SONM ICO Raises Over $30 Million in First 24 Hours

As was to be expected, the SONM ICO attracted a lot of attention last night. A lot of people were hoping to buy some tokens, which lead to the website going down pretty quickly. Despite some other technical hurdles, it is evident the project has been a success. As of right now, the team is processing some of the final deposits, and the ICO should be coming to a close soon.

SONM ICO Is a Success Despite Glitches

It is always somewhat disturbing to a cryptocurrency ICO run into technical issues during the campaign itself. The SONM ICO was no different in this regard, although it appears all investors should get their tokens – or a refund – in the next 24-48 hours. Things got off to a bad start when the ICO website decided to give up as soon as the campaign begun. Even then, there were still some errors when accessing the deposit addresses, with some browsers working and others not so much.

When everything got underway, the SONM ICO tokens were selling like hot cakes. Ethereum users automatically receive their tokens, which is always good to see. Investors relying on other cryptocurrencies – mainly Bitcoin – have run into some issues, though. It appears something went wrong with crediting tokens to the investors properly. The SONM team is currently resolving this matter, although it is likely a lot of people may see their money refunded and no tokens issues to them.

This is one of the major problems when dealing with a cryptocurrency ICO and accepting multiple currencies. The SNM token is an ERC20 token issued through a smart contract on the Ethereum blockchain. Deposits in other cryptocurrencies have no viable way to interface with this contract directly. As a result, a lot of deposits had to be credited manually and tokens were sent out accordingly. It appears most Bitcoin investors have had their tokens issued to them, though, which is positive.

According to a SONM team member, this issue arose due to an error with the token amount return function. This issue also affected the display of the number of tokens sold on the ICO website, which did not update automatically in the process. This display bug has caused a fair bit of controversy as well, since it is impossible to determine if the ICO has sold all of the tokens or not. It is possible the campaign is over already, yet no one knows for sure.

The latest update mentions how over $30.75m has been raised, and 250,000,000 tokens have been issued in the process. This update is a few hours old at the time of writing, though, and it is possible these numbers have increased quite a bit by the time you read this. It is evident the ICO it saw its fair share of problems on the technical side. Unfortunately, that is something we have to deal with in the industry at this stage.

It is only a matter of time until the SONM ICO comes to a close. Despite the issues along the way, the overall campaign has been a major success. The bigger question is what the future will hold for this project. Some people are already wondering when the SNM token will be listed on exchanges, although that is hard to predict at this time. Until all issues and details regarding the ICO are sorted, no one should be looking to trade SNM anytime soon.

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