The telecommunications industry has come a long way from the Baby Bells. SMSCHAIN, the latest upcoming ICO, is developing a technology for texters to exchange their unused messages from SMS bundle packages on the blockchain for a profit. The decentralized process seems to have some similarities to cryptocurrency mining in that it seems to be a way to make your cryptocurrencies work for you.
The SMSCHAIN ICO could be a hit among those looking for emerging ways to generate a revenue stream from the blockchain. SMSCHAIN is led by chief executive Andrey Insarov, who is also at the helm of European telecom play Intis Telecom. The upcoming SMSCHAIN ICO has turned to Blackmoon Financial Group to advise the deal, which is a good sign. The Blackmoon ICO reportedly attracted USD 30 million in less than a day.
The technology is unique in that instead of building on the Ethereum or Bitcoin blockchains, which are public in nature and which the startup deems to pricey and slow, the text messaging app is using a sidechain model. The sidechain will have a periodic anchoring to the public blockchain.
Proof of work is redundant on sidechains, and so the platform will instead be based on “Exonum or Hyperledger Fabric frameworks,” according to the company’s white paper. SMSChain expects this technology will facilitate throughput of thousands of transactions per second while the additional security is provided through the anchoring of the public blockchain.
SMSChain serves as the platform by which users connect with telecom companies sending text messages. Then a series of steps ensues, ranging from obtaining SMSTO tokens, downloading software and the Android app and obtaining the proper licenses to participate. Apparently, the actual selling of the unused text messages is done by SMS aggregators (tech companies) that are linked to the SMSChain network.
As a result, users can earn anywhere from USD 150 to USD 6,000 on the high end per month.
The upcoming SMSChain ICO could be successful. The concept requires a fair amount of participation among users and aggreagtors alike. But if the cryptocurrency community has proven anything it’s that it’s willing to make a leap, which is precisely what the SMSChain ICO will need in order to gain traction.
The SMSCHAIN pre-sale is unfolding now and payments are taken in Ethereum.