We are in the year 2022 and everyone is basically talking about the blockchain, this has pushed a lot of people to join the trend. People have lost a whole lot of money in the process of either trying to invest, joining liquidity mining e.t.c. and so much has been lost probably because of impermanent loss during extreme price fluctuations or other circumstances that could have been prevented.
This is where SynAssets comes in because its vision is to establish a global synthetic asset exchange where high liquidity, no liquidation risk, total decentralization, and anchoring with physical assets by bringing the consensus of all humankind together can all be achieved.
I will be talking about the role of SynAssets in the blockchain space and then one of its major products ‘Consensus Network’.
What is SynAssets?
SynAssets is a robust consensus aggregation network with significant liquidity and minimal liquidation risk. Currently, it is built on the polygon network because of the extremely low gas fee associated with it.
Why do we need SynAssets in the Blockchain Space?
SynAssets will be the future of global finance and this ecology will benefit everyone who participates in the consensus. Unlike other projects that are only focused on cryptocurrencies, SynAssets will also include stocks( the Apple and Tesla stocks will be included after the initial launch), gold, and other traditional financial instruments, all of which will be characterized by fairness, transparency, and security, as well as the absence of spokespersons or dictators.
Innovations of SynAssets
- SynAssets Assets (sAssets)
- Initial Decentralized Offering (IDO)
- Consensus Aggregation Network
- (5,5) Consensus
- Deflation Mechanism
Other features that will be included after the launch will be the fair issuance mechanism of Olympus, POL (Protocol Owned Liquidity), and 3.3 Consensus into the synthetic asset world. Because of the consensus, all consensus participants in the SynAssets ecology will see their wealth grow.
New functions such as the DAO governance are expected too after the launch, this will allow consensus participants to participate in governance that allows for shaping of the SynAssets ecosystem future by suggesting proposals and voting on protocol parameters.
Advantages of Crypto Consensus SynAsset
- Fair Launch: SynAssets as we know is a non-profit startup with no outside funding, this means that it is a decentralized crypto network that is earned, owned and governed by the community from the outset. The IDO is open to everyone and this is the only avenue where SAT(SynAssets Token) can be issued.
- (5,5)consensus: This is a teamwork formula at SynAssets, as far as everyone in the consensus works together, everyone will benefit the most from the game theory standpoint. A user can currently take one of five actions: Stake (+5),Invite (+4),Bond (+3),Deflation (+2),Sell (-5).
- Synthetic Assets (sAssets) : SynAssets vision is to establish a global synthetic asset exchange where high liquidity, no liquidation risk, total decentralization can all be achieved. SynAssets will launch sBTC, sMATIC, sETH, sAAPL, and sAMZN. This will bring about a new era of consensus synthetic assets.
- Consensus aggregation network: Funds drawn from the treasury will be put into the consensus aggregation pool based on the Olympus algorithm so that the inviter can earn rewards by inviting others to join. SynAssets will continue to launch new consensus-based sASSETS as market demand increases, in light of this more users are being encouraged to join the consensus.
- Deflation Mechanism: In general a deflationary cryptocurrency is one with a depreciating supply of coins. In other words, the number of coins in circulation decreases, making an individual coin more valuable. SynAssets will implement the deflation mechanism of the Shibi meme coin. Every transaction will be subject to an 8% tax (specific parameter governance), which will be deposited into the liquidity pool automatically. LP will also make an automatic donation to the Treasury.
- High Security: To improve SynAssets' security, all SynAssets codes will be open on GitHub, allowing all users to monitor and verify them, and professional auditors will be invited to conduct security audits. SynAssets will use a multi-signature wallet, with one key held by an elected community administrator, one key held by an early consensus participant from the market team or financial team, and one key held by the best community contributor. Community members may propose adding more safe-keepers for the multi-signature wallet at a later stage. Rug pulls will never be a problem in this manner.
SynAssets Products
- Consensus Network
- IDO
- sAssets
Consensus Network
i. What is the Consensus Network?
Consensus may be defined professionally as an acceptable resolution, one that can be supported, even if not the “favorite” of each individual. Even tho it is always for a majority rule, Consensus makes sure that the agreement which is being realized will always benefit the entire group as a whole.
Consensus networks (also known as consensus mechanisms or consensus algorithms) allow distributed systems (networks of computers) to work together and stay secure.
Types of Consensus Networks:
- Proof-of-work (POW): Proof-of-work is the mechanism that allows the decentralized Ethereum network to come to a consensus, or agree on things like account balances and the order of transactions. This prevents users from “double spending” their coins and ensures that the Ethereum chain is tremendously difficult to attack or manipulate.
- Proof-of-stake (POS): Proof-of-stake is a type of consensus mechanism used by blockchain networks to achieve distributed consensus. It requires users to stake their ETH to become a validator in the network. Validators are responsible for the same thing as miners in proof-of-work: ordering transactions and creating new blocks so that all nodes can agree on the state of the network.
Other types of Consensus Networks include Proof-of-Authority, Delegated Proof-of-Stake, Proof-of-Capacity, Proof-of-Activity, Proof-of-Elapsed Time and Proof-of-Burn.
ii. What are the rules of Consensus Network?
- Consensus rules achieve consistency and agreement between nodes.
- They determine the validity of every block and transaction and define the basic properties of the blockchain.
- The community usually decides upon what the consensus rules are (private blockchains are a different matter).
- The rules are enforced by the client and upheld by full nodes.
- Actors that fail to adhere to the rules are banned from the network.
iii. My Personal view of the Consensus Network?
As much as the whole mechanism may be energy-intensive, I still feel and believe that it creates a secure environment for users.
iv. Why do we need to use the Consensus Network?
Cryptocurrencies and distributed applications rely on consensus mechanisms for security. Consensus networks are practically used to prevent attacks on the network, for an intruder or attacker to take over the system it has to actually control 51% of the network. This is where consensus networks come in because they are built to make this “51% attack” unfeasible.
IDO
IDO is the abbreviation of Initial Decentralized offering. If a project is launching an IDO, it means the project is launching a coin or token via a decentralized liquidity exchange.
First, users can participate SynAssets in IDO in order to obtain SAT tokens, with which, they can participate in other sAssets following IDO with holding SAT tokens. IDO is divided into OG Market and Public Market. Only whitelisted users can participate in OG Market at the lowest price. And all users can participate in Public Market at the highest price.
sAssets
sAssets stands for Synthetic Assets. This Assets include sBTC, sMATIC, sETH, sAAPL, sAMZN. Users of SynAssets will enjoy a one-stop synthetic asset transaction experience with high liquidity and no liquidation risk when they participate in various types of synthetic assets on the platform.
SynAssets Governance Token
SAT is the platform coin for the entire SynAssets ecology and it is not a stable coin (stable coins include Tether (USDT) ,Dai (DAI) ,Binance USD (BUSD) e.t.c ) . All the consensus participants can have opportunities to obtain SAT tokens through the whitelist.
Usecase :
- SAT token holders are entitled to IDO
- SAT token holders are entitled to DAO governance
- The unlimited deflation mechanism is applicable to SAT holders too
