Syndicate | Business Management Platform | Staking Masternodes
"There was no ICO or pre-mine involved at launch and the software will be open-source and freely available for all to use."
Cryptocurrency is a medium of exchange of value using cryptography to secure the transactions and the network of users. It is by definition an intermediary used in trade to avoid the inconveniences of a pure banking / fiat monetary system. Which has a central authority and full control over the funds of its users.
To serve as a medium of value SyndicateLabs has developed a new cryptocurrency called Syndicate. Syndicate was launched at June 14, 2016, at 05:15:06 AM on Bitcointalk. Syndicate uses a decentralized control system as opposed to centralized electronic money and centralized banking systems. This is achieved by a system called Hybrid Proof of Work/Proof of Stake with Masternodes. But what does this all mean?
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Proof of Work
A Proof of Work (POW) system is a way to create value using special or non special hardware depending on the algorithm used, and to deter denial of service attacks and other service abuses such as spam transactions on the network by requiring some work. The Proof of Work system used by Syndicate is X11 POW/POS.
The coin is now near the end of its Proof of Work phase and going into full POS mode with Masternode Staking securing the network soon. Another thing we must note on this coin is that the block time is 60 seconds which is really fast compared to other coins, meaning that transactions are propagating faster on the Syndicate Network. This is great for business and consumers alike.
Proof of Stake
Proof of Stake is a proposed alternative to Proof of Work. Unlike Proof of Work, Proof of Stake attempts to provide consensus and doublespend prevention. Because creating forks is not costless when you are burning coins to accomplish this, you also need a large amount of coins to overwhelm the network to do this. The Proof of Stake system used by Syndicate has the following technical specifications.
Three hours is the minimum stake age, and holding your coins unlocked in your wallet for three hours will start to generate POS interest with a static 10 SYNX reward per block. Bitcoin before the halving is giving 25 coins per block while after the halving which is just around the corner will give out 12.5 coins, making Syndicate a very rare cryptocurrency. The POS system has begun successfully at block 180.
Masternodes and Darksend
Masternodes primary function is to carry out the anonymization phase of the Darksend protocol and to validate transactions almost instantly. Both of these technologies are a part of the Syndicate wallet from the beggining. In the future, there will be more services performed by the masternodes network.
The Masternode system used by Syndicate is incentivized and is receiving a loyalty reward of 50% of the POS rewards per block. Masternodes are wallets that have a collateral of 5000 coins locked in their wallet and they receive 50% of the networks POS rewards.
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The True Goals of Syndicate
Syndicate wants to be a next generation coin that enables product management for businesses and their consumers. Real world adoption can be easily accomplished due to the fast block times. The coin will have a fully integrated system that will help business owners to monitor their inventories, sales and their costs. This has never been done in cryptocurrency before and is a direct real world application of a coin.
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The Syndicate wallet is designed to communicate out of the box with barcode scanners, allowing the addition of products using barcodes on your current inventory. At the moment no other coin has this feature while most companies that sell items are using these scanners. You will be able to create records and reports with very useful data.
All records and reports for sales you choose to create will be fully exportable in multiple formats to complement the software that you currently use for your financial management. Allowing users and businesses to use their existing software and hardware.
The difficulty of the blocks is adjusting on every block making it harder to attack the network and create bottlenecks of transactions not going through using huge amounts of hashing power. This has been a major problem with other altcoins leaving their blockchains stuck not being able to create new blocks for more than a day at a time. Syndicate will be going full POS so that wont even be an issue at all.
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Syndicate will eventually be accepted everywhere Bitcoin is accepted and has the combination of all the right ingredients to create the tools for mass adoption. Mass adoption which will lead to a massive community in the cryptosphere and outside of it.
Syndicate also has the ability to generate Stealth Addresses that are powered via the Masternode implementation and Encrypted Messaging that is providing a safe haven for users that want to communicate and send coins anonymously with others via the Internet.
Syndicate DEV Announcements (Updated 07/22/2017)
ANNOUNCEMENT CAN BE VIEWED HERE : https://bitcointalk.org/index.php?topic=1511215.2760
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TWITTER UPDATES
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SYNDICATE HODL COMMUNITY (Over 2000 Active Members)
- At Syndicate we HOLD and accumulate coins as a community
- The HOLDERS are reffered to as our STRONG ARM Community
- They will never sell coins no matter what because thy can make more money by accumulating and holding the coins
- They make money buy staking coins for a 50% return
- They also make money by setting up a masternode (5000 coins required) which will mine coins for them (20-40 coins a day)
- They can choose to sell the coins but our STRONG ARM Community will just hold the coins, decreasing supply and increasing demand
- The basic fundamentals of economics is decreasing supply and increasing demand
- This approach will allow us to increase the price of SYNDICATE
- Therefore, it makes no sense to dump the coins, only to sell small amounts when we have decreased supply and increased demand
- We are working as a community to build a strong foundation for Syndicate with our Devs, marketing team, and STRONG ARM Community
- Syndicate only has a supply of 11,268,860 coins
- Our Community Currently owns a total supply of 10%
- The more coins our STRONG ARM community owns the more protection we have as a community from the price getting dumped
- This could be the biggest HODL movement in cryptocurrency history and you could be a part of it.
YOU CAN JOIN THE SLACK CHANNEL HERE TO SEE WHAT THE COMMUNITY IS ALL ABOUT:
https://join.slack.com/t/synxhodl/shared_invite/MjE0MjM4OTIyMzc1LTE1MDAwODUxMDMtZmEzMmJiOTMzYg
Let me know your thoughts on where this coin will go in the future and if your as excited as I am for whats to come!
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Couldn't have written and documented this better myself, the future is looking very bright, especially with the amazing community behind it!
Epic write up. Can't wait to see what synx has in store for us 😁
meep
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STOPJust taking this opportunity to say "THANK YOU FOR FOLLOWING ME"
Hey guys is anyone else having issues with the wallet? I'm not able to connect to the network. I've left the wallet open to try an catch up but it stays at 1 year 12 weeks. Any advice would be appreciated. Thanks!
Great post, can't believe i missed it for 4 months!
This post says 11 million supply.
Bitcointalk announcement says 15 million supply.
Coinmarketcap says 17 million circulating.
Githubs are dead. Twitter is dead. Subreddit is dead. Medium is dead. Website lists almosts no information. Slack invite link expired.
I am researching this coin and there seems to be no way to find information on it.
I am staking 742 SYNX in my wallet for since January 29th. I received 1 reward on February 1st and 2 rewards on February 2nd, but nothing since then. If anyone else is staking this coin, please share your experience. Thanks.