Market Guide

Updated on 24-05-2018.

SONM Market

What is SONM Market

SONM Market is a global decentralized marketplace of computing power. Market is responsible for keeping order book of buy/sell orders for hardware resources provided to SONM platform.

Hardware suppliers may provide hardware resources for rent. Customers can rent the resources on Market.

Features:

  • Buy existing orders placed by Suppliers.
  • Offers from both sides are matched by parameters.
  • Automatic match making is not executed by central trusted side. Order book is just an information service. Any person may receive information about available orders.
  • FIFO principe (first order IN must be matched first) is not implemented. Instead, any Consumer receives the list of matching counter orders with information about the offers. It is Customer-side software responsibility to match orders and settle a deal.

Not implemented in SONM GUI (yet! these functions are available only in SONM CLI at the moment):

  • Ability to place own BID orders;
  • Ability to manage tasks (for Consumers);
  • Ability to manage workers (for Suppliers);

Order owner set price in USD. Then, when deal is accepted, price is set as an attribute of deal.

Payments for deals are implemented in SONM tokens. SONM Wallet automatically recalculates user's tokens to USD using current rate when you go to Market. User may see his balance in USD and SONM tokens simultaneously.

Market account

If you want to use Market you should have an Ethereum address. Please add existing UTC/JSON keystore or create new address it on Wallet page.

On Market you may use all your accounts but only one at a time. You may switch accounts in Main menu (Wallet header).

Only SNM tokens on Market balance (i.e. deposited to SONM blockchain) may be used to conclude deals.

To replenish your Market balance from main Ethereum network please use the Deposit operation. To return tokens from SONM blockchain to main Ethereum network use the Withdraw operation.

How to use SONM Market

If you are Customer and want to buy resourses in SONM:

  • Go to Market section;
  • Choose the account you will use in Market in the Main menu;
  • Deposit SONM tokens to the Market;
  • Search sell orders in Orders page using filters;
  • Choose appropriate sell order;
  • Open a deal;
  • View you deals in Deals page.

If you are Supplier and want to sell resourses using SONM please follow Getting started as Supplier. SONM Wallet will support this function in the next release.

Deposit and Withdraw

What is Deposit and Withdraw

Deposit is an operation that transfers SONM tokens from your main balance (from your address in main Ethereum network) to Market balance (in SONM blockchain) within one account. Deposit operation requires Ether as a fee for transaction in main Ethereum network.

Withdraw is an operation that transfers SONM tokens from Market balance to main balance within one account. Withdraw operation takes a commition in SNM depends of a sum of operation.

Also on Market you will see the equivalent value of your Market balance in USD.

How to deposit tokens

To deposit tokens to your Market balance:

  • Open Deposit page;
  • Set value of the deposit in SONM tokens and fee parameters (gas limit, gas price). You should have enough Ether and tokens on your main balance. Click Next.
  • Check the values, and input your account password. Click Deposit. To Change the values click Back.
  • Wait for the end of the transaction.
  • View your changed balance!

How to withdraw tokens

To withdraw tokens from your Market balance to main balance:

  • Open the Withdraw page;
  • Set value of the withdraw in SONM tokens. See the value of SONM commition in SONM tokens. You should have enough tokens on your Market balance. Click Next.
  • Check the values, and input your account password. Click Withdraw. To Change the values click Back.
  • Wait for the end of the transaction.
  • View your changed balance!

Deposit and Withdraw history

You may view the history of the deposit and withdraw operations on the History page.

Here the filters by date and type of the operation is allowed.

Orders

How to search orders on Market

To search buy and sell orders on SONM Market go to the Orders page. Here you may see list of orders and amount of default filters.

  • To open all filters click the Show all filters button.
  • To apply filters click the Apply filters button.
  • To view the order details click on the order row.
  • To view the order owner profile please click on his name/account.
  • Use the refresh button to view the actual orders.
  • Use the buttons Price, Duration, Status to sort the list.

How to view your orders

To view your orders' list click My orders in the first filter on the Orders page.

Order details

You may open the order details from the orders list.

Order detials include the breaf information about the owner, and full information about the order parameters and resource parameters.

Supplier order details include the Buy button. Click it to start buying resources.

How to quick-buy resourses

  • To quick-buy resourses on Market first search the Suppliers' ASK orders using filters.
  • Then open the order details page.
  • View all the parameters. If you want to buy it please click the "Buy" button.
  • After that if the order has a limited duration, you may set you duration value that should be equial or less then supplier's. For non limited orders there is no such a step.
  • Check all the parameters and confirm the deal: input your account password and click "Buy".
  • Wait a little time, and after your deal is created you will see the notification.
  • Go to Deals page to view your deals.

Deals

How to view your deals

To view your deals go to Deals page. Here you may see list of your deals with a braef information, and filters.

  • To use filter change the filter value: date, contragent address or status (active or all);
  • To view the deal details click on the deal row.
  • To view the deal owner profile please click on his name/account.

Deal's billing

Billing is used to make payments for the deals. It works automatically. How does this process work:

  • After creation of the deal SNM tokens for the first period (1 hour for the unlimited time deals, 24 hour for the limited time deals) from the Customer account are frozen on the Market.
  • After the first period frozen tokens transfer to Supplier account. And tokens for the next period from the Customer account are frozen on the Market. This two operations are billing.

    Attention: Deal price is allways in USD. But your payments are in SNM tokens using current exchange rate. If the rate changes between the billings next billing will thansfer to Supplier not a frozen sum of tokens, but more or less. And amount to freeze for the next period will be changed relatively.

  • For the unlimited time deals billing is made every hour after the creation.
  • For the limited time deals billing is made every 24 hour after the creation.
  • The final billing is made before the deal finishing. It thansfers tokens to Supplier from a frozen sum in proportion to the last period of time if it less then standart. The remaining amount of tokens will be returned to the Customer account.

Attention: Your should have enough SNM tokens for the next deal period before next billing. If it's not enough the deal will be finished automatically after the current period.

How to perform the task

In this release of the SONM GUI, you can perform tasks on purchased resources only using SONM CLI.

  • Set up and start SONM CLI using SONM CLI Guide.
  • Copy your deal ID from the GUI and use it in SONM CLI to start the task (see the SONM CLI Guide).

Finishing the deal

  • To finish the deal please go to deal details page from the deals list.
  • Click the "Finish deal" button.
  • Input your account password to confirm the finishing. Also you may include contragent to your personal blacklist in checkbox above.

    Note Your personal user blacklist in SONM consists of users that never will have the opportunity to make a deal with you. Only you can include user to your blacklist.

  • Wait a little time, and after your deal is finished you will see the notification.
  • Go to Deals page to view your deals.