Sumokoin – A new cryptocurrency with a keen eye on Asia
It might have only been launched in May 2017, but Sumokoin is already making waves in the cryptocurrency market. This digital currency impresses instantly, with a clear concept and innovative technology.
With Sumokoin, transactions can be carried out from one side of the globe to the other. What’s more, blockchain technology ensures security and maximum anonymity. The blockchain is a modern alternative to large servers on which data is stored.
In contrast to this, the blockchain is decentralized and promises to store information securely. Neither unauthorized third parties nor developers of the coin itself can access transaction data.
In contrast to many other cryptocurrencies, Sumokoin is clearly focused on the Asian market. In addition to Japan and Korea, the developers are focusing on China and the Tiger states. From Asia, the aim is to achieve a triumphant advance all over the world.
Cryptocurrencies bring an enormous number of advantages to consumers. For one, they can be used flexibly, are available internationally and are issued by non-governmental organizations. Also, with this kind of currency, you can make payments with nothing more than your smartphone.
Today, the vast majority of people still carry cash and credit cards, but this could change very soon. Many drawbacks of conventional payment transactions might soon be a thing of the past, thanks to cryptocurrency.
Number of available coins and market capital
In the case of Sumokoin, the relative youth of the company makes for a modest market capitalization. The total of about 2.5 million units of this coin has a value of approximately 800,000 US dollars. The number of coins mined has increased to more than 88 million units.
The primary motive behind limiting the number of coins is to reduce the risk of inflation. With inflation eliminated, a high value and market stability can be achieved. Developers of cryptocurrencies are attempting to stray from the traditions of the ECB and CO – the central banks recently made headlines when they flooded the markets with money.
In many respects, cryptocurrency is the answer to a question that’s been simmering away for a while. That question is how economies can respond to the digitization of numerous processes. Cryptocurrency simplifies and standardizes payments, with a single smartphone providing complete control for users.
At the same time, cryptocurrencies are as anonymous as conventional cash, but offer the advantages of digital payments. There is a good chance that the market capitalization of this coin can be significantly increased in the future.
While the entire crypto sector has been booming for a while, Sumokoin holds particular promise. High returns are certainly likely, with a high market capitalization expected in the next few years.
Storage and management of cryptocurrency on a wallet
In order to manage crypto money, investors need a so-called wallet. These digital wallets are usually available for all operating systems, such as Windows, Linux and macOS. The only requirement is that you download the respective wallet, which usually takes mere minutes.
Many available wallets are provided by third-party vendors and can be used to store different coins. This is particularly useful in the case of Sumokoin. Here, developers also have their own wallet on offer, specially designed for this currency. It has been designed to provide maximum flexibility for users and makes administration a breeze.
The peak of its potential is far from being reached, with a mobile wallet in development. In the future, it should also be possible to manage your own finances without using a browser. Ultimately, with cryptocurrencies emerging all the time, a real evolution is looming.
All transactions can be carried out quickly and conveniently with a smartphone. In addition, the state is left oblivious to transactions and has no chance to enforce controls. Authoritarian states might even lose some of their grip on freedoms and privacy with the advent of cryptocurrency. Sumokoin and its predecessors are already very popular worldwide.
What growth opportunity does Sumokoin currently offer?
It is not possible to perfectly predict the growth potential of a cryptocurrency. Nevertheless, we can refer to trends and previous performance to forecast the direction of development. Potential investors will certainly be pleased that the trend in Sumokoin is clearly pointing upwards.
In the first few months, the share price has been growing at a rapid pace. Many investors were even lucky enough to double their capital within a few weeks. The experts are optimistic that this positive development can continue. They attribute this to a number of indicators that determine future prospects.
These include, for example, the overall popularity of the coin. In fact, the vast majority of people in Europe have not yet heard of this currency. The success of a cryptocurrency increases with press attention. Large marketing campaigns, already planned, will likely provide a significant boost to the popularity and overall value of this coin.
A summary of Sumokoin
As one of the few digital currencies focused squarely on the Asian market, Sumokoin is definitely appealing. Despite the fact that it has only existed for a matter of months, it can already boast success. One of the milestones was the publication of an innovative wallet, as well as further development of the blockchain.
Experts say this currency has great potential, with large advertising campaigns providing necessary momentum. Payments with this cryptocurrency do not require anything more than a smartphone.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.