Synternet

What is Syntropy?

Syntropy is revolutionizing blockchain data access with its groundbreaking Data Layer protocol. Tailored for efficiency, security, and fairness, this platform facilitates a fully decentralized data exchange for developers, organizations, and users. The protocol eradicates reliance on centralized services, offering swift access to both real-time and historical on-chain data, fostering a dynamic peer-to-peer ecosystem dedicated to powering the next wave of decentralized applications (dApps).

The protocol comprises three main components: App Chain, Data Layer, and PubSub protocol. These layers work in tandem, utilizing the Syntropy token to facilitate secure and efficient data streaming throughout the network.

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Recent Video Interview

Main points of the interview:

• The benefits of the decentralized data routing protocol Syntropy
• Enhancing internet efficiency and security via blockchain
• Aim to empower users to sell bandwidth through smart contracts and facilitate a bandwidth exchange.
• The protocol supports integration with major blockchains like Ethereum and Solana.

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Motivation for Data Layer Protocol

The Syntropy Data Layer protocol is designed to provide and access blockchain data. While it accommodates various data types, its core focus is on Web3 data. It enables full nodes to sell blockchain data, creating a marketplace where developers can purchase data using cryptographic tokens, fostering an incentive-driven approach for sharing and utilizing blockchain data.

Addressing the Current Problem: The prevailing issue in on-chain data access is the centralization inherent in existing dApps. Despite their claim to decentralization, these applications often rely on a centralized API controlled by a single entity. The Syntropy Data Layer protocol addresses this by decentralizing access to blockchain data, empowering anyone to become a data provider and consumer.

Syntropy's Innovative Solution: The protocol establishes entity authentication, authorization, and data accounting through on-chain consensus. With a focus on decentralization, usability, and scalability, Syntropy ensures widespread access to blockchain data, making it an essential component for building truly decentralized applications.

Why Syntropy?

The project is focused on establishing a foundation for responsive decentralized applications (dApps) and blockchain services by implementing real-time data streams for finalized transactions and mempool data. The open-source ecosystem created by the project allows instantaneous data streaming from blockchains, promoting scalable communication and high-throughput in dApps and Web3 products.

The utilization of on-chain streaming oracle addresses the challenges posed by real-time data issues, which often impede the scalability, security, and decentralization of blockchain solutions. The on-chain streaming oracle plays a crucial role in facilitating light clients, chain scaling, and rollups. In the Data On-Chain Streaming Network, full nodes are responsible for constructing fraud proofs and recovering block data, while light clients perform data sampling.

Light clients approve or reject block data based on completeness and accessibility without the need to verify all data, providing a streamlined and efficient solution for real-time data challenges in the blockchain space. The presented hexadecimal strings likely represent transaction or contract addresses within the blockchain network.

Publish-Subscribe Protocol

Syntropy employs a Publish-Subscribe (PubSub) protocol, a fork of NATS, to facilitate message exchange between Publishers and Subscribers. This framework ensures efficient data distribution, with Publishers providing data, Brokers distributing it to Subscribers, and Subscribers paying for the data. The protocol is supported by SDKs for seamless integration into Publisher and Subscriber applications.

Application-Specific Chain

The App Chain serves as a synchronization layer, ensuring agreements between parties, proper accounting, and payment infrastructure. Staking and incentivization mechanisms guarantee the system's integrity and protect against malicious behavior.

Tokenomics Design

Syntropy's tokenomics revolve around enabling scalable Web3 data provision, community governance, and maintaining token value. The Syntropy token plays a crucial role in securing the chain, data layer, governance, and acting as a store of value within the ecosystem.

Governance Procedures and Fee Structure

Governance follows the Cosmos ecosystem model, allowing token holders to contribute to the protocol's future. The fee structure includes a service fee paid by Subscribers and a network fee for Brokers and Observers. These fees, along with the Syntropy token, ensure the protocol's sustainability, transparency, and fair compensation for participants.

Team Background and Partners

The Syntropy ecosystem is collaboratively developed and overseen by a global team of open-source developers. The executive leadership includes Dom Povilauskas as CEO, Jonas Simanavicius as CTO, and Domantas Jaskunas as COO. The board of directors comprises experienced professionals in development, blockchain, and leadership from Fortune 500 companies. Notable members include Dom Poviliauskas as Co-founder & CEO, William B. Norton as Co-founder & CTL, and Jonas Simanavicius as Co-founder & CTO, reflecting a diverse and skilled leadership team driving the innovation and growth of the Syntropy project.

Syntropy partners with Microsoft for Startups, Maven 11 Capital, E-shelter, Terraform, PCCW Global, Entain, and Elrond.

Project Development

On February 5th, 2024, Syntropy, the real-time Data Layer for Web3, appointed Daniel Haudenschild as its new Chief Executive Officer (CEO). Daniel, with a robust background in digital asset infrastructure, is poised to lead Syntropy through its next phase of growth and innovation. The outgoing CEO, Domas Povilauskas, credited for steering Syntropy's success, will transition to a role focusing on the strategic integration of the company within the broader Web3 ecosystem. Daniel, previously a partner at Ernst & Young, brings extensive experience from Swisscom Blockchain, Origyn, SIBEX, and the Crypto Valley Association. Syntropy's commitment to sustained success is evident in this strategic transition, anticipating new heights and greater milestones under Daniel's leadership.

Synternet Price Analysis

As of November 25 2024 Synternet has a marketcap of $7.2M. This is {{percentagefromath}} from its all time high of $0.891859. In terms of its tokenomics, there's a total supply of 223M with 100% currently outstanding. Keep in mind Synternet has a fully diluted value of $7.2M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.