As an ICO founder, manager or adviser, there are a few key decisions that are left up to one’s better judgement which will affect the project extensively. One such set of decisions is choosing which partners, if any, are required at the different stages of the ICO. The current market is awash with different service providers that can assist in the development of the idea. A trend that we are seeing, however, is that many ICOs stack quite a heavy personnel board at preliminary stages. Whilst we understand that this can bolster a projects portfolio, one should always be wary of making the organization too heavy, too early. Financial commitments aside, a large set of staff can often dampen the ICO’s agility and, at times, dilute its overall direction. At OTCEED, we aim to lighten that load by offering a one-stop-shop for ICO’s funding, listing and liquidation needs. This allows one to focus on the mission-critical objectives that truly define a projects success.
Companies are rushing to try and make peer to peer, blockchain based value transfer quicker and simpler right now and this company thinks it’s been able to do just that.
bitcoin just and interest in the space has never been higher. Companies of all shapes and sizes are popping up, looking to take advantage of the rush to develop and establish the blockchain-centric infrastructure that’s going to serve as the foundation for technological advance for many years to come and many of these are conducting ICOs to try and pick up funding. The ICO space, however, and likely as a direct result of the above statement, is pretty crowded right now and a company that wants to stand out and – in turn – to attract investor capital through an initial offering has to serve up something unique. Reports have that a company called SonoCoin is about to launch its efforts to do just that and, at a glance, the company looks as though it certainly checks the ‘unique offering’ box.
SonoCoin has developed a blockchain based peer-to-peer value transfer system that uses a digitally encrypted audio file as its transfer token. In contrast to bitcoin, which uses a Proof-of-Work (PoW) protocol, SonoCoin uses a Proof-of-Stake (PoS) protocol to verify transactions and, again unlike bitcoin, the exchange token can be sent via any means through which a standard data/audio file can be sent – email, messenger application, etc.
So how does it work?
The company has developed an algorithm that takes a transaction hash, a secret key and the index (which is defined as the number of outputs when the coin was formed) and converts it into a .wav file.
This file can then be sent from one device to another (basically, so long as the devices have a microphone and a speaker that can emit, recognize and interpret sound, which pretty much all mobile devices do right now) and, on receipt, an application (which is already available for some devices) specifically designed to interpret these SonoCoin sound files will record and register the transaction.
And why is this news now?
The company is currently conducting a presale of its tokens and intends to move into the second phase of this presale on December 14, at the end of next week. During phase one and phase two (phase one has been active since this time last week), a total of 30 million coins will be issued. Subsequent to the presale, 40 million coins will be issued as part of the full ICO.
How successful the ICO will be remains to be seen but the assumption is that, post-completion, SonoCoin will look to pick up a listing for its coins on the major exchanges in the space – Bittrex, Poloniex, etc. and it’s at that point that we’ll really get an idea of the market appetite for this sort of alternative-format type value transfer.
for anyone looking to get a better idea of how SonoCoin works.
What do you think of this sort of application of blockchain technology? Will the ability to transfer value via sound files aid mainstream adoption of algorithm-based peer-to-peer transactions? Let us know in the comments section below!
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