With the maturation of blockchain technology, ensuring streamlined interoperability and open data access has become a top priority like never before.
Enter Synternet Revolutionizing data interaction across diverse blockchains, Synternet seeks to emulate the unifying power of the internet in bridging isolated computer systems, aspiring to dismantle the barriers across fragmented blockchain networks to build a cohesive, interconnected ecosystem.
Synternet's core is the Data Layer protocol, a flexible execution layer interfacing seamlessly among leading blockchains.
This trailblazing design affords developers, enterprises, and individuals frictionless access and utilization of cross-chain data, overcoming the constraints typical of traditional centralized services.
By granting rapid, secure access to both current and archived on-chain data, Synternet enables the genesis of genuinely decentralized applications harnessing the united strength of multiple blockchain networks.
With a burgeoning community exceeding 580 million cryptocurrency users worldwide, blockchain stands as an eminent technology of our era. The advantages of decentralization are now too alluring for industry giants like IBM, Walmart, Microsoft, JP Morgan, and Alphabet, compelling them to integrate blockchain solutions.
Though the swift proliferation of blockchain fosters numerous user benefits, it also introduces challenges. Many blockchain setups efficiently manage data storage.
To realize its vision of transforming blockchain data accessibility, Synternet operates as a blockchain oracle tailor-made for enhancing decentralized data access. While commonplace blockchain oracles like Chainlink provide off-chain data access, Synternet is optimized for on-chain data operations.
As a case in point, estimates suggest the entire Bitcoin network's data volume is around 570 GB of storage While consumer-grade computers might store Bitcoin's data in its entirety, the challenges lie elsewhere.
With Bitcoin and Ethereum no longer unrivaled in blockchain dynamics, data fragmentation across networks and protocols intensifies, each network functioning as a distinct database, sometimes further fragmenting internally, leading to prevalent data silos.
This predicament plagues developers, analysts, and users striving to develop multi-network solutions, consolidate data, or operate across multiple protocols.
Fortunately, Synternet This challenge is met by Synternet's solution, facilitating connectedness among fragmented blockchain networks and simplifying multi-network data access.
What is Synternet?
Synternet emerges as a blockchain-centered platform fostering modular, cooperative data infrastructure threaded across major chains, acting as a unified, evolutionary force dissolving siloed blockchain barriers and enabling transparent access to any cross-network data.
Synternet endeavors to lay the cornerstone for an entirely decentralized data ecosystem, removing dependency on centralized systems and unlocking blockchain's full potential for developers, organizations, and end-users.
The Data Layer stands as Synternet's foundation a protocol functioning as a customizable execution layer bridging blockchains, allowing the fusion, perception, and action on data from any network, propelling app functionalities into new possibilities.
By providing swift, secure access to both current and historical blockchain data, Synternet crafts an environment for creating genuinely decentralized applications that can tap into the combined might of numerous blockchains.
One hallmark of Synternet is the advent of Autonomous Economic Agents (AEAs).
These innovative agents enable developers to design customizable, specific-use applications that seamlessly source and interact with data across diverse origins. AEAs unfold unmatched avenues for creativity, empowering developers to craft applications with seamless multi-blockchain integration, drawing upon cross-chain data prowess.
Synternet heralds a new chapter in blockchain interoperability. Previous solutions concentrated on asset transitions or cross-chain communication, yet Synternet’s Data Layer facilitates instantaneous smart contract execution for any data from any chain.
This unlocks countless scenarios for builders, granting them the ability to engineer applications leveraging real-time multi-blockchain data unimpeded by centralized service constraints.
Collaborative Data Ecosystem for a Truly Decentralized Reality
Synternet’s On-Chain Streaming Oracle offers an efficient gateway to both real-time and historical on-chain data.
This is achieved through Synternet’s Data Layer, which utilizes the collaboration of data publishers, subscribers, brokers, and observers to secure its decentralization.
- Publishers act as conduits for streaming data to Synternet’s broker system, cultivating a marketplace where free competition assures provision of quality data. The limitless capacity for Publishers to share “messages” ensures ongoing expansion in network data availability.
- The data shared by Publishers is at the disposal of Subscribers anticipating its utility. These Subscribers remunerate Publishers through on-chain settlements. Ensuring autonomy and trustlessness, these settlements are secured via smart contracts.
- After confirming an agreement, Brokers relay the validated information to subscribers, gaining network fee portions as a reward through the submission of Proof of Delivery (PoD). This encourages Brokers to maximize efficiency in message delivery.
- Observers bolster network integrity by auditing data streams involving Publishers, Subscribers, and Brokers. Observers earn part of the network reward fee for their logistical support.
Remarkably, both Brokers and Observers must post NOIA tokens as a prerequisite for service provision.
This measure prevents misuse, ensuring participants do not exploit network data freely or illegitimately. The combined effort ensures a scalable, resilient, and secure network.
NOIA Token
The operational backbone of Synternet is powered by the NOIA token, enabling transactions, rewarding participation, ensuring network protection, and managing governance.
Designed for scalability, sustainability, community governance, and stability, NOIA boasts numerous features that include staking, including delegation, slashing, proof challenges, and a voting protocol.
With over a 72.9% circulating token availability, Synternet participants have ample opportunity for network involvement.
A dedicated allocation of tokens supports the reward pool, ensuring network security and data layer incentives along with community support.
Synternet’s governance model mirrors the on-chain governance standard in the Cosmos ecosystem, enabling any user with the requisite NOIA deposit to submit proposals.
If a proposal fails or lacks quorum, the deposit is refunded, but if vetoed, it is burned, guaranteeing that user actions align with network interests.
The Team Behind the Data Revolution
Consistent with any blockchain endeavor, Synternet’s success hinges on its core team. Assembled with diverse skillsets, Synternet rose from a Lithuanian tech startup as founders united around reshaping internet infrastructure, refining their focus towards blockchain and web3.
- Jonas Simanavicius, Synternet’s co-founder and CTO, brings insights from significant roles in esteemed financial entities like J.P. Morgan and the Royal Bank of Scotland.
- Daniel Haudenschild, Synternet’s CEO, is a former Ernst & Young partner with leadership expertise from companies such as HCL-Axon, Swisscom, Sibex, and the Crypto Valley Association.
Mirroring Jonas and Daniel, Synternet's core team is composed of proficient professionals rich in experience across technology, financial sectors, blockchain, and data science spheres. Supported by influential investors like CMCC Global, Faculty Group, Moonrock Capital, Wave Capital, and Polygon Ventures.
Conclusion
Synternet attacks the traditional approach to blockchain data engagement by empowering modular, compatible data structures across all primary chains.
With the blockchain arena in constant evolution, seamlessly interconnected data access grows ever essential. Synternet’s modular data infrastructure ethos, together with its pledge to decentralization, security, and effectiveness underlines its standing as a contender in the decentralization arena’s future.
