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June 27, 2024

Synternet Mainnet Goes Live On Cosmos, Unlocking Full Capabilities Of SYNT Token

In Brief

Synternet launched its mainnet on Cosmos, marking the completion of the Monaco phase and unlocking the potential of its token, SYNT.

Synternet Mainnet Goes Live On Cosmos, Unlocking Full Capabilities Of SYNT Token

Blockchain data infrastructure provider Synternet (SYNT) announced the launch of its mainnet on Cosmos. This milestone, marking the completion of its Monaco phase, is set to fully activate the potential of Synternet’s token, SYNT.

“The launch of Synternet’s mainnet on Cosmos is not just a technical milestone – it’s the beginning of a new era for the decentralized data economy,” said Jonas Simanavicius, CTO of Synternet, in a written statement. “With SYNT, we’re providing real utility, enabling users to pay for data services at reduced fees and fostering a more inclusive and efficient ecosystem,” he added.

With the launch of Synternet’s mainnet, monetary value for data within its multi-chain ecosystem is activated, allowing for the practical utilization of its token. This also marks progress in Synternet’s growth-focused Pikes Peak roadmap and provides builders the opportunity to craft new decentralized applications (dApps) that leverage real-time, trustless data streams from all major blockchains.

With its ecosystem and diverse array of projects, tools, and services, Cosmos offers Synternet a solid foundation for further growth. Additionally, Synternet’s launch on Cosmos brings benefits such as reduced gas fees and faster transaction processing compared to other networks, emphasizing the project’s commitment to democratizing data access.

The SYNT token functions as the primary payment method for data services within Synternet. Upon launch, users have the capability to utilize SYNT for accessing and paying for real-time data streams sourced from diverse publishers across multiple blockchains. Synternet also provides a staking mechanism for token-holders, enabling them to participate in voting on proposals and influencing protocol upgrades, feature prioritization, and resource allocation.

What Is Synternet?

It is designed to support modular and interoperable data infrastructure across major blockchain networks. Central to its architecture is the Data Layer that acts as a customizable execution layer bridging different blockchains. Meanwhile, Synternet‘s AEAs enable builders to create adaptable, application-specific solutions capable of processing data from various blockchains.

Recently, the platform has incorporated the peaq network into its Data Layer, enabling access to peaq’s on-chain data on its platform, encompassing transactions and data flows from real-world dApps. The collaboration aims to empower developers to build dashboards, advanced analytical tools, and machine learning applications. It also enables the use of an events-based architecture within the Economy of Things framework on peaq.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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