SONM is a legitimate and respected project in the blockchain and cloud computing industries. It is a decentralized cloud computing platform that connects users who need computing power with users who have spare computing power to share. The project is Shariah-compliant and the SNM token is used as the primary means of payment on the SONM network to pay for computing power and incentivize users to contribute computing power to the network. There is no formal staking mechanism in place for SONM token holders to earn rewards.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a well-defined path and a legitimate blockchain product, while the token/coin has a fundamental underlying value that qualifies it as a "Mal" or asset. SONM is a respected blockchain and cloud computing project, supported by Nvidia and Intel. The token is listed on major crypto exchanges and the project has a large community. | Passed |
| Project | A decentralized cloud computing platform that uses blockchain technology to connect users who need computing power with users who have spare computing power to share. | Passed |
| Financials | There is no financial screening on this cryptocurrency because it is not backed by any equity. | Passed |
| Token | The native token for Sonm is called SONM (Symbol: SNM). It is an ERC-20 token used as the primary means of payment on the SONM network to pay for computing power and incentivize users to contribute computing power to the network. | Passed |
| Staking Method | There is no formal staking mechanism in place for SONM token holders to earn rewards. | Passed |
Read the source document and verify project fundamentals.