The FAQ has been created to address the most common questions from the community and people interested in building the better coin with the Sonajin team. We will be continually updating this based on recurring requests and questions that we get from our community.
What problems does Sonajin Solve?
Sonajin solves all the current problems including the issue of slow transaction speeds, high fees, security issues, lack of first party wallets, e-mail notifications, user registration and feedback, privacy and much more. Think of Sonajin as the coin that collectively implements what has worked correctly while fixing common sense issues that have prevented wide spread use and adoption of other cryptocurrencies.
Aren't other currencies well adopted and successful why do we need Sonajin?
Bitcoin conferences can't accept Bitcoin because the fees are too high and transaction times too slow. We may temporarily see investors holding, pumping and dumping coins but coins that can't be used for actual transactions on a daily basis cannot possibly survive into the future. On top of that most coins are simply too slow to be adopted and used everyday to buy gas, groceries, coffee.
Wasn't Ethereum supposed to be the better coin?
We believe that was the intention but looking at their whitepaper seems to indicate that they realize a lot of unexpected issues arose from Ethereum. Ethereum has a currency is most comparable to the fiat Euro where exchange rates and valuations are essentially floated across multiple countries which used to have their own currency. As most in finance know, a one size-all approach has essentially failed in the EU. The same thing is evident with Ethereum's gas fees, perhaps it works in some cases for ETH but it doesn't work for the tokens running off it. For example it could be possible that $5 USD in low value coins could cost someone more than $100 USD in fees alone. Ethereum cannot be a universal currency and a decentralized app at once. In essence the idea was good but in implementation neither has succeeded to the point Ethereum rivals traditional banking and is only marginally faster than Bitcoin (although many find Bitcoin easier to use still).
Is Sonajin a Scam?
Our team is anonymous simply for the reason that Satoshi wanted to stay anonymous. We are not looking for fame or wealth but we want to create a cryptocurrency that truly and simply works better than the rest and solves the current issues with cryptocurrency. There are many scams out there that use real names and faces, and sometimes fake names and faces and they have defrauded investors. We pose this question though. If Sonajin were a scam and we wanted to simply enrich ourselves, the easiest path would be to do a hardfork of Bitcoin without any need to make a brand new codebase and run a cryptocurrency network.
Why does your team allocate 55% of XSJ to itself?
Similar to many projects this is to prevent financial attacks and from the wealthy and elite from centralizing the currency. Although we have prevented centralization and hardforks through other means, we want to prevent the hoarding and centralization during the sale of Sonajin's XSJ.
Will Sonajin implement smart contracts?
No, we think this is a mistake you cannot combine currency with other features. We feel an example of that failure are issues with both Ethereum and Neo. It is a good sounding concept but very hard to execute so that both functions work properly. It's like doing 2 things at once but only 50% correctly. You can't have one right without the other which is what makes Smart Contracts as implemented today unfeasible especially with the gas causing confusion and high fees.
Is Sonajin Minable with PoW (Proof Of Work)?
No, it will be based on PoS (Proof Of Stake) and membership rewards will be paid based on your holdings and activity. Essentially active users of the currency will be rewarded with more of XSJ!
We decided not to make it minable for both environmental and security reasons. Mining is a huge waste of electricity and is likely physically unsustainable as networks and currencies continue to grow, the world's electricity grids can't keep up and some countries are already banning mining for this reason. It also encourages centralization with the largest players with the most money ultimately having control over the networks which is a trend we are witnessing today.
How Fast is Sonajin?
Our goal is for Sonajin to be capable of more than 2000 TPS (transactions per second) but much more will be possible with scaling as necessary.
Is Sonajin Open Source?
The wallets will be open source and provided directly by us so users won't have to worry about third party exploits. Our network will remain proprietary and hybrid for security reasons.
What platforms does Sonajin support?
Sonajin wallets will be created for the web, iOS, Android, Mac OS, Linux and Windows.
What API will be available?
The Sonajin API will be more simple and effective than current coins such as Bitcoin or Ethereum. The goal is to allow easy integration into existing market places and payment systems. PHP, Shell and Python scripting will be the primary methods of interfacing with the API.
What other factors make SonaJin more stable than other currencies?
Since our network is a hybrid and proprietary one it will be harder to attack our network. Because we are not minable it would be very difficult to broadcast fake transactions across the network.
Sonajin is also stable in the sense that there is no way to hard fork it and that we can easily make upgrades to the protocol without new clients/wallets having to be downloaded. In the case of other coins like Ethereum or Bitcoin, simple changes like changing the blocksize limit end up causing a hard fork and entirely new currency if there is a disagreement. That is also a huge risk to holders of those currency because in the long-term it increases fraud and encourages devaluation. Why hold or use a coin if there is a spinoff every few months causing confusion among current and future users?
What is different about the Sonajin Team?
Our team is well versed in both business and IT and we are filling a void clearly shown in the crypto industry that no single team seems to cohesively understand what needs to be done. The SonaJin team and XSJ coin are filling this void.
Isn't Sonajin just like Ripple (XRP) or Stellar Lumens (XLM) ?
The one concept that is similar is that the core network is run by the team. Sonajin provides first party wallets that are safe and secure, whereas XRP and XLM only have third party wallets which is a security risk. XRP and XLM are running off the US based, IBM architecture which is under their jurisdiction and subject to PRISM and other access laws in the US. Another core difference is that Sonajin does not work with banks or financial institutions and is not a tool for central banking. Sonajin does not support smart contracts, smart assets or other apps or coins running off its network to guarantee both high speed and security. We feel as part of traditional IT security practices that currency and other functions shouldn't be mixed into the same blockchain.
How does the Sonajin network achieve consensus?
Both sender and receive directly confirm with each other and finally the Sonajin Network must agree and verify the transactions. This way transactions are both faster and more secure.
Are offline transactions possible?
Technically yes, but we will not implement such a feature at this time for security and integrity reasons. We don't favor this as essentially you are creating a pending and unconfirmed transaction similar to many other coins. This feature could be exploited. We also do not see the value in doing transactions that are not truly confirmed while offline as it leads to confusion and other unquantifiable situations. What if you are offline and you forgot the money would be taken when online and this may cause a negative balance and other issues with consensus? Our view is that transactions should be done in real-time or not at all to avoid issues. It is a feature we are open to exploration in the future if we feel strongly it can implemented with little to no risk or confusion.
Why isn't your project completely open source?
Specifically to prevent hardforks, if anyone can run a node then it is easy to copy, counterfeit and hardfork coins such as the case with almost all of the major coins. It is also easier for the client side not to worry about hardforks, different chains, double spending etc. We value and respect the spirit of opensource community and some of our team members are members of this community, but we cannot guarantee the security or integrity fo the chain if anyone can run a node. One of the key ways fraud can occur is if enough nodes broadcast false transactions as is currently possible with most other currencies, we aim to stop this from being possible in the first place.
If it is possible in the future for Sonajin to go Open Source without compromising the security of the network and allows us to keep the features we've implemented, the Sonajin Team is willing to strongly explore and consider this option.
What happens if I send to an invalid/wrong address? Do I lose my money like with other coins?
If you mean by an invalid, an non-existent address this is impossible. Our network verifies the address is valid before performing the transaction and taking the amount from your wallet. However, if you send to a real, valid address by mistake this is not within the scope of the Sonajin Network.