SONM Wallet Review : Decentralized Fog Computing Platform

About SONM 

SONM (SNM) is a cryptocurrency token and operates on the Ethereum platform. SONM has a current supply of444,000,000 SNM with 359,600,000 SNM in circulation. The last known price of SONM is $0.023874 USD and is down3.67% over the last 24 hours. It is currently trading on 11 active market(s) with $161,348 USD traded over the last 24 hours. More information can be found at https://sonm.io/.

How to buy SONM

If you’re confused by any terms used, a glossary can be found here. This guide is kept up-to-date as much as possible, but websites & software are being constantly updated- your experience may differ from what is documented. For this guide we’ll be using the easiest & most convenient wallet option for storing your SONM coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including SONM).

SNM Development

1. SONM was launched in June, 2017. Its ICO began from 15th June, and ended on 15th July, during which 360 million of the 444 million maximum number of SNM tokens were sold.
2. It is actually based on the Ethereum blockchain, utilizing ETH smart contracts. The SNM cryptocurrency is thus an ERC20 standard token on the ETH blockchain.

SNM Technology

1. The users of the SONM technology are divided into two groups: Customers and Suppliers. Suppliers are the people who list their computational power on the blockchain for use by people called customers. It’s not a conventional Proof-of-Work, or Proof-of-Stake coin. ‘Mining’ is done by contributing computational resources to application on the SONM blockchain, while the network is secured via ‘staking’ through Masternodes.
2. Many people may require extensive computational power, without the financial means or resources to purchase or rent a supercomputer or set up a server farm. People in this category (Customers) can use the SONM platform, and rent immense computational resources over the blockchain in a peer-to-peer and secure manner.

1. Unique technology – Unlike conventional hsahing algorithms and consensus mechanisms, SONM employs a unique methodology to implement its blockchain. The blockchain is secured efficiently via staking through masternodes, making the network environmentally friendly. The entire computational power of the blockchain is dedicated to the execution of decentralised applications, or computational tasks that use a node’s resources to complete. The node is then rewarded the specified amount of SNM for the task.

1. Hardware Wallets

They represent the so-called cold wallets, meaning they operate offline – unless a payment needs to be made. Hardware wallets store your private keys on a storage medium, and usually connect to a computer via USB to make a payment transaction, after entering a pin. Easy to use with a high level of security. The best MOAC hardware wallets are Trezor One, Ledger Nano S.

Buy The Ledger Nano S Now

2. Trezor Wallet

The Trezor is just as easy to use, small and also featuring two buttons, with a lot of information packed into its small LCD screen. Select the ‘Keystore File’ option, then upload the keystore file you saved in step 2, then enter your password. Once you’re done, scroll down the page to see your opened wallet.

Tips for securely storing your MOAC

• Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
• Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
• Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
• Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
• Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
• Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.