Cryptocurrency SonoCoin launches in Switzerland, the first digital currency based on sound files. Swisscom Blockchain – the technical partner of the cryptocurrency founded by Leonid Afanasyev.
Cryptocurrency SonoCoin is the first one based on sound files
“Pay with sound” is the slogan of the cryptocurrency SonoCoin. This is the first Swiss cryptocurrency that makes payments based on sound. It is 100% Swiss blockchain technology.
With the help of your mobile device, it becomes possible to perform remote payments with this technology by activating a predetermined sound. The cryptocurrency SonoCoin is already available on Google Play and Apple IOS with the conversion to QR code. The platform was launched in Geneva a year and a half ago by the Russian financier Leonid Afanasyev. It benefits from the technical expertise of Swisscom. It’s a telecom operator that provides the infrastructure, security, hosting and auditing services.
The cryptocurrency SonoCoin is about to be available to the public via an Initial Coin Offering (ICO) scheduled for October 2018. Destined to take place on the SonoCoin website. As a sign of success, the site announces that the pre-sale phase is already closed. The founder hopes to raise 30 to 50 million dollars and it could be among the most important ICOs in Switzerland this year.
Audible and Secure
Swisscom Blockchain will guarantee, for the cryptocurrency SonoCoin, the legal process. For example the customer compliance process and anti-money laundering compliance checks during transactions. “We work on the technical and security aspects,” says Daniel Haudenschild, CEO of Swisscom Blockchain. Indeed they will stabilize the protocol, and make sure it is safe and can be available for large emissions. They will also verify that the ICO is made according to Know Your Customer (KYC) rules. Legal advice and legal structuring under the control of the FINMA (Swiss Financial Market Supervisory Authority) will be provided by the law firm Wenger & Vieli, based in Zurich and Zug. The senior partner of the control report, Martin Hess, has worked for more than 20 years as legal adviser to the Swiss National Bank (SNB).
The cryptocurrency SonoCoin Security assured by Swisscom
With the ICO, investors in any cryptocurrency will be able to engage from electronic wallets, whose addresses will be verified. For investments in traditional currency, SonoCoin will work with local banks.
The Swisscom Blockchain is an entity of the Swiss operator that provides services to the blockchain-based business sector. It also counts among its clients the platform of the main Chinese cryptocurrency NEO. Swisscom has also launched a blockchain training course. The first takes place in Zurich in July and October of this year, and a next courses will follow in Geneva, announces Daniel Haudenschild.
“With the cryptocurrency SonoCoin, Switzerland has an innovative digital currency and Swiss technology,” said Leonid Afanasyev. The founder of SonoCoin is primarily a veteran of finance with 20 years of experience. In 2007, he founded Crown Capital Group, a Swiss asset management company. Previously, he worked at Morgan Stanley and Prudential Securities, where he managed the IPOs of major companies.
This serial entrepreneur also founded Govermedia Plus in Russia, as well as Skytec, a fintech dedicated to payment processing. He explains that the idea of the cryptocurrency SonoCoin idea has evolved firstly his Russian e-commerce platform and blockchain-based. He had then found five to six talented engineers in Russia, and decided, like many financiers converted to blockchain, to embark on cryptocurrency. Programmers are currently located in Russia. But a team is coming to work in Geneva, where the platform’s management is based at Lions Gateway, the Crown Capital Group headquarters.
A simple melody as a key and password for the cryptocurrency SonoCoin
One of his associates in the ICO, Edward Karr, an American with whom the founder previously worked at Prudential Securities, became his investment partner. Leonid Afanasyev and Edward Karr have also met with Geneva’s Economic Development Departments. And they hope to give to the cryptocurrency SonoCoin a boost to the dynamism of the area, which has recently issued guidelines for ICOs. In addition, Professor Jean-Henry Morin, in charge of the Department of Information Sciences at the University of Geneva, joined the Advisory Board of the project. “The cryptocurrency SonoCoin, the world’s first Sound digital money, will be the first idea of our blockchain team, but not the last. A series of innovative ideas will follow the project, “enthuses Leonid Afanasyev.
For the latter, the cryptocurrency universe is over-crowded. The value of the bulk of ICOs, especially those that are not based on a successful product, will go to zero, he predicts. But the cryptocurrency SonoCoin is a payment system that is operational. The coins mining already reaches the volume of 100 million. At the contrary of bitcoin or ether, which consume enormous energy for mining additional coins.
Sound, Send and Money
A payment method for all commercial uses, the cryptocurrency SonoCoin makes transactions easier than technologies requiring a wallet and sometimes a lengthy identification process. “Here, the audio file itself is the wallet,” says Edward Karr. In other words, the sound file, which can be transmitted by e-mail or textos, represents a certain amount of coins. Then the sound identifier of the file makes it possible to instantly complete the transaction. A simple melody, which is valid as a key and password, frees the coins needed for the transaction. Hence it allows the realization transaction without the bitcoin or ether wallets.