Investing In Sonic (S) – Everything You Need to Know

Sonic (S), formerly known as Fantom (FTM), is a layer-1 blockchain designed for speed, scalability, and interoperability.  The transition from Fantom to Sonic marked a major evolution in the platform, with improvements that include a more efficient settlement layer, the introduction of the S token, and enhanced Ethereum connectivity.

With the launch of the Sonic Chain, the network now boasts over 10,000 transactions per second with sub-second finality, making it one of the fastest blockchain solutions available.

Sonic’s developers focused on creating a reliable, secure, and fast network for transactions.  The final goal of the project is to one day become the “nervous system for smart cities.”  The developers envision a day when these living metropolises leverage Sonic’s core protocols to remain connected and conduct daily business.

In addition to its infrastructure goals, Sonic seeks to become a top-performing DeFi (decentralized finance) platform in the market.  The network offers a variety of popular features, such as staking and peer-to-peer lending services.  In this way, Sonic seeks to capture some of Ethereum’s DeFi market share in the coming months.

What Problems Does Sonic (S) Solve?

Sonic was built to tackle many of the problems Ethereum users and developers face today.  The network’s primary focus is to create a secure and scalable decentralized network.  To that end, the development team succeeded.  Sonic can provide near-infinite scalability and instant transactions at nearly zero cost.

Energy Consumption

Sonic does away with the power-hungry Proof-of-Work (PoW) consensus mechanism used by early cryptocurrencies such as Bitcoin and Ethereum.  This strategy enables the network to validate its state using less energy. In the end, this approach makes Sonic more sustainable and environmentally friendly.

High Fees

One of the biggest advantages that Sonic brings to the market is its low fee structure.  Users can send transactions for a fraction of the cost of using Ethereum currently.  This micro-fee strategy also benefits developers as they can provide their services for far less cost.

Benefits of Sonic (S)

There are some unmistakable benefits users gain when they join the Sonic ecosystem.  The platform has proven to be ideal for payments, supply chain management, DeFi, and enterprise applications.  Additionally, developers don’t have to learn a new programming language, as Sonic is completely EVM-compatible.

Sonic (S) Features

Scalable

In terms of scalability, Sonic is a top-performing network.  The platform provides near-instant transactions.  Currently, users enjoy a time-to-finality (TTF) of around one second.  As the network matures, the developers have set an end goal of executing 300,000 transactions per second (tps).

This would put Sonic far ahead of some of the world’s top payment processors, such as VISA and PayPal.  For example, VISA speed tests have put the network at a max of 36,000 tps.  Sonic seeks to provide 10x the speed.

Advanced Smart Contracts

Sonic takes the best aspects of Ethereum’s smart contracts and adds more features.  For example, Sonic smart contracts can monitor the accuracy of transactions, generate evidence-based behavior, and execute pre-programmed instructions efficiently.

Flexibility

The scalability and efficiency of Sonic make it applicable across multiple industries.  Currently, there are public utilities, smart home systems, healthcare, education, traffic management, resource management, and environmental sustainability use cases already underway.

How Does Sonic (S) Work?

Sonic is a multi-layered Delegated Proof-of-Stake (DPoS) blockchain.  The network’s architecture can be broken down into three distinct layers.  These layers can communicate data and enjoy complete compatibility with all transactions and transaction tools.

Core Layer

The Core Layer is the first protocol in the Sonic process.  This is the layer that is responsible for maintaining consensus.  To accomplish this task, the network employs a proprietary DPoS consensus protocol.  This structure leverages both Validator and Witness nodes to maintain validity.

Ware Layer

The Ware Layer executes functions on the network.  This is also the layer that handles issuing rewards and payments.  Notably, Ware is responsible for writing network Story Data.  Story Data is Sonic’s method for allowing all past transactions to be tracked.  This feature is critical when discussing logistical use cases or other scenarios where the network must provide infinite data access.

Application Layer

The Application Layer is how developers interact with the other layers in the network.  This is where users can find public APIs.  These APIs provide secure and reliable network connectivity for use in Dapps and more.

Staking Sonic (S)

Sonic users can stake their S tokens and receive rewards.  In Sonic, you stake to help secure the network.  Notably, your rewards are paid out directly to your wallet in S.  Staking is considered a more democratic way to validate a decentralized network because it provides all users with the chance to secure the network and earn rewards.  Additionally, you don’t need any expensive mining rigs or other hardware to participate.

S Token

S is the primary utility, DeFi, and governance token of the network.  Users can stake S and earn rewards.  You can also pay fees or send value globally in seconds using this resilient coin.  Additionally, you need to hold S to gain access to the community governance mechanisms of the platform.

Sonic (S) Governance

Sonic integrates a community governance protocol.  This system enables users to put forth proposals on vital network upgrades.  You can propose changes to items such as network structure, fees, and system parameters.  The more S you hold, the more voting power you have.

Sonic Foundation

The Sonic Foundation is headquartered in Seoul.  The network entered the market in 2018 as a for-profit corporation under its previous branding as Fantom.  Company documents list the firm’s CEO as Michael Kong.  Sonic’s network has experienced steady growth since the Go-Opera update was implemented.

Notably, in May 2021, the network hit 3-million transactions.  By mid-May, the network had achieved +10-million transactions.

How to Buy Sonic (S)

Sonic (S) is currently available for purchase on the following exchanges:

Uphold – This is one of the top exchanges for United States residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.

The Kraken exchange offers trading access to over 190 countries, including Australia, Canada, and Europe, and is a top exchange for USA residents. (Excluding New York & Washington state).

Binance – Accepts Australia, Singapore, the UK, and most of the world. Canadian & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees. 

Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Sonic (S) Popularity on the Rise

Sonic provides a lot of attractive features and services to the market.  Both users and developers benefit from utilizing this next-gen blockchain. As more developers seek Ethereum alternatives, you can expect to see Sonic continue to rise.