Sylo

What is Sylo?

Sylo (SYLO) operates as a decentralized platform enabling users to utilize their computers as servers for maintaining communication within the network. Users can engage in various activities such as sending and receiving messages and notifications, conducting audio and video calls, transferring funds, trading non-fungible tokens (NFTs), and storing cryptocurrencies like Bitcoin, Ethereum, Tezos, and other ERC-20 assets. The platform, as outlined in the whitepaper, seeks to address issues inherent in centralized alternatives, including delays in message delivery and network connection failures.

The Sylo network prioritizes privacy and decentralization in communication, allowing users to retain ownership of their data without resorting to off-device storage. Unlike traditional server-based approaches, Sylo refrains from storing data on centralized servers; instead, it replicates group data across devices. Additionally, users contributing their computers as Sylo nodes fulfill their roles based on the tokens they have staked. Nodes that maintain network quality in line with the incentive structure are rewarded with SYLO tokens, while those adversely affecting network quality face penalties.

Recent Video Interview

Main points of the interview:

• Silo focuses on decentralized communication without data harvesting.
• Future plans include mesh networking.
• Silo combines private messaging with a crypto wallet.
• Designed for ease of use, targeting mainstream users.

The SYLO Token

SYLO serves as the native utility token on the Sylo platform, operating according to ERC-20 token standards. This token facilitates seamless micro-payments within the platform. The quantity of SYLO owned by a user reflects their level of engagement in the network. Users can leverage SYLO for various purposes within the ecosystem, including making payments, upgrading crypto wallets, and conducting transactions with decentralized apps (dApps). Additionally, staking SYLO allows users to earn rewards based on the amount of tokens staked. The platform has plans to implement governance features for SYLO holders in the near future and is also looking to introduce numerous independent services tailored for trading purposes.

Sylo Team Background and Partners

Aaron McDonald, Robin Johannink, Daniel Gillespie, and Brendon Packard serve as the directors of the Sylo platform. The Sylo team collectively brings expertise from diverse fields such as computer science and development, complemented by the real-world business acumen of entrepreneurs, designers, and leading technologists.

Some of Sylo's most notable partners are:

• Moonstake: founded with the aim of creating a staking pool protocol to meet the growing needs of investors and businesses in both regional and global blockchain markets. Their objective is to become the largest staking pool network in Asia, offering an active environment for crypto asset holders.
• Bitbns: provides the quickest and easiest method for cryptocurrency trading, featuring one of the most efficient Peer-to-Peer systems for acquiring cryptocurrencies with fiat currency in India and Turkey. Additionally, Bitbns offers a Peer-to-Peer system for purchasing cryptocurrencies in the UAE, Indonesia, and Thailand.
• CentraPay: dedicated to democratizing payments, aiming to build the internet of value through creating appealing consumer experiences, providing developer-friendly infrastructure, and offering intelligent tools that grant individuals the capacity to address substantial problems.

Sylo Project Development

In October 2021, Sylo initiated the Seekers collection, a comprehensive project involving the collective efforts of the team, support from partners, and collaboration with visual artists. The Seekers collection was launched on March 28, 2022, with the introduction of Sylo Nodes, 3D robot personalities in the metaverse. In just 72 minutes, 47,895 unique NFT robots were generated, marking a significant step in gamifying Web3 infrastructure.

The Sylo Network's decentralized node operation, aimed at supporting communication in the open metaverse, received continued appreciation from the Web3 community. Beyond the Seekers launch, Sylo's notable achievement this year has been its integration into Futureverse, an alliance dedicated to creating a technological and cultural foundation for the open metaverse.

Recently, Futureverse announced an official merger, bringing together eight Web3 companies, including Sylo, into a collaborative ecosystem. This collective effort aims to enhance the Web3 and "Open Metaverse" experience.

Sylo Price Analysis

As of November 24 2024 Sylo has a marketcap of $5.6M. This is {{percentagefromath}} from its all time high of $0.01482212. In terms of its tokenomics, there's a total supply of 10B with 58% currently outstanding. Keep in mind Sylo has a fully diluted value of $9.6M 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.

Summarized in part by ChatGPT 4 and Claude