Home Editor's Pick Synternet: The Future of Interoperable Blockchain Data Infrastructure

Synternet: The Future of Interoperable Blockchain Data Infrastructure

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As blockchain technology evolves, the need for seamless interoperability and efficient data access has become more crucial than ever.

Enter Synternet, a groundbreaking blockchain that is set to revolutionize the way we interact with and utilize data across multiple chains. Just as the Internet connected isolated computers in the late 20th century, Synternet aims to bridge the gap between disparate blockchains, creating a unified and synchronized ecosystem that tears down the barriers of walled gardens.

At the heart of Synternet lies the Data Layer, a protocol that serves as a customizable execution layer between all major blockchains.

This innovative architecture enables developers, organizations, and users to access and execute on cross-chain data seamlessly, without the limitations imposed by centralized services.

By providing swift and secure access to both real-time and historical on-chain data, Synternet empowers the creation of truly decentralized applications that can leverage the collective power of multiple blockchains.

With over 580 million cryptocurrency global users alone, blockchain has become one of the dominant technologies of our times. The benefits of decentralization have now proven too big for giant conglomerates like IBM, Walmart, Microsoft, JP Morgan, and Alphabet to resist using the tech.

While the rapid growth of blockchain is certainly beneficial to its users, it also comes with some problems. Most blockchain networks are efficient when it comes to data storage.

To fulfill its mission of rethinking how blockchain data is accessed, the Synternet blockchain effectively operates as a blockchain oracle specifically designed to improve access to decentralized data. Whereas most blockchain oracles like Chainlink focus on providing networks access to off-chain data, Synternet is designed to operate with on-chain data.

For instance, it is estimated that the entirety of the Bitcoin network’s data requires about 570 GB of storage. While this means that all of Bitcoin’s data could be stored by the average consumer-grade computer, the issue this data represents is of an entirely different nature.

With Bitcoin and Ethereum no longer being the sole viable players in the blockchain space, data has become increasingly segmented across networks and protocols. As each of these operates as its own separate database, sometimes even segmenting themselves, data silos have started to become more common.

This is the issue that many blockchain developers, analysts, and users have to deal with when trying to create multi-chain solutions, aggregate data, or operate across multiple protocols.

Fortunately, Synternet has developed a solution to this problem by connecting isolated blockchain networks and making it easy to access multi-chain data.

What is Synternet?

Synternet is a blockchain-based platform that powers modular, interoperable data infrastructure across all major chains. It serves as a unified, synchronized evolution of decentralized networks, breaking down the barriers between isolated blockchains and enabling seamless access to and execution on any cross-chain data.

At its core, Synternet aims to be the backbone of a fully decentralized data exchange, eliminating the need for centralized services and empowering developers, organizations, and users to harness the true potential of blockchain technology.

The foundation of Synternet is the Data Layer, a protocol that acts as a customizable execution layer between all blockchains. This layer allows builders to see, interpret, and act on data from any chain, supercharging their applications and opening up a world of possibilities.

By providing swift and secure access to both real-time and historical on-chain data, Synternet enables the creation of truly decentralized applications that can leverage the collective power of multiple blockchains.

One of the key innovations of Synternet is the introduction of Autonomous Economic Agents (AEAs).

These agents empower developers to create composable, use-case-specific applications that can adapt and interact with data from various sources. AEAs unlock unprecedented opportunities for innovation, allowing developers to build applications that can seamlessly integrate with multiple blockchains and harness the power of cross-chain data.

Synternet represents a step forward in blockchain interoperability. While previous solutions have focused on asset transfers or cross-chain messaging, Synternet’s Data Layer enables instant smart contract execution on any data from any chain.

This opens up a new world of possibilities for builders, who can now create applications that leverage data from multiple blockchains in real-time, without the limitations imposed by centralized services.

Collaborative Data Infrastructure for a Truly Decentralized World

Synternet’s On-Chain Streaming Oracle allows anyone to quickly and easily access both real-time and historical on-chain data.

This data is aggregated using the network’s Data Layer, which relies on publishers, subscribers, brokers, and observers to ensure its decentralization.

Publishers are users who stream data to Synternet’s broker network, creating a market in which free competition ensures the quality of the data provided. As there is no limit to the number of “messages” a Publisher can submit, the network’s data availability is constantly growing.
The data offered by Publishers is available to Subscribers looking to use it. These users pay a fee to the Publishers for the data after reaching an on-chain agreement. As this agreement is backed by smart contracts, the network operates autonomously and trustlessly.
Once an agreement is made, Brokers deliver the information to the subscribers after doing the necessary validations. For this service, Brokers receive a part of the network fee as a reward once the Proof of Delivery (PoD) is submitted. This incentivizes Brokers to deliver the highest amount of messages in the most efficient way possible.
Observers ensure that every transaction in the network can be trusted by auditing every data stream between Publishers, Subscribers, and Brokers. They also receive part of the network fees as a reward for providing these logistical services.

It is important to note that both Brokers and Observers are required to credit Syntropy tokens before providing their services.

This ensures that no user can take advantage of the network by accessing data as a freeloader or any other way. As a result of this collaborative effort, the network is also highly scalable, stable, and secure.

NOIA Token

The Synternet network is powered by the NOIA token, which is used to power transactions, incentivize users, secure the network, and manage governance.

The token was designed with scalability, sustainability, community governance, and stable value in mind. For this reason, NOIA offers various features that include staking, delegation, slashing, proof challenging, and voting features.

With a circulating supply of over 72.9%, most of the token’s supply is already available to Synternet’s users looking to participate on the network.

A dedicated pool of tokens is also in place for the reward pool, which provides incentives for chain security and the data layer, as well as the community pool.

Synternet users can participate in the governance of the network by using the standard model of on-chain governance used by the Cosmos ecosystem. This means that proposals can be submitted by any user willing to deposit a required amount of NOIA.

While the deposit is recovered if the proposal is rejected or no quorum is met, it will be burned if the proposal is vetoed. This approach ensures all users act with the network’s best interest in mind.

The Team Behind the Data Revolution

Any blockchain project is only as strong as the team behind it, and Synternet boasts an impressive lineup of talent and experience. The company began as a tech startup in Lithuania after its co-founders joined forces to revolutionize the internet infrastructure. This mission progressively evolved until it became all about the blockchain and web3 ecosystems.

Jonas Simanavicius, Synternet’s co-founder and current Chief Technology Officer (CTO), brought valuable experience from his prior roles at major financial institutions like J.P. Morgan and the Royal Bank of Scotland.
Daniel Haudenschild, Synternet’s current CEO, is a former Ernst & Young partner who also held leadership roles in companies such as HCL-Axon, Swisscom, Sibex, and the Crypto Valley Association.

Just like Jonas and Daniel, Synternet’s core team is full of talented individuals with plenty of experience in the technology, financial services, blockchain, and data science ecosystems. They are backed by prominent investors such as CMCC Global, Faculty Group, Moonrock Capital, Wave Capital, and Polygon Ventures.

Conclusion

By powering modular, interoperable data infrastructure across all major chains, Synternet aims to revolutionize the way we interact with and utilize blockchain data.

As the blockchain landscape continues to evolve, the need for seamless interoperability and efficient data access will only become more pressing. Synternet’s modular approach to data infrastructure, coupled with its commitment to decentralization, security, and efficiency, positions it as a key player in shaping the future of decentralized applications.

The post Synternet: The Future of Interoperable Blockchain Data Infrastructure appeared first on Blockonomi.

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