Fog Computing Startup SONM Set for an Initial Coin Offering

SONM blockchain tokens will be used to pay for computing power via the smart contracts platform.

SONM (Supercomputer Organized by Network Mining), a startup developing a universal fog supercomputer powered by blockchain technology, has announced its Initial Coin Offering, commencing June 15, 2017.

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SONM CEO Sergey Ponomarev said: “Market demand for computing power is rising exponentially across a range of industries. SONM’s unique offering directly responds to this demand by making use of idle standing computing power to solve non-deterministic tasks like hosting websites, the backend for mobile apps, and massively multiplayer online gaming (MMO instances). Any miner with a smartphone or supercomputer cluster can become a part of SONM’s fog network and generate computing power to be used by others.”

“Fog computing with its greater innate potential, is widening the scope of what cloud computing can achieve by bringing solo miners, private datacenters, public clouds, and IoT into the network. The SONM platform, based on BTSync’s data transmission software and Yandex Technologies’ open source code for decentralized computation, is an integration of the most advanced solutions in the field of fog and cloud computation,” he added.

SONM tokens will be used by buyers of computing power to pay for the calculations executed via the smart contracts-based SONM platform. Tokens will be created exclusively during the crowdfunding period. No token creation, minting or mining will be available after the crowdfunding period.

The funding cap will be confirmed according to the price of Ethereum before the ICO begins. A progressive bonus structure will exist for the first 70% of tokens sold in the ICO.

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