Sonar, a Next-Gen Tracking Platform for Ethereum and the Binance Smart Chain

The cryptocurrency space evolves at a fast pace, as innovators create new applications on an almost daily basis. While not everything built in the cryptocurrency space has value, missing out on something early on may cost a lot.

Cryptocurrencies like Bitcoin, Ethereum, and Binance Coin use open blockchains that anyone can look into, but information about what’s really going on is often hard to come by. To get the “big picture,” users have to track several social media platforms, Medium blogs, news services, and more.

The solution is a platform that allows users to track cryptocurrencies in a simple way so they can focus on their decision-making process.

Enter Sonar, a dynamic, all-in-one cryptocurrency tracking platform that simplifies data to make it easier to cryptocurrency investors to make data-driven decisions. With Sonar, users can easily research, manage, and decide upon the future of their cryptocurrency investments.

An All-In-One Crypto Tracking Platform

Sonar tracks and analyses data from two main blockchains: Ethereum and the Binance Smart Chain (BSC). These two blockchains have thousands of assets launched on top of them and hundreds of decentralized applications users can enjoy.

These decentralized applications include all of the decentralized finance (DeFi) blue chips, such as Compound, Aave, and the Maker protocol. The platform’s analytical ecosystem is created by tracking live data not only from the blockchain, but also from social media platforms, price trackers, auditors, and cryptocurrency exchanges.

Through the Sonar ecosystem users can easily understand what’s going on in these networks without having to dig through countless social media channels or contracts on the blockchain. Moreover, the platform allows them to customize their dashboard so they can focus on what matters to them.

The platform’s data includes price analytics, transactions, social signals, available trading pairs, contract vetting and audits, the ability to follow a specific wallet, see the other wallets an entity on the blockchain owns, and a way to get notified once these entities move specific tokens. All of this data lets them keep track of what whales and other large influential players are doing.

The platform also scans for contract security, allowing users to find out whether a project is too good to be true. This way, investors can more easily avoid scams that will end in rug pulls from malicious actors.

Sonar can, as such, help users quickly analyze what’s going on and make informed, data-driven decisions in a time-efficient manner, all while avoiding common scams.

The $PING Token

The $PING token is at the heart of the Sonar platform. It’s listed on major cryptocurrency data aggregators like CoinMarketCap and is a deflationary token. Deflationary tokens, it’s worth noting, reward holders through a mechanism that continuously improves their scarcity.

The PING token is built so there is a 10% tax applied on every transaction made with it. That transaction helps deflate the cryptocurrency’s supply, so that as time goes on and demand grows, its price ultimately moves up.

The 10% aren’t all burned, however. The tax is broken down so that:

• 2% are returned in a frictionless redistribution process to all Sonar token holders;
• 3% are returned to a liquidity pool to protect the value of the token and improve its price stability
• 3% are distributed to the Sonar Marketing and Development team so the project keeps growing
• 2% are distributed to the Sonar Innovation Lab Wallet

PING token holders also have access to advanced tracking features and can take advantage of Sonar’s unique analytics platform through a series of tiers that vary according to their holdings. Tier 1 adds token events tracking, a custom token dashboard, and portfolio auto-tracking while removing advertisements.

Tier 2 adds advanced events tracking, advanced notifications, allows users to plot traders on charts, and more.

What’s Ahead for Sonar?

Sonar is still in its early stages. The firm has just passed the rigorous audits by Techrate and is now preparing for additional audits by CertiK to ensure the platform is up to the highest security standards. After that, Sonar is set to launch its own custom wallet app compatible with Web 3.0 applications.

In the near future,the PING token will be launched on major tracking apps like Blockfolio, before being listed on Tier 1 and Tier 2 centralized cryptocurrency trading platforms and on decentralized exchanges.

A wrapped version of PING that bridges ERC20 and the BEP20 token standards is also in the works. IT will be tradeable on the Uniswap exchange. In Q1 of 2022, the Sonar platform will be open for beta testing and the Web 3 wallet will be launched.

Please visit Sonar`s website for more information.

Source: https://www.cryptoglobe.com/latest/2021/07/sonar-a-next-gen-tracking-platform-for-ethereum-and-the-binance-smart-chain/