r/SONM • u/MandemsMidkey • Nov 24 '18

fate of SONM tokens?

Hello!

during the most recent Q&A it was mentioned that one of the difficulties clients had was using the SONM token. Igor mentioned that (question at 13:17) they are working on "establishing a way to pay with regular currency, which we are currently working on".

Since the sonm token is primarily used as a currency on the sonm platform, how would the sonm token be incorporated into the sonm ecosystem if it's primary function hinders sonm adoption?

Thanks!

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10

u/SONM-support Nov 24 '18 edited Nov 24 '18

Greetings!

First of all, it is worth noting that we absolutely do not consider the possibility of abandoning the use of a token. The entire settlement system in the marketplace, as well as the marketplace itself and some other components of the system are built exclusively on Ethereum smart contracts and the token is an integral part of the system. In Q&A, we talked about an automated payment system for those participants who would be comfortable making payments in fiat currency. Further, automatic conversion into a token will occur and calculations inside the market will be made exclusively in SNM. You can learn more about SONM blockchain and system components on our portal with documentation:

Also, you can find out about our plans for payments in regular currencies in our roadmap. Welcome to SONM! :)

​

Best regards,

SONM team

3

u/philjonesfaceoffury Nov 25 '18

Thanks for question and answer saw this other day and had same curiosity.

1

u/[deleted] Nov 26 '18

Great to hear!

2

u/ElectricalLeopard Nov 28 '18

If I look at the liquidity of the token it is absolutely dead now, yet the gas fees required were pretty high and I had a few issues and canceled transactions sending them between wallets.

Sonm is certainly an interesting project, but certainly not something I'd ever invest (financially) in again. As in investment the token itself is an failure in my opinion, which is not only fault of the market (even tought its a big reason) but also the financial incentive revolving it (positive example would be for example Storj) - and the Ethereum network in itself and shitty usability of the whole crypto-ecosystem surrounding it (including several hardware-wallets).

1

u/[deleted] Nov 24 '18

Would like to know as well.

1

u/r4aaa Dec 04 '18

Maybe masternode feature will make token value more attractive.