What is Synternet (SYNT) - A Comprehensive Overview
Explore Synternet, a modular framework for data sharing across blockchains. Dive into its features, staking, and how to get started
Author
Imperator
Date
5 oct. 2024
This Synternet blockchain presentation takes you through how the protocol removes the dependence on centralized services, how Synternet staking works, and provides quick access to real-time and historical on-chain data.
In its current state, Web3 does not provide real-time, reliable data across different blockchains. This unreliable infrastructure tends to slow down development and adoption. The answer to these worries is Synternet.
What is Synternet (SYNT) ?
Synternet is a Layer-1 blockchain powering modular and interoperable infrastructure across major blockchains. The base of the technology is its Data Layer, a component that is made to provide efficiency, security, and interoperability. Using this Data Layer, a developer or user can have access to real-time and historical on-chain data. This removes the need for centralized data services that can become bottlenecks when a technology needs to scale.
With the help of modular data infrastructure, a Synternet developer can build the next dApp with greater innovation. With this approach, a new and more connected blockchain environment arises, promoting collaboration.
What Synternet is aiming to do is to completely revolutionize how the blockchain world accesses data. By having a robust Data Layer and bridging major blockchains, the functionality of dApps is greatly enhanced, which leads to a much better integrated Web3 experience.
How Synternet blockchain works
Synternet’s beating heart is the Data Layer, which offers a decentralized and permissionless protocol. This Layer works as the customizable layer between all blockchains. For dApp builders, this allows them to access any data on any blockchain instantaneously, which creates an interoperable and efficient ecosystem.
Pub-Sub Framework (Publish-Subscribe)
Synternet blockchain uses a pub-sub framework which is a messaging pattern where data providers can stream live data directly to subscribers.
Publishers are node operators who provide and stream on-chain data. They are the sources of information within the network, offering the required data streams to subscribers who need it.
Subscribers are builders and dApps who consume the data streamed by publishers. They then use this data to power applications, smart contracts, and different services across the major blockchains.
Brokers are network nodes that relay data from publishers to subscribers. They make efficient data transmission possible, making sure that the data flows smoothly through the network.
Observers are nodes that monitor data delivery to ensure integrity and performance. They have a crucial role in maintaining the integrity and reliability of the data and the network itself. They oversee the interactions between publishers, brokers, and subscribers.
By using this framework, the traditional request-reply methods like oracles, RPCs, and APIs are eliminated. These older methods also come with computational burdens and centralization risks which the pub-sub framework fixes by removing intermediaries.
Key Features of Synternet Protocol
Real-time data
Subscribers get the information as soon as it is published. This allows the creation of dApps that can react to this data in real time. Such functionality is crucial for applications like decentralized exchanges, supply chain tracking, and IoT integrations.
Reduced overhead
Publishers do not need to respond to individual requests; they only broadcast data once. This means that the computational load on publishers is reduced, hence allowing them to function more efficiently and focus resources on ensuring data quality.
Eliminating dependence on centralized services
With the help of this pub-sub model, Synternet addresses the limitations of data retrieval methods used today:
No middlemen: Direct communication between publishers and subscribers removes the need for middlemen, hence reducing costs and potential points of failure.
Enhanced security: As a feature of decentralization, the risk of centralized attacks is reduced and data manipulation becomes difficult to do. This creates a much more secure environment for data transmission.
Scalability: As this framework reduces the computational burden on publisher nodes, and allows for efficient data relay by brokers, the network can scale effectively as more participants join.
Understanding Synternet staking & tokenomics
The SYNT token is the native currency of the Synternet protocol and works as the main means of payment for services on the network. By paying for these services, users can access data and streams from publishers across major blockchains.
Synternet Staking
You can actively contribute to the Synternet Network and earn rewards by staking your SYNT tokens. You can become a nominator by delegating your tokens to the staking contract, adding support to the network and efficiency.
To help you select the right validator and optimize your rewards, we’ve put together a ranking of the best Synternet validators to guide your decision.
SYNT Tokenomics
The SYNT token has a total supply of 1 billion tokens. Its distribution is designed to foster long-term growth and sustainability, with 35% allocated to the ecosystem and community incentives, ensuring active participation in the network.
Key allocations include:
25% for the team and advisors, vested over a period to ensure long-term commitment.
10% for liquidity and marketing, aimed at increasing adoption and market presence.
30% for private and public sales, providing initial funding for the project's development.
Use cases of Synternet Network
Synternet's versatile and interoperable Data Layer opens up a lot of possibilities for various industries and applications.
If you're a developer ready to build on Synternet, start here. To get familiar with the protocol and its capabilities, explore the Synternet documentation.
