Sonar (PING) is a suite of analytical tools and software used to simplify cryptocurrency trading. The Sonar platform is an AI-powered analysis suite monitoring Ethereum networks and BSC (Binance Smart Chain) to ensure users with better speed, scalability, and faster on-chain transactions. Sonar provides users with real-time trade signals by compiling meta-data from various sources and feeding the data into an easy-to-use interface.
The crypto space is much like the Wild West, particularly for the new traders. There’s relevant cryptocurrency data and information to gather, risks to analyze, and social media channels like Twitter, Reddit, Telegram groups, and forums to scroll through. Sonar intends to provide a single comprehensive solution to facilitate easy crypto analysis and a better scope of profitable trading. Sonar wishes to make the analytical tools accessible and understandable for all traders, irrespective of the portfolio size. As the whitepaper describes, Sonar aims to provide users with a holistic cryptocurrency analytical ecosystem to simplify and enhance online funding ventures.
Sonar values transparency and seeks to provide users clarity about the allocation of funds, development, and the future goals of the platform. Community is at the core of Sonar’s operations. Therefore, the platform focuses on increasing community engagement while assisting users and resolving concerns regarding the platform and the token. Sonar also reckons education as the need of the hour and offers educational crypto videos for the users.
Besides providing an all-in-all suite of analytical tools, Sonar wishes to educate traders on ways to leverage the tools for better crypto trading. Hence, Sonar aims to launch a blockchain academy to school traders about cryptocurrency, trading, the roadblocks, and blockchain technology. Various tutorials, short articles, podcasts, and videos are available for this purpose.
PING is the official utility token powering the Sonar ecosystem. The token awards users with additional and upgraded tracking features. PING utilizes a reflection mechanism to reward holders for participating in the evolution and growth of Sonar. As the website mentions, the platform accrues 8% tax on transactions while 3% of the accumulated tax is distributed among holders as token rewards. The platform seeks to encourage users to fund liquidity pools using PING tokens. Users can stake and farm the PING tokens to yield more value and earn more tokens.
