What is a Syndicate Coin?
Syndicate Coin has lofty goals. The cryptocurrency wants to bring business and consumers together. Developers of the electronic currency offer a management platform and associated services. These services include assistance with tracking inventory, sales and cost data.
All collected data is scalable and can be converted into different report formats. This gives users the opportunity to feed already existing management systems with additional data. If such systems are not yet available, then business reports can be set up on the sole basis of the collected data.
Financial management gains a new meaning with the Syndicate platform. The tools provided are based on scientific criteria and thus provide important company data. The Syndicate cryptocurrency wallet communicates via barcode scanners.
This allows you to add inventory to products that already have a barcode. In addition, the operators of the currency strive for a smooth integration of Syndicate Coin as an alternative means of payment to Bitcoin. Syndicate Coin should serve as a means of payment everywhere, even where Bitcoin can be used.
In order to understand how Syndicate can generate money, the system’s masternodes should first be explained.
Syndicate Coin – what are masternodes?
By creating SYNX masternodes, you support the blockchain of the cryptocurrency and will be rewarded accordingly.
Let’s take a deeper look behind the scenes of Syndicate Coin. First, we clarify the concept of masternodes. In the computer domain, one speaks of nodes or full nodes as a node in a network. It’s here where data can be collected.
In terms of cryptocurrencies, the full nodes have the name ‘masternodes’. They serve to represent a complete copy of the blockchain in real time. In addition, masternodes can perform other functions. Such functions, for example, include:
- Increasing the privacy of transactions
- The immediate execution of transactions
- The participation in “governance” and “voting”
- The activation of a budget and “treasury” system.
Masternodes work together and communicate with each other, thereby defining a deliberately decentralized network. Masternodes can be created by anyone – herein lies the genius of the system. The only hurdle is that you have to have your own coins before you can create masternodes.
The reason is obvious – anyone who personally stands to lose cash will not likely want to damage the system. Should a masternode holder do it anyway, his collateral will help repair the damage.
Syndicate Coin – the benefits for creating masternodes
With the masternodes concept in mind, it’s easier to understand how to make money from it. At first, it seems that money has to be initially invested. Syndicate Coin requires ownership of at least 5,000 coins. How many coins or tokens are required varies with the respective masternodes’ cryptocurrencies.
You will also need a server or VPS to have your wallet reachable 24/7. In addition, a separate IP address is required, via which the masternode can be addressed online.
Last, but not least, it requires the complete storage of blockchain disk space. Without it, the blockchain cannot be stored on your computer, and the creation of the masternode would therefore fail. Let’s assume the arrangement of the masternode works out. Now you get incentives, usually in the form of interest on your held coins.
Payment varies among cryptocurrencies, but by no means should you forego this passive extra income. In addition to the income that you can generate, there is now the freedom to be actively involved in the governance and voting of the cryptocurrency.
Syndicate Coin – governance and voting in the Syndicate blockchain
Governance is the ability to vote on projects to be funded. The money invested in SYNX will be used for the selected projects. Thus, masternode holders have a direct influence on the direction in which Syndicate Coin moves.
To be able to dial in, SYNX coins must be used. The number of coins used is not defined; however, using your own “choice coins” ensures that you have been active in the network before. In any case, you will receive a confirmation of your choice when using your coins. This promises future benefits.
In the run-up to elections, so-called Blue Papers will be published on the projects available for election. These are issued for informational purposes. If projects have reached a certain number of votes, they are accepted.
Within two weeks of the acceptance of the project, a white paper will be published. Its task is to inform with more detail about the new upcoming project. The time intervals are quite tight; however, the administrators of Syndicate Blockchain want to give the community more time in which the project is to be discussed in detail.
If there is a “yes” at the end, the project enters the implementation phase. The funding comes from the proceeds of the coin sales. Project profits are returned pro rata to coin owners.
Syndicate Coin – market value and other facts
When a project was decided on at Syndicate, many coins were “paid” in the elections. Half of all these coins are “burned” by the operators – in other words, destroyed. This is designed to effectively combat deflation and so far, this method has proved to be successful.
The other half of the election coins form a reserve. These are used when new developers have to be hired or salaries have to be paid.
The following can be said about the market data: the value of a SYNX is $0.738165 and the market capitalization is 13,554,016 US dollars. This suggests a total of 18,361,770 SYNX. The 24-hour volume is $6,000,210. The SYNX comes in at 408th in the ranking of cryptocurrencies.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.