What makes Syntera a trusting community?
The members of the Syntera community have the possibility to influence the development and course of this economic model. All negotiations and agreements between the participants are signed and encrypted with smart contracts.
Smart contracts — is a technology that provides a transparent and secure method of interactions between the Syntera community members. As the rules and regulations of the contract are programmed in the code, the possibility of miscommunication or misinterpretation ceases to exist. Also, implementing smart contracts on the basis of blockchain mechanism turns technology into a decentralized, immutable and extremely secured method of ensuring the fulfilment of the terms and conditions of interactions between the Syntera project participants. In other words, smart contracts perform as instrument of establishing trust between the community members.
The smart contracts feature is provided by Syntera’s community blockchain ledger — the Syntera Smart tokens (SSC), which are the medium of trust by which smart contracts are formed. Every SSC has the possibility to contain a smart contract that governs its use. SSC is a financial instrument that empowers the Syntera economy and runs on SDPoS technology.
What is the relation between the smart contracts and SDPoS system?
In order to answer this question, the notion of the DPoS system should be explained. DPoS — Delegated Proof of Stake — is one of the most popular consensus models that is directed at speeding up the transactions and block creation without compromising the decentralized structure of the blockchain.
Delegated Proof of Stake is the next generation consensus mechanism that builds on the original PoS (Proof of State) protocol, but utilizes more effective and democratic approach. The voting power that the token holder has, is determined by how many of the base token the account is holding. It is important that the delegates are chosen with the best interest of the network at heart as they keep the network running smoothly and safely. In essence, a DPoS network is self-governed and policed by all of its participants ensuring the best interests of the network remain the priority.
But as there always exists a room for improvement, Syntera team combines the DPoS technology with smart contracts and turns it into Smart Delegated Proof of Stake System.
Why is SDPoS system useful for Syntera community? How will it be realized in practice?
This system combines all advantages of the DPoS mechanism, such as increased accessibility (no need to use specific expensive equipment for using the validating software), energy efficiency, and improved validation speed, with the security features of smart contracts. It enounces our team’s volition for establishing principles of democracy and decentralization throughout the whole Syntera ecosystem.
SSC tokens owned by SDPoS holders will be frozen with the smart contract technology for 12 months. After the expiration of the abovementioned period, the SSC token will unfreeze by 20% per quarter, giving the SDPoS holders the possibility to withdraw their investments in 24 months. Smart contracts also stipulate up to 7% of air drops for SDPoS token investors per month as well as the possibility to vote for the project development strategy.
How do you think the combination of smart contracts and DPoS can influence the Syntera ecosystem? Share your opinions, let us know your thoughts and ideas on the topic.
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