Answering SONM Community on Dividends and Go-to-The-Moon Faith
In our quest to be more transparent and responsive about our project, the SONM team always provides the most detailed and specific answers.
Our community members put some really great questions forward, and we believe each of them deserve a personalized reply. That being said, this article is an attempt towards bettering our conversations. We recently received a number of questions related to dividends and to the famous “to-the-moon” aspects of our in-house token.
SONM first would like to clear that the dividends are called Network Commission Fee on its platform. We’ll further explain this in detail. Network Commission Fee The Network Commission Fee is distributed among the SONM token holders. We called it dividends in our Business Review to acquaint its core functionality among the readers. But to put things in perspective, these dividends are just network commission fee, paid to the SONM network participants — miners, hubs, buyers, etc — as rewards for their contribution in maintaining our smart contract-based rating system.
The DAO-based rating system is a practical community-driven solution against frauds and hackers. It relies on two main contracts, Hub Wallet and Miner Wallet, as mentioned in the SONM’s GitHub repository. Hub and Miner Wallets store the key information about the participants’ wallets, such as the time when the wallet was created, the payouts it has received, and the total balance it has. This information is utilized by the Wallet’s Factory and the Whitelist. All hub wallets created by hub wallet factory, and are registered in the Whitelist contract.
Our early proposals for running the rating system on testnet are already out on GitHub. We deploy this system in the Rinkbey network, the full overview of which can be accessed simply by testing our client on the testnet. Such examples ensures the practicality of our project, which in turn create a solid case for SONM tokens’ adoption. Organic adoption is our core aim. And with that happening, nothing can stop SONM from reaching “to the moon.” We will be publishing an official video this week which will update the community about latest developments. Stay tuned, mates!