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Substratum (SUB) Coin – Ultimate Guide
About this guide: Our Substratum (SUB) guide will give you everything you need to know: We’ll explain what it is, what the project does, how the future of SUB looks and give our opinion on the future of the project. As always, we urge caution before making any cryptocurrency investments and encourage you to do your own research.
What Is Substratum (SUB)?
The first thing you need to know is that Substratum is the name of the project and SUB is the token. Substratum is creating a decentalized internet and the vision is to create a free and fair internet. The idea is to ensure that users have unrestricted access to content and that internet use is free from centralization. Substatum will end the need for VPN’s and TOR.
This mission is gaining increasing relevance in countries like the United States, where the Federal Communications Commission voted to eliminate Net Neutrality rules on December 14th 2017. Before it was abolished, Net Neutrality made it illegal for US internet providers to choke internet speeds or block websites, content and data that users wanted to access. The verdict on December 14th 2017 poses a significant threat to a free internet for US users and their right to freely share and access information without interference from the government.
Over the years, the internet has become broadly more centralized. Companies like Google and Facebook have gained monopolies in their perspective niches. This centralization can be dangerous, as demonstrated by the recent Cambridge Analytica scandal. Most Facebook users were unaware of how much data could be harvested by companies like Cambridge Analytica. It is alarming that this data “allowed the company to exploit the private social media activity of a huge swath of the American electorate, developing techniques that underpinned its work on President (Donald) Trump’s campaign”, compromising the very principles of democracy.
In China, extreme censorship has been in place for a while through the deployment of the Great Firewall. This greatly restricts the free exchange of information, facts and ideas over the web.
Substratum offers an alternative internet, free from government interference.
How Will The SUB Token Be Used?
Substratum achieves freedom of information through the creation of an open network which allows anyone to share their computing power with the network. This means anyone with a computer has the ability to host websites/applications and hosters are rewarded with the cryptocurrency SUB (which they can then convert to fiat currency). The process to do this has been made super easy and this means that anyone can earn SUB in their sleep by hosting content. This incentive increases participation in the Substratum network.
Companies and individuals can use SUB to pay hosters to host their websites and applications. It should also be noted that Substratum hosted websites will be accessible on the decentralized and centralized web.
The SUB token is highly divisible, enabling the processing of microtransactions which should bring down hosting costs. The way to think of the SUB cryptocurrency is of it being the fuel that powers the Substratum network.
As content on the Substratum network is hosted on potentially millions of computers throughout the world, this means that world governments lose the ability to control it. After all, the only way to shut the network down would be if all the governments in the world confiscated every computer (which seems unlikely).
What Is CryptoPay?
CryptoPay is a product from the Substratum team. It is an online wallet that allows Substratum users to spend and store currencies like USD, EUR, GBP, BTC and SUB. CryptoPay will be available for any site or application on the Substratum network and allow them to accept and process transactions using any publicly traded coin as well as credit cards. This means that as Substratum is adopted, it will organically increase the levels of cryptocurrency adoption as well.
The CryptoPay solution will have simple tools to enable website or App owners to integrate it easily. It will be similar to how website owners currently add PayPal to their sites as a payment method.
Each merchant will also have the option to choose which currency they accept and SUB will be used by CryptoPay as the conversion currency. This is also another major way that the SUB cryptocurrency will be used within the network.
The Substratum Team
Investors and users want to see a project with a great vision, but also need to have confidence that the team is capable of executing. It should be noted that at ICO, Substratum did things differently. Founders received no shares at ICO and only get a stake in the project upon the release of the first version of Substratum. We really like this stance, as it means that the founders must deliver a product to realise any value. This should mean a quality product is delivered.
In addition, Substratum has maybe the most experienced team we have ever seen in the cryptocurrency space:
- CEO & Co-Founder – Justin Tabb: Founder of web development company OverridePro, which has delivered solutions to the likes of Facebook and Apple.
- Chief Information Officer & Co-Founder – Abram Cookson: 18 years of software development and leadership roles in Fortune 500 companies and small businesses.
- Chief Operations Officer & Co-Founder – B.J. Allmon: Over 20 years experience in product engineering.
- Chief Technical Officer – Steve Swing: 30 years experience in the software industry. He still takes the time out to learn and implement new technologies.
- Chief Marketing Officer – Christian Pope: 25 years experience and has held roles as VP of marketing, consultant and Chief Marketing Officer in the past, previously focusing on B2B Fortune 1000 and startups.
- Technical Lead – Dan Wiebe: 30 years experience as a developer and has experience in many technology stacks in different technologies.
The Future of Substratum
We inevitably see a future where a network like Substratum will be increasingly important. The reason is that:
- There seems to be a trend in world governments imposing internet censorship on their citizens or engaging in active internet surveillance of their populations. Concerns over restrictions on freedom of press and speech have been highlighted by organisations like Reporters Without Borders. Who conclude that:
- The increasing centralization of the regular internet. For example, Facebook holding enough data on users to influence the outcome of supposedly free and fair democratic elections.
The question is whether enough people will see the value or need for freedom of speech and if they should have the right to unrestricted access of websites, content and data. All evidence suggests that centralized governments and large corporations are increasing their power over the masses. We have to ask ourselves if they are gaining too much power and if we believe that:
“Power corrupts; absolute power corrupts absolutely”
John Dalberg-Acton, 1st Baron Acton
If we are concerned over the centralization and concentration of power across the globe, then naturally it makes sense to protect against this threat. Substratum offers an alternative system for a freer world and this is the driving force behind the project. There is no doubt that the Substratum Team and its supporters are concerned about the centralization of global power and how this can be used to restrict our freedoms. They are doing something proactive about it. After all:
“The only thing necessary for the triumph of evil is that good men do nothing.”
Potential Issues With Substratum
Substratum is born out of legitimate concerns over government censorship and abuse of corporate power. However, most would agree that a level of censorship is required to prevent the distribution of harmful content eg child pornography, human slave market places or terrorist materials. There are dangers in a network being entirely free for any sort of oversight.
The project aims to incorporate a self-governance system to allow illegal content to be removed from the network, whilst still preserving the openness and freedom of the network. Some would argue that this censorship is just the beginning of a familiar process and fear that Substratum could eventually end up like the current system. It also remains to be seen if a self-governance system will actually result in illegal content being policed properly. Maybe there will be enough people wanting to view such content, meaning it is never removed from the network.
You should know that Substratum will not be an entirely free and uncensored internet. There will be a degree of censorship. But we cannot overlook how the technology could be used to bring out the worst in humanity. Remember:
“New technology is not good or evil in and of itself. It’s all about how people choose to use it.”
We will certainly be following the project closely and are interested in how the Substratum self-governance system will precisely work.
The SUB ICO
The projects ICO ended on the 14th September 2017 and raised $13.8M. $5M was also directly invested by Render Payment Systems.
Substratum also revealed how the funds raised would be spent and gave us this breakdown:
- Product awareness – 30% of budget.
- Product development – 60% of budget.
- Network infrastructure – 10% of budget.
As we revealed earlier in this article, the founders received no shares at ICO and will only get a stake in the project upon the release of the first version of Substratum. This means that if the team do not deliver, they get no benefit from the project whatsoever. We really like this approach, especially in a time where some ICOs appear to just be money grabs for the founders.
Should I Invest In SUB?
Only you can make the call on whether to invest in SUB, it’s your money after all. However, we can give you our thoughts on the project:
- The Team is maybe the most experienced one we have seen for any crypto project.
- We are slightly concerned over increasing government censorship of the internet and how centralised the current web has become e.g. Facebook. We like how Substratum gives internet users the choice of an alternative system. We fully support everyone’s right to the freedom of speech and to access data/content freely (provided it’s not illegal in nature). The project strives to help us all protect these freedoms and we think that’s great.
- Adoption of CryptoPay should see wider spread adoption of cryptocurrencies.
- Cheaper website and content hosting. We believe the project has the potential to disrupt this market. This has a projected value of $154 billion by 2022.
- The ability for anyone to generate a passive income by hosting content. In the age of increasing automation, it is great to see new income streams opening up to the masses.
- The project already has a minimum viable product and the BETA product has already been launched.
- Substratum hosted websites will be accessible on both the decentralized and centralized web. Indeed, users will not be able to tell they are viewing a Substratum hosted website (aside from the lack of censorship).
- It remains to be seen if the self-governance system will function correctly and if illegal content will actually be removed from the network.
- Libertarians may not like that there will be a degree of censorship on the network.
- It is unknown how governments and corporations will react to the Substratum network.
- The project has the potential to enable the dark side of humanity.
How To Buy Substratum (SUB)?
We have put together this dedicated article showing you how to get your hands on substratum tokens and how to store them.
We think the Substratum project has a lot of value to anyone worried about increasing government censorship or the centralization of the current internet. The project certainly does have a grand vision and also has the potential to disrupt the web hosting market. This is an exceptionally profitable sector, with a projected value of $153 billion by 2022.
We are exceptionally excited by what CryptoPay may mean for the mass adoption of cryptocurrency. We feel that a simple payment integration for website owners will make them take cryptocurrency more seriously and increase the likelihood and speed of adoption
At Total Crypto, we are exceptionally excited about what Substratum might do for the entire cryptocurrency space, in particular disrupting the website hosting market and the social mission of preserving freedom of speech and access to information. We really do feel that the project is being built to make the world a better place. However, it will be our responsibility as users to ensure that this technology is used for good and not used to distribute evil.
Below we’ve listed some key resources relevant to Substratum (SUB).
? Safest SUB Wallets
Hardware wallets are the safest crypto storage solutions available. These wallets store your private keys and do not expose them to the outside world, making your crypto as safe as possible. Maybe you should treat your crypto like the million dollars it could well be worth one day?
Can’t decide if Trezor or Ledger is best for you? Just check out our Ledger Vs Trezor comparison guide.
? Best Free Wallets
As SUB is a ERC-20 token, you can use a wallet that is compatible with Ethereum.
? Best Apps To Track Your SUB Investment
Want more information on precisely how Substratum are creating a new decentralized internet? The Substratum team gets into all the details in their white paper.