What is SophiaTX?
SophiaTX is the first platform focusing on integrating blockchain with SAP and other major ERP, CRM, and SCM systems and aims to expand the possibilities of enterprise applications with the trust and security that comes with blockchain technology.
What problem is SophiaTX solving?
For illustration, SophiaTX can help to ‘track and trace’ the authenticity of medicines and pharmaceutical products which amount to 10-15% of counterfeits, while the size of the industry is 1.2 trillion US dollars. Counterfeit drugs, transportation compliance, and traceability in case of recalls are the major issues this market is facing.
Another challenge which SophiaTX can help with is document exchange, such as invoices or purchase orders. Today's practice leverages postal services, mails, and e-invoicing software which are not necessarily reliable in terms of delivery, security or are simply expensive to be deployed. SophiaTX can address those issues as demonstrated by the use cases published in the whitepaper and has huge positive impact and potential.
What makes SophiaTX unique from other projects?
The project is different in many ways: It’s established as a cross-industry platform catering to such industries as food, pharma, manufacturing, transportation, logistics, engineering, construction, and others. SophiaTX is built as a business compliant Blockchain and drives adoption through a community of millions of IT professionals (e.g. SAP community exceeds over 2.5 million participants globally).
Are there any competitors?
Currently there is no comparable solution. Details in the whitepaper reveal the limitations of current blockchains, including Ethereum, Hyperledger, and SAP’s own Blockchain as a service (Baas). These systems do not provide sufficient privacy, speed or features which would allow mainstream adoption by businesses.
Why have you chosen to integrate blockchain and SAP?
It is very clear that blockchain brings certain innovative features and capabilities compared to traditional centralised applications. Blockchain has the capability to disrupt today’s businesses practices, while SAP along with other enterprise applications are the lifeblood or backbone of the organizations, covering all functions from supply chain, manufacturing, and engineering, to finance and much more.
For business to fully benefit from blockchain capabilities there must be a connection to the company’s backbone systems, and since SAP is the most dominant and lucrative segment, we chose to tackle this first.
Why have you chosen a platform approach instead of building a specific solution for industry?
We have performed detailed studies and even some limited prototyping with several blockchains. We have concluded that in order to bring the scale effect and flexibility required by businesses, we must have a platform that allows for open peer-to-peer relationships between businesses and their ecosystems. Also, the platform allows for cross industry and open collaboration across entire value chains from manufacturers all the way to final consumers and households. Industry or application specific blockchains allow only very limited cross industry collaborations.
Why has SophiaTX decided to use public blockchain instead of private?
We believe that to truly set up new ecosystems with peer-to-peer business relationships, a public blockchain is superior over any alternative. With blockchain, most of the disruption comes from new entrants into the ecosystem. By opening the network for anyone to join and participate, SophiaTX has the best possible chance for global adoption.
Why have you chosen a platform for transaction level exchange?
Companies and other organizations must collaborate by connecting their systems, which are centrally executed at the transaction level. To benefit from blockchain, it is key to interconnect business and system transactions and organize them into smart contracts. Thus, we have clearly decided to build our platform as a transaction exchange, named Sophia TX (Transaction Xchange) which includes such logic and architecture.
What is the role of a strategic advisor and how did we chose our advisors?
Our advisors help the SophiaTX leadership team to form the strategic direction and help with fast SophiaTX adoption into businesses.
SophiaTX has assembled a top class advisory board. It’s important to highlight that our advisors are seasoned executives and technology leaders in the industry in several geographies, which is a very unique proposition of SophiaTX compared to other projects. We are serious about our plans and goals to build a viable and commercially successful blockchain platform.
How does SophiaTX relate to DECENT blockchain?
The SophiaTX blockchain is built on DECENT’s proprietary blockchain technology, specifically developed and enabled to power a B2B transaction engine and all the features required by businesses of all sizes.
How is the company going to make money?
Our company will make money by providing advisory and implementation services for SophiaTX. The success of our company is directly tied to the adoption of SophiaTX and vice versa. That is why we have developed partnering programs with many SAP and IT integrators.
SophiaTX Token Generation Event
When is the TGE and how long will it last?
TGE (Token Generation Event) will be held on December 5th and it will last 10 days. There will be 5 rounds, each with different pricing. For more info about TGE, please, check the Whitepaper.
Who can participate in the TGE?
If the participant is not a citizen or resident of a country, whose legislation conflicts with obtaining or distributing cryptographic tokens such as SPHTX, then they can participate in our TGE.
Is there going to be any Know-Your-Customer (KYC) and Anti-Money Laundring (AML) verification?
Yes indeed, KYC and AML procedures are being applied for the Token Generation Event participants, for both the participant groups, individual persons or organizations.
Do we have a soft cap/hard cap?
We don't have a soft cap. We have already built the prototype on our SAP Cloud and we will continue regardless of the TGE. On the other hand, we have a hard cap set on 115.000 ETH.
What is the price of TGE Token?
The price is dynamic and increases by 10% every round compared to previous round's price. The projected starting ETH price: 1 SPHTX = 0.00062789 ETH
When will the tokens be distributed?
Tokens will be distributed 48 hours after the TGE.
When is it going to be possible to trade SPHTX on crypto exchanges?
Exchanges are independent entities so knowing in advance which of them SPHTX will be listed on is difficult. We are focusing on getting listed on as many different exchanges as possible, including the major ones.
How will you avoid market manipulation by insiders of SophiaTX development? Is there going to be a lock-in of tokens?
70% of the tokens dedicated to Development, Operations, Marketing, and the Team are vested
for 12 months after initial SPHTX generation.