologies.
- Website and Application Hosting: The platform can be used for hosting websites and online applications, providing high availability and security through a decentralized network of hosts worldwide.
- Distributed Data Storage: SONM can also offer solutions for distributed data storage, ensuring secure and reliable storage of large volumes of information.
SNM Cryptocurrency
The native currency of the platform under consideration is the SNM coin. The token was launched on the Ethereum platform and follows the ERC-20 standard. This currency performs several important functions within the SONM network, let's break them down in more detail:
- It is used as a means of payment for services provided on the platform.
- It is paid out as a reward to users who provide their resources for use.
- It is used by holders to participate in network governance voting.
Currently, there are just over 44 million units of SNM in circulation. The coin emission is not limited, so additional tokens will be put into circulation as needed.
The project is relatively new and promising, although its token has not yet managed to enter the top 100 or even the top 1000 digital currencies. It ranks below 3000 in ratings, most likely because too few people know about the project and understand its essence.
However, the company successfully conducted its ICO and raised $42 million. Well-known experts in the field of the digital economy have joined the project, adding additional credibility and support in its early stages of development. At this stage, the development team needs to promote the project further.
At the time of writing this article, the price of one coin is less than 1 cent - $0.0033. The minimum price to which the currency has dropped is not much different from its current value, standing at $0.0022, while the maximum mark it has reached is $10.91.
Advantages and Disadvantages
Like any other cryptocurrency project, the SONM platform and its native currency - the SNM cryptocurrency - have both positive and negative aspects. Let's discuss them in more detail in this section.
Among the advantages of the platform under consideration are the following:
- Decentralization and efficiency. SONM offers access to computing resources worldwide, allowing the utilization of unused capacities. This contributes to increased productivity and cost savings.
- Mutually beneficial cooperation. The conditions are favorable for both users who can provide the capacities of their devices and for those who need these resources.
- Security and reliability. Thanks to the use of blockchain and smart contracts, the platform ensures task execution reliability and protection against interference and manipulation.
- Ease of use and flexibility. The platform has an intuitive interface and provides flexibility in configuring and managing computations, allowing users to adapt the platform to their needs.
The main disadvantages of the platform under consideration include:
- Technical issues. Like any other technology, SNM is subject to technical risks, including system failures, hacker attacks, or data loss.
- Lack of awareness. The project is not well-known enough, so it does not attract as many users as desired. The more people learn about the platform and its capabilities, the more popular it will become.
- Lack of regulation and protection. Cryptocurrencies are still in the early stages of development, and many legal and financial aspects are still not regulated by legislation, which can create risks for users.
- Cryptocurrency volatility. This applies to all digital currencies. SNM prices can fluctuate significantly, leading to financial losses. Users should be prepared for financial risks.
Prospects
As has been said many times, the SONM platform offers innovative solutions that are beneficial for both developers and capacity providers. As a result, the project's native currency - SNM cryptocurrency - will grow in popularity as the project gains traction.
SONM is developing a platform for launching decentralized applications (dApps) based on fog computing. This concept offers faster and more decentralized computing compared to traditional cloud services, making it in demand on the market.
The prospects for the development of the SONM platform and SNM cryptocurrency look promising amid growing interest in decentralized computing and dApp development. The popular idea and strong technical component of the project can contribute to further growth and success in the market.
However, as with any investment project, potential investors should carefully assess risks and conduct independent analysis before making any investment decisions.
Key directions for platform development and prospects include:
- Development of decentralized computing. The platform aims to provide efficient and accessible computing resources for dApp developers, which can contribute to the growth and popularity of decentralized applications.
- Improvement of the technological base. Continued work on improving blockchain technology and smart contracts to ensure the security, reliability, and performance of the platform.
- Expansion of partnership relations. Seeking new partnerships and collaborations with other projects and companies to expand capabilities and increase the user base.
- Attraction of investors and community development. The active attraction of investments and development of the community around the project to support and promote the platform in the market.
Conclusion
Despite the fact that the SONM platform and its service token, the SNM cryptocurrency, are not yet in top positions in the rankings of digital currencies, the project has tremendous potential. This is primarily due to its unique structure and the technologies it utilizes.
One of such technologies is fog computing, which enables users to achieve their goals much faster and more efficiently than with traditional cloud technologies. Fog computing acts as a middleman between the user and the cloud service, allowing smaller tasks to be performed using peripheral devices.
Utilizing the SONM platform offers users a unique opportunity to lease their unused PC capacities to other users. This creates an entire pool of computing power that can be used by those users who need them, in exchange for compensation.
The potential applications of this platform are very broad, and its technological solutions can be used in various fields, from website hosting to complex scientific calculations. The creators need to put more effort into promoting their platform so that more users become aware of it.
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