Q&A with SonoCoin | Transcript
Q: Each project has its own story. I am wondering if you can share SonoCoin’s one. And what were the very first challenges in the early days of the project?
A: The inspiration for SonoCoin was to facilitate transactions for users not familiar with blockchain. Using sound, like Shazam, our technology does not require the knowledge of wallet address management, but the pressing of a button to capture tokens inside sound frequencies.
The project was launched in 2017, so initially, the challenge was to educate investors on blockchain technology and enhance their data-over-sound experience.
Q: Tell us about your ecosystem. What besides the token is included? And what are you working on now?
A: Outside of tokenization, we have developed programmable non-fungible tokens. It means that our smart contracts allow users to combine multiple NFTs inside a configurator. A great example of this is dropmusic.io.
Soon, these NFTs will be sound-enabled. It means the users could transact or broadcast assets via sound in the same way as our standard tokens.
Q: Since SonoCoin works with Bluetooth, I have to ask this question. What if I stocked SonoCoins and left my Bluetooth on? What will be the impact?
A: Our newly updated app dropped the Bluetooth option due to the low usage of this feature. We may reintroduce it in the future if the community desires so.
It worked by creating an escrow account inside a smart contract from the sender’s side with the amount in SONO, and then sending the password via Bluetooth to the receiver to unlock and trigger the transaction.
Q: Can you tell us more about your project’s revenue model? Will the project deduct part of the profits to continue developing?
A: SonoCoin’s economy is based on the usage of the network. Every project built on our blockchain is “taxed” in our native token. The project’s treasury and customers pay these fees. Then these fees are redistributed among SonoCoin validators.
Q: I read about SonoCoin entering the world of entrepreneurship for the NFT market. Why did you choose to enter this business? What are the advantages of the SonoCoin NFT market?
A: We all know NFTs have blown up in popularity, and mainstream brands look to enter the market. I believe SonoCoin’s combination of sound-enabled technology and customizable NFTs offer unrivaled value propositions to the music industry. Simply put, we are ahead of the curve for innovation.
Q: The wallet frequency detection feature caught my attention. Multiple devices can simultaneously identify and capture NFT and tokens using encrypted sound waves. What if this mechanism does not work on all devices? Is there any other solution?
A: If, for some reason, the devices do not capture sound frequency, our wallets allow traditional wallet transactions, QR codes, and transactions of .WAV files via any messenger application.
Q: Safety and security are two things to consider for investors before making investment decisions. Which technology is used by SonoCoin for its great privacy? How private and secure SonoCoin platform is?
A: SonoCoin uses the open-source hashing and signing security measures known as Libsodium. We chose it due to its fast transactions and security, especially in comparison to BTC and ETH.
Learn more here.
Q: Tell us more about your long-term marketing plans. How can the project reach a wide range of users and go global?
A: Our marketing efforts are focused on making SonoCoin the blockchain of choice for media. Music, radio, television, and streaming. Essentially, anywhere, the sound is a key part of the experience.
We partner with professionals in these fields and support their teams in developing experiences tailored to their audience. We are the brand behind the brand.