Syndicate | Business Management Platform | Staking Masternodes
Cryptocurrency is a medium of exchange of value using cryptography to secure the transactions and the network of users. It is by definition an intermediary used in trade to avoid the inconveniences of a pure banking / fiat monetary system. Which has a central authority and full control over the funds of its users.
To serve as a medium of value SyndicateLabs has developed a new cryptocurrency called Syndicate. Syndicate was launched at June 14, 2016, at 05:15:06 AM on Bitcointalk. Syndicate uses a decentralized control system as opposed to centralized electronic money and centralized banking systems. This is achieved by a system called Hybrid Proof of Work/Proof of Stake with Masternodes. But what does this all mean?
Proof of Work
A Proof of Work (POW) system is a way to create value using special or non special hardware depending on the algorithm used, and to deter denial of service attacks and other service abuses such as spam transactions on the network by requiring some work. The Proof of Work system used by Syndicate is X11 POW/POS.
The coin is now near the end of its Proof of Work phase and going into full POS mode with Masternode Staking securing the network soon. Another thing we must note on this coin is that the block time is 60 seconds which is really fast compared to other coins, meaning that transactions are propagating faster on the Syndicate Network. This is great for business and consumers alike.
Proof of Stake
Proof of Stake is a proposed alternative to Proof of Work. Unlike Proof of Work, Proof of Stake attempts to provide consensus and doublespend prevention. Because creating forks is not costless when you are burning coins to accomplish this, you also need a large amount of coins to overwhelm the network to do this. The Proof of Stake system used by Syndicate has the following technical specifications.
Three hours is the minimum stake age, and holding your coins unlocked in your wallet for three hours will start to generate POS interest with a static 10 SYNX reward per block. Bitcoin before the halving is giving 25 coins per block while after the halving which is just around the corner will give out 12,5 coins, making Syndicate a very rare cryptocurrency. The POS system has begun successfully at block 180.
Masternodes and Darksend
Masternodes primary function is to carry out the anonymization phase of the Darksend protocol and to validate transactions almost instantly. Both of these technologies are a part of the Syndicate wallet from the beggining. In the future, there will be more services performed by the masternodes network.
The Masternode system used by Syndicate is incentivized and is receiving a loyalty reward of 50% of the POS rewards per block. Masternodes are wallets that have a collateral of 5000 coins locked in their wallet and they receive 50% of the networks POS rewards. They need to be constantly online. at the moment of writing 57 are available.
The True Goals of Syndicate
Syndicate wants to be a next generation coin that enables product management for businesses and their consumers. Real world adoption can be easily accomplished due to the fast block times. The coin will have a fully integrated system that will help business owners to monitor their inventories, sales and their costs. This has never been done in cryptocurrency before and is a direct real world application of a coin.
The Syndicate wallet is designed to communicate out of the box with barcode scanners, allowing the addition of products using barcodes on your current inventory. At the moment no other coin has this feature while most companies that sell items are using these scanners. You will be able to create records and reports with very useful data.
All records and reports for sales you choose to create will be fully exportable in multiple formats to complement the software that you currently use for your financial management. Allowing users and businesses to use their existing software and hardware.
The difficulty of the blocks is adjusting on every block making it harder to attack the network and create bottlenecks of transactions not going through using huge amounts of hashing power. This has been a major problem with other altcoins leaving their blockchains stuck not being able to create new blocks for more than a day at a time. Syndicate will be going full POS so that wont even be an issue at all.
Syndicate will eventually be accepted everywhere Bitcoin is accepted and has the combination of all the right ingredients to create the tools for mass adoption. Mass adoption which will lead to a massive community in the cryptosphere and outside of it.
Syndicate also has the ability to generate Stealth Addresses that are powered via the Masternode implementation and Encrypted Messaging that is providing a safe haven for users that want to communicate and send coins anonymously with others via the Internet.