Here are some of the key use cases where Synternet can and has made a significant impact.
Decentralized Physical Infrastructure Network (DePIN)
Synternet ecosystem facilitates the creation of a Decentralized Physical Infrastructure Network (DePIN) by rewarding node operators for providing physical infrastructure. This includes contributions of bandwidth, storage, computing power, sensors, and other essential resources. By incentivizing these contributions, Synternet encourages the growth of a robust and decentralized network infrastructure that can support a wide range of applications and services.
Artificial Intelligence (AI)
Developers can build decentralized machine learning models that leverage cross-chain data and events through Synternet. By accessing real-time data from multiple blockchains, AI models can become more sophisticated and accurate. This capability allows for the on-chain execution of complex algorithms, enabling new possibilities in predictive analytics, autonomous decision-making, and intelligent contract functionalities.
Non-Fungible Tokens (NFTs)
Synternet enhances the verification of NFT ownership by enabling cross-referencing of on-chain data across multiple blockchains. This cross-chain verification ensures the provenance and authenticity of digital assets, regardless of the blockchain on which they were originally minted. Artists, collectors, and marketplaces can benefit from increased trust and transparency in the NFT ecosystem.
Internet of Things (IoT)
By allowing the streaming of real-world sensor data to blockchain applications, Synternet bridges the gap between IoT devices and smart contracts. IoT devices can trigger and interact with smart contract logic in real time, enabling automated responses to environmental data, supply chain tracking, energy management, and more. This integration fosters the development of decentralized applications that can interact directly with the physical world.
Decentralized Finance (DeFi)
Synternet provides instant on-chain access to real-time financial data, which is crucial for building complex derivatives, trading algorithms, and other DeFi products. Developers can access up-to-date price feeds, trading volumes, and liquidity depths across multiple exchanges and blockchains. This real-time data availability enhances the efficiency and responsiveness of DeFi applications, leading to more sophisticated financial instruments and strategies.
Governance
In advanced governance systems, Synternet enables automated decision-making by leveraging instant data from multiple sources. Decentralized Autonomous Organizations (DAOs) can react in real time to changes across different blockchains, making governance processes more dynamic and responsive. This capability allows for more effective management of community resources, protocol upgrades, and policy implementations.
GameFi (Gaming Finance)
Game developers can leverage Synternet to enhance in-game economies by accessing real-time data for NFTs, in-game currencies, and financial activities across multiple chains. This enables the creation of interconnected gaming experiences where assets and progress can move seamlessly between games and platforms. Players benefit from increased ownership and value retention of their digital assets, while developers can create more engaging and dynamic game ecosystems.
What is Synternet: Closing Thoughts
As the blockchain ecosystem continues to evolve, Synternet stands out as a promising solution for developers and organizations seeking to build the next generation of decentralized applications. Its focus on interoperability, real-time data access, and community-driven governance positions it well to shape the future of Web3 innovation.
FAQ about Synternet
What is Synternet?
Synternet is a Layer-1 blockchain platform designed to provide modular and interoperable data infrastructure across all major blockchains. It enables developers to access real-time and historical on-chain data efficiently and securely, eliminating the need for centralized services. Synternet's Data Layer allows for seamless cross-chain communication, empowering the next generation of decentralized applications (dApps).
How does Synternet provide real-time cross-chain data access?
Synternet utilizes a decentralized publish-subscribe (pub-sub) framework where data providers, known as publishers, stream live data directly to subscribers, which are developers and dApps.
This system enables near-instant data access without the computational burden and centralization risks associated with traditional methods like oracles, RPCs, and APIs. By removing intermediaries, Synternet ensures real-time, ultra-low-cost data delivery across multiple blockchains.
How does Synternet ensure data security and integrity?
Synternet maintains data security and integrity through its decentralized network of nodes, including publishers, brokers, and observers. The network employs slashing mechanisms to penalize malicious actors, ensuring that participants act in the network's best interest.
Observers monitor data delivery to maintain the reliability and performance of data transmission, while the decentralized architecture eliminates single points of failure, enhancing robustness and fault tolerance.
How can developers start building on Synternet?
Developers interested in building on Synternet can begin by accessing the platform's developer resources and documentation, which provide detailed guides on utilizing the Data Layer and integrating the publish-subscribe framework into their applications.
Engaging with the Synternet community through forums and developer channels can also provide support and collaboration opportunities.
What is the SYNT token distribution?
The SYNT token has a total supply of 1 billion. It’s distributed as follows: 35% for ecosystem incentives, 25% for the team and advisors (vested), 10% for liquidity and marketing, and 30% for private and public sales to fund development.
