Web3 infrastructure project Synternet has launched its mainnet data layer on Cosmos and commenced the next phase of its roadmap. It’s also introduced new use cases for the $SYNT token, whose functionality has been significantly expanded following the mainnet launch.
Synternet is at the vanguard of the movement to make web3 data as fast and reliable as that available on the traditional web but without introducing centralization. To achieve this, it’s had to design and deploy a custom network that is fast, responsive, and powered by a token that can support a two-sided marketplace between data publishers and subscribers. Despite its network operating on Cosmos, Synternet supports every major blockchain.
Web3 Gets the Data Delivery It Deserves
Blockchains are not designed to store large amounts of data efficiently. Storing extensive data onchain can lead to bloat, increasing the size of the blockchain and making it more difficult for nodes to sync. The solution to this challenge has been to engineer dedicated data delivery chains that are optimized for supplying real-time data while maintaining the decentralization that is integral to web3.
Moreover, when blockchain networks are congested, fees can become prohibitively expensive, making frequent data updates costly. The likes of Ethereum and Solana have proven to be general purpose chains with a multitude of use cases, but large-scale data delivery is not one of them. It’s a specialist service that calls for specialized networks designed specifically for this task.
Synternet represents the latest thinking on what web3 infra should be: fast, reliable, and low-cost. Its data layer is at the heart of this vision, allowing data providers to stream live data to consumers – typically developers of smart contracts and applications. This solution provides an alternative to oracles, which incur a higher computational burden and thus can be costlier to query. There are also question marks over how decentralized some oracles truly are.
Synternet Prepares to Conquer Pikes Peak
“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,” enthused Synternet CTO Jonas Simanavicius. “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.”
The mainnet launch not only allows users to participate in $SYNT staking but lets validators earn rewards for helping to secure the network. The token has a number of other functions too, principally in facilitating governance and in allowing subscribers to pay for live data streams.
With its mainnet deployed, Synternet now moves onto Pikes Pike, a roadmap scheduled to run till the end of the year. During this time, the team hopes to roll out a dapp store and augmented data streams. It will also introduce Autonomous Economic Agents that can perform complex actions based on onchain events, from delivering trade alerts to Telegram to executing actions based on real-time blockchain data.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link
