Introduction
SOM is a meme coin that aims to show how easy it is to create a coin and why people should be careful before investing in one. The name comes from the irony of the way of naming of the other coins, where SOL, SOLA, SOLAN, SOLANA were all taken so the developer decided on the next letter that comes after L, with that we have SOM.
Unlike other coins that claim to have real-world value or utility, SOM is honest about its non-backed nature and uses a nontilde symbol (≁) as its logo and coin symbol. This symbol represents the fact that SOM is not tied to any real-world industrial value, and also mocks other coins that have cool shiny logos but no substance.
SOM is a centralized coin that runs locally on a single developer’s machine. It uses a proof-of-stake (PoS) for the integrity of the blockchain, where the developer runs multiple nodes simultaneously and controls all the transactions and validations. SOM has a minimal network, a secure wallet, and no smart contracts yet. It is a pure meme coin that exists for fun and education.
SOM has two main goals: one short-term and one long-term. The short-term goal is to get SOM listed on popular platforms such as Coinbase, CoinMarketCap, and other exchange/listing services. This would increase the visibility and popularity of SOM, and also expose the flaws and risks of the current crypto market. The long-term goal is to enable decentralized finance (DeFi) on SOM, which would be a paradoxical and hilarious feat, given that SOM has no real world industrial output backing it, just like any other coin out there.
Technical details
SOM uses SHA-256 as its hashing algorithm, which is a widely used and secure cryptographic function. SOM also uses Proof of History (PoH) as its consensus mechanism, which is a novel and innovative way of ordering and validating transactions and blocks. PoH relies on a verifiable and trustless source of time, which is generated by a leader node that periodically broadcasts a hash chain to the other nodes. The other nodes can verify the correctness and consistency of the hash chain, and append their own transactions and blocks to it. PoH enables high performance and low latency, as it does not require complex and costly computations or communications among the nodes.
SOM ensures the security and integrity of the transactions and blocks by using anonymous public addresses on the blocks, which hide the identity and activity of the users. SOM also has a short block time of 6 seconds, which makes it hard for hackers or malicious nodes to intervene or tamper with the blocks. Moreover, SOM allows the users to freeze their accounts for a certain amount of time that only the users themselves can know, which prevents any transactions from being made from their accounts. This feature can be useful in case of theft, loss, or compromise of the private keys, which are double-encrypted by the user wallets.
SOM handles the scalability and performance issues that many cryptocurrencies face by using PoH, which can support a high throughput of transactions per second (TPS). Currently, SOM can handle 20 TPS, which is limited by the server capacity and not by the proof system. However, if SOM becomes more popular and demands more resources, the developer can upgrade the server option to have over 40k TPS capacity, which would make SOM one of the fastest and most scalable cryptocurrencies in the market.
SOM compares favorably with other meme coins or similar projects in terms of technical features and innovations. Unlike DOGE, which uses a proof-of-work (PoW) consensus mechanism that is energy-intensive and slow, SOM uses PoH, which is more efficient and fast. Unlike SOLANA, which also uses PoH, but has a complex and layered architecture that involves multiple components and protocols, SOM has a simple and straightforward design that is easy to understand and implement.
Moreover, SOM has a unique and ambitious goal of finding an industry to back the coin by real-world industrial capacity, which has not been tested by any coins before. This would give SOM a competitive edge and a potential value proposition, although there are no guarantees or promises.
SOM demonstrates its performance and efficiency through inhouse benchmarks, simulations, testnets. The developer has conducted various experiments and tests to measure and verify the speed, cost, and security of SOM. The results show that SOM can achieve a high TPS, a low latency, and a high security level, as well as a low energy consumption and a low fee structure.
Use cases and applications
SOM is a meme coin that can be used for various purposes, such as playing, trading, gaming, and more. SOM is mainly intended for people who enjoy humor and fun, and who want to experiment and learn about cryptocurrencies. However, SOM can also attract people who have tradesman skills and who want to profit from the market exchange, just like they do with other meme coins, that's all the coins minus Bitcoin.
SOM can also be introduced in games, if there is a demand from the gamers or the developers, who can use SOM as a currency or a reward system in their games. SOM’s long-term target is to enable decentralized finance (DeFi) on its platform, which would allow the users to access various financial services and products, such as lending, borrowing, swapping, staking, and more.
SOM has a fixed supply of coins that are premined by the developer. SOM can be divided into 100 tokens, which are the smallest units of SOM, and is called AKCE. AKCE comes from "Akin Centralization", which describes the very foundation of this smallest unit of the coin.
Each transaction on SOM has a fee of 0.01≁ or 1 AKCE, which is deducted from the sender’s account and added to the node's account. The minimum transaction amount on SOM is 10≁ which prevents spamming and dusting attacks. SOM has a transparent and fair distribution system, where the top 200 holders of SOM are shown on the web, with their public addresses hashed for privacy reasons. This gives an idea of the wealth distribution and the market activity of SOM.
Conclusion
SOM is a meme coin that has a unique and ambitious vision of creating a coin that is backed by real-world industrial capacity, which could potentially defeat inflation and secure purchasing power, which was the main point of cryptocurrencies at the beginning but somehow forgotten along the way, as no other coin has ever attempted doing so by the date.
SOM is also a fun and educational coin that would offer various use cases and applications, such as playing, trading, gaming, and DeFi. SOM has a simple and innovative design that uses PoH as its consensus mechanism, which enables high performance and scalability. SOM also has a secure and transparent system that uses anonymous public addresses, short block time, and account freezing features.
SOM invites and welcomes anyone who is interested in joining or supporting its project, whether as a user, a trader, a gamer, a developer, or a donor. SOM appreciates and rewards the participation and contribution of its community, and hopes to create a positive and humorous atmosphere in the crypto space. SOM also encourages and challenges the readers to experiment and learn about cryptocurrencies, and to be careful and responsible before investing in any coin.
SOM provides more information and resources about its project on its social media platforms, such as Twitter. The readers can follow SOM’s Twitter account to get the latest updates and news about SOM, as well as to interact and communicate with SOM and its community. The Twitter handle of SOM is "@SOMCryptoCoin".
This white paper has explained the technical details, use cases, and applications of SOM, and also compared it with other meme coins, basicly all the coins minus Bitcoin. It has also demonstrated the performance and efficiency of SOM, and concluded with a call to action for the readers. SOM hopes that this white paper has been informative and entertaining, and that it has sparked the curiosity and interest of the readers.