SNM, One of the Remarkable Altcoins of the Recent Period

Cloud storage systems have come to the fore in recent years. Developments in this area also had a great impact on the profitability of giants such as Amazon, Microsoft and Google. Recent research shows that 34 percent of the cloud computing market is dominated by Amazon, 21 percent by Microsoft Azure and 11 percent by Google Cloud. But this distribution could change quite a lot in the coming years with blockchain-based decentralized systems.

SONM is one of the blockchain projects competing in the same field as the examples above. SNM coin is the token of the SONM platform, which provides decentralized cloud service. SNM is used for payments within the platform.

With SONM, users can rent their equipment and earn income or use someone else’s hardware. In doing so, they can take advantage of the rating system. In the SONM marketplace where rentals are made, each user also has a rating score based on their past transactions. With this system, malicious people are prevented from using the platform. The SONM platform is already in active use. To date, 432 thousand 957 transactions have been made on the platform.

SONM was founded in 2017 by Alexei Antonov and Sergei Ponomarev. The project raised approximately $42 million in funding through the token sale in June of that year. 8,774 people participated in the token sale. Antonov, one of the two co-founders of SONM, is a computer security graduate and has been working on Bitcoin, blockchain technologies and digital assets since 2016. Another co-founder, Ponomarev, became one of the founders of the project at the age of 22. Ponomarev is an expert in smart contract development, JavaScript and Solidty programming. According to the official website, the SONM team consists of around 70 people.

SNM was first launched in 2017. The token of the project was moved from Ethereum to Binance Smart Chain in the following years.

SNM price has increased sharply in the last hours. The coin rose to $3.30 while trading at $0.19. SNM gained 1600 percent in value within hours. This rapid increase has also multiplied the transaction volume of the cryptocurrency. SNM became the third most traded cryptocurrency on Binance, after BTC and ETH. With today’s rise, SNM’s market cap also exceeded $100 million and reached $125 million. There is no concrete development yet to emerge behind SNM’s strong price increase. According to verified data, there are 44 million 400 thousand SNM in circulation. SNM is listed on Bitget as well as Binance exchange.