Synternet is a blockchain project designed to allow cross chain data to flow between otherwise isolated networks. The core of the system is the Data Layer, which acts as a customizable execution layer between chains, supporting decentralized data exchange. Synternet enables developers to build applications that interact with data across multiple blockchains using Autonomous Economic Agents (AEAs). Its mission is to power the next generation of decentralized applications by creating an open protocol for the secure and efficient exchange of Web3 data.

Project Function

Synternet functions through its Data Layer, leveraging a Publish-Subscribe (PubSub) protocol to support data exchange between users. The key participants are:

Publishers: Publishers generate and stream data to the Broker network, organized by "subjects," which are essentially data streams. Publishers can broadcast a wide range of subjects, fostering an open and competitive market. Data streams can be named following conventions, such as synternet.ethereum.*, allowing multiple variations of topics.

Brokers: Brokers facilitate data transmission between Publishers and Subscribers using the NATS messaging protocol. Brokers receive a fixed network fee for each message relayed and are responsible for verifying and submitting Proofs of Delivery (PoD). They must stake SYNT tokens to participate, ensuring commitment to the network's integrity.

Subscribers: Subscribers consume data by paying for access to Publisher streams through on-chain agreements. They manage their services through the developer portal, where pricing is based on the volume of data consumed (e.g., bytes or