Geneva, Switzerland; November 12th 2019 — SonoCoin announced today it has entered into a software distribution agreement with leading global technology solutions provider Avnet through SonoCoin’s commercial arm, Media Bloq LLC. This agreement defines a collaboration framework to license the Media Bloq, SonoCoin data-over-sound blockchain software for integration with Avnet’s hardware solutions.
Leonid Afanasyev, Founder and CEO of SonoCoin, commented: “This partnership represents to us the commercial validation of our technology and overall disruptive potential by the leader in the tech space. Between SonoCoin, Media Bloq and Avnet, we have assembled an A-level team that is working relentlessly to design a series of very exciting use cases that I believe will change the way we interact in specific circumstances. We invite everyone to follow closely the developments.”
Avnet will support the development of devices that allow cryptocurrency to be transmitted via audio by integrating SonoCoin’s data-over-sound software with Avnet’s hardware solutions. Through this collaboration, SonoCoin and Avnet are opening up new use cases scenarios for cryptocurrency, including concerts and sporting events, where the technology can be used for promotions and card-free transactions.
“When developers bring new concepts to market, they need a trusted partner to provide the guidance, expertise and support to scale their ideas,” said Sunny Trinh, Vice President, Ecosystem, Strategic Partnerships and Cool Stuff , Avnet. “Blockchain is one of the most exciting areas of technological innovation and we’re excited to add SonoCoin to our portfolio of blockchain and cryptocurrency solutions.”
About Avnet
Avnet is a global technology solutions provider with an extensive ecosystem delivering design, product, marketing and supply chain expertise for customers at every stage of the product lifecycle. We transform ideas into intelligent solutions, reducing the time, cost and complexities of bringing products to market. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com.
About SonoCoin
SonoCoin is Swiss blockchain venture offering white-labeled data-over-sound solutions to enterprises based on its native blockchain protocol. The coin’s .WAV file format gives anyone the power to transmit value and information using simple methods of delivery such as sound (similar to Shazam), messenger, QR and Bluetooth, etc. SonoCoin’s blockchain platform is a “b-to-b-to-c” (b2b2c) model, where SonoCoin builds data-over-sound solutions for businesses upon its blockchain network. SonoCoin uses a Proof-of-Stake protocol (PoS) where members of the community owning a specified amount of coins has the possibility to join the consensus algorithm and create new blocks in return for rewards. The selection for the next creator of a block is based on various factors such as: random selection, and stake size.
Cautionary Note Regarding Forward-Looking Statements
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of SonoCoin. The words “will”, “may”, “anticipate”, “intend”, “plan” and similar words and expressions are used to identify forward-looking information. The actual results of the specific items described in this release, and the Company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of SonoCoin’s team as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, SonoCoin’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of SonoCoin. SonoCoin disclaims any obligation to update the information contained in any forward-looking statement unless required by applicable securities laws.
