Cryptocurrency is one of the hottest emerging technologies you can find. The first cryptocurrency, Bitcoin (symbol: BTC), together with the concept of “blockchains,” have been around since 2008.
The main benefit of a cryptocurrency system lies in its strictly peer-to-peer value transfer, without reliance on a third party. There now exist more than 1,000 various cryptocurrencies with a total market capitalization estimated to hover at around $140 billion.
The best-known cryptocurrency, of course, is Bitcoin.Fortunes have been made in Bitcoin.
Since 2012, the price of a Bitcoin token has appreciated about 400-fold, an extraordinary annualized gain of nearly 350%. This five-year appreciation leaves the capitalization of Bitcoin (number of Bitcoin tokens times the price of a Bitcoin) at about $80 billion. One Bitcoin is now valued at $10,000, a threshold that Bitcoin passed in late November.
The potential to generate outsized profits from the cryptocurrency bonanza is too great to ignore. But you need to look beyond the media headlines and hype. There’s more to cryptocurrency than Bitcoin.
Below, we examine an emerging form of cryptocurrency that has taken the technology a step further. First, a few basics.
Secure, Anonymous and Untraceable
Cryptocurrencies are digital means of money exchange that are secured by encryption, with no physical representation. The exchanges are recorded in so-called blockchains, which form the underlying infrastructure supporting the currencies.
Every cryptocurrency must be linked to a blockchain, which is a distributed computer-generated database of all transactions that have ever taken place in the currency.
Every time a crypto token is used, a record of the transaction gets added to an existing database that is distributed to all major creators of the database. These creators are called “miners.” Typically, these miners utilize large computers that deploy ultra-sophisticated algorithms to add transactions to the blockchain. The same miners use even more sophisticated algorithms to create new tokens.
Unlike conventional currencies, cryptocurrencies can’t be manipulated by central authorities. Transactions using digital currencies are secure, anonymous and untraceable. Hence their exponentially growing appeal.
Blockchains bestow a myriad of potential applications in global commerce. In today’s interconnected digital world, recording and storing encrypted data in a decentralized public ledger is a capability that individuals and corporations are eager to adopt. Blockchains represent a dynamic growth area within the broader technology sector.
The New Kid on the Blockchain
Which brings us to SonoCoin.
SonoCoin (symbol: SNC) is based on the same blockchain technology that supports Bitcoin and other cryptocurrencies. But instead of requiring a “wallet” for transactions, SonoCoin adds an overlay of conversion technology that allows each token to be sent and received as an audio file. There is no cumbersome registration and verification process, as with a wallet.
What exactly is a wallet? Well, for most people, it’s a daunting concept.
Wallets don’t directly store cryptocurrency. A wallet is a software program that stores private and public keys and interacts with blockchains to allow users to send and receive digital currency and monitor their balance.
Your public key is the address to which anyone can send cryptocurrency. The corresponding private key is what allows you to spend funds from that address.
SonoCoin has done away with wallets.
SonoCoin is a digitally encrypted audio file that operates on a proprietary blockchain system. SonoCoin’s solution is similar to Bitcoin’s peer-to-peer value transfer system, with a user-friendly platform similar to PayPal’s. But using SonoCoin is as easy as sending an audio file.
This audio capability opens vast new capabilities for transferring digital coins. With conventional cryptocurrencies such as Bitcoin, the wallet system is the only means of transaction. But with SonoCoin, you can use any means whereby it’s possible to transfer a digital audio file. This audio capability confers greater ease, convenience and simplicity. SonoCoin can be transmitted through all common digital channels.
SonoCoin obviates the necessity of using and understanding the complexities of a wallet. It “democratizes,” if you will, the use of cryptocurrencies because audio files are widely prevalent and easily understood by average consumers.
Let’s say you’re making a retail transaction. To pay in SonoCoin, all you’d need to do is send the currency via any Internet channel — email, messenger, text, social media, you name it. Any channel that can handle an audio file. No wallets are required by either party.
SonoCoins also offer strong security. The audio files can be password protected.
Here’s what potential investors need to know: SonoCoin is in discussions with several major exchanges in the cryptocurrency space, including Poloniex, OkCoin, BTCChina and Bitstamp.
SonoCoin expects listings by February 1, 2018. One way to gain early investment exposure to SonoCoin is to buy the cryptocurrency as part of the current pre-sale and wait for it to get listed. SonoCoin’s management is working toward that goal, which appears imminent.
The time to buy SonoCoin is now, before it gets listed and its value skyrockets.
How can you get SonoCoin? You’ll find SNC listed on SonoCoin.money. Each coin currently costs 1.25USD. You can purchase SNC by trading in several different types of cryptocurrencies, including Bitcoin. On the web site, you set up the amount of SNC funds you want and fill in your email address. Then click “exchange” and you’ll receive the web address where your SNC funds will be sent.
After a few minutes, you’ll get a confirmation email from the exchange with the SNC downloading link.
One of the surest ways to build wealth is to pinpoint the “disruptors” in the technology world. These entrepreneurial companies are usually unknown and small; they toil in the vineyards until the broader public becomes aware of them. When their breakthrough technology achieves mainstream adoption, the value of the company and their products/services soar.
The key is to get into the action early, before the herd catches on.
SonoCoin is the only cryptocurrency that you can actually hear. That’s an impressive technological differentiation. Although largely unknown by most investors, this breakthrough technology is on the launch pad and ready to blast off.