Nouvive through its research partners, WeViveLive and Aeries Hadson have found another Gem for Subscribers of Nouvive.
What is SophiaTX?
SophiaTX is sold as a ‘blockchain for businesses led by Equidato Technologies AG. SPHTX is aiming to expand the use cases of enterprise applications with the trust and security that comes with blockchains. Their team has been formed by best-in-class” SAP integration experience. The company behind it, Equidato is an existing company focused on the integration of Blockchain with enterprise applicaations such as, IOT sensors, smart printing and other advanced technologies forming the ‘industries of the future’ eco-system.
Market Cap (29–06): $26 Million
All-time High price: $1.58
- Establishing trust and transparency through the blockchain, whilst at a cost-saving benefit through the eradication of third parties.
- Most ERP vendors end up using private or consortium blockchains. This is not efficient, because not the whole value chain can participate in a private blockchain.
- SPHTX is building a platform with an open blockchain that will intergrate enterprise applications with the SPHTX blockchain. SAP is the leading enterprise resource planning and business applications. The goal of SophiaTX is to integrate with SAP. SAP SE is a company that makes enterprise software to manage business operations. SAP serves more than 365,000 companies in 190 countries. 98% of the 100 most valued brands and 87% of the Forbes Global 2000 companies use SAP software. This is a huge target market, and can be very disruptive if it succeeds.
- The platform will have its own marketplace. This will act as a web-based solution and entry point for customers and developers that will contain two primary areas: App Store and Dev Store. Customers will be able to view and purchase applications developed for SophiaTX Blockchain, while developers are given the option to download the API and submit their own applications for testing prior to the release in the App Store.
- The Blockchain will use delegated Proof-of-Stake (dPos) as a method of consensus. Other platforms such as Lisk use this method of consensus as well. dPos is known to be the fastest and most efficient way to achieve consensus in a decentralized network and consists of a voting system.
The team highlights three use cases in their whitepaper, while stating there are many more.
- One-to-One document exchange: SophiaTX Blockchain will provide a solution for customers to send key information regarding a sales invoice via the blockchain to end customers.
- Multi-Party information exchange: Imagine a project where multiple vendors are working together. The blockchain is used to synchronize work schedules and share rewards for outcome. The blockchain is the true enabler for full working collaboration, providing complete transparency. Blockchain and its peer to peer technology provides the evidence that tasks were agreed upon in case of dispute between parties.
- Multi-Party collaboration Across Value Chain — Track and Trace: Inspection of processes and assets from beginning to end create full transparency.
Example: Challenges in Supply-Chain for Pharmaceutical businesses. The process from obtaining raw materials up to the final sale is a very complex process. This involves many different parties. The market for pharmaceuticals is a very profitable and competitive markets. Because of these factors, a lot of counterfeit products exist. These products can be made easily, and especially in developing countries there is a lack of information about these products which could cause harm. Another challenge for the supply chain is the transport of medicines, as they require certain temperatures to be functional.
Solution: Integrating blockchain and SAP will allow pharmaceutical companies to write their products into blockchain directly from their SAP systems and prove their authenticity.
Token Usage ($SPHTX)
Currently SPHTX tokens are ERC-20 based, meaning it is on the Ethereum blockchain. When the main net is launched, it will have its own token: SPHTX. The token will have usage within the marketplace and in many decentralized applications. There is a variety of usage for the token, some of which are listed below:
- Transaction fee and miner rewards
- Subscription access rights to the SophiaTX Blockchain → intended for businesses
- Reward allocation for buying and selling on the SophiaTX marketplace.
- Reward for the developers when one of their applications is installed by an end customer.
- Transaction and data storage fee for document file server
- Licensing for private blockchains which can be created on the SophiaTX platform.
Who are their Competitors?
- As SophiaTX states in their whitepaper: ‘’Ethereum for integration with business applications has its limitations.’’
- A blockchain for business must have a certain level of privacy which Ethereum does not have.
- Another competitor is Hyperledger, which is supported by over 180 businesses. SophiaTX differs from Hyperledger, because SophiaTX takes the end product straight to the market.
SophiaTX has a core team which consists of 10 members. The team consist of SAP integration experts and experts in other enterprise applications. The CEO Jaroslav Kacina has 22 years of experience in Enterprise Resource Planning. The team is well balanced, and in addition there are 12 well-respected advisors in the SophiaTX project. A very strong team is leading this project.
The current SophiaTX roadmap looks like this. As published on their website, the team is two months ahead of schedule of this roadmap. This is very impressive and is not seen often in the cryptocurrency space. In Q1 2018, SophiaTX opened the pre-registration for their early adopters program. An impressive number of 3000 people registered for this.
Communication and Community
The team of SophiaTX is very professional, and very transparent in their communication. They are active in communication through their website, LinkedIn, Reddit, Telegram, and twitter.
Partnership with GE
SophiaTX has a partnership with General Electric. General Electric is a multibillion Dollar company, and this is good news for SophiaTX. SophiaTX will be designing and developing a blockchain solution for GE’s financial efficiency and operations. This adds a lot of value to the project.
Where to buy?
SophiaTX is currently listed on IDEX, Cobinhood, Bittrex and Binance.
SophiaTX is a great project targeting a massive market. IF this project succeeds, it could lead to major disruption in enterprise applications. The team is great, especially in establishing the many use-cases which is essential for a blockchain project. The partnership having been established with GE which proves legitimacy for the project. The team takes the low-hype approach, but gets work done. The market cap is incredibly low at <$27 Million for a project of this scale.
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