A statement released by Sony Block Solution Labs on Wednesday brought exciting news. The company announced the launch of the Soneium Minato testnet, its blockchain project. Cryptocurrency enthusiasts around the world have been wondering what kind of innovation and investment opportunity this blockchain will bring to the market.
What is Soneium and What Does it Offer?
Soneium is a layer-2 blockchain created by Sony Block Solution Labs (SBL). The company behind this project has been involved in various initiatives related to Web3 technology, games, and NFT marketplaces since 2023.
The announcement defines Soneium as “a public blockchain accessible to all developers and creators interested in building applications.” Its function is to “connect blockchain technology with everyday internet services.” According to Sota Watanabe, Director of SBL, Soneium was created due to “the lack of contact points with ordinary users and their feedback” in the Web3 universe.
The platform offers a space on the internet with integrated tools to make up for this lack. It can therefore be used to form a community between users and developers and share feedback. The great thing about Soneium is that it “welcomes all participants without limitations.” As part of its features, the platform also “uses a test version of cryptoassets for in-app payments.”
The Soneium-Ethereum Connection
Soneium’s technological infrastructure runs on Ethereum’s layer-2 environments. As such, it has been designed to offer solutions to limitations normally associated with layer-1 infrastructure.
The slow and expensive data processing found in the base layers of Bitcoin and Cardano will be replaced by a scalable network. It will be able to execute Ethereum contracts efficiently and economically. Just to illustrate, popular blockchains such as Avalanche and Polygon often use this decentralized computing engine successfully.
Potential
Soneium’s most exciting feature for cryptocurrency investors is its cryptoasset trading service. You can assess its potential by comparing it with other providers of this service who are considered market leaders.
Coinbase is currently a market giant, known for its security features and the wide range of cryptocurrencies available to buy and trade. Therefore, despite offering an in-demand service, in order to become competitive, Sony’s new platform still has a long way to go.
Coinbase
- Regulated exchange
- An easy-to-use platform
- Free crypto training offered
Coinbase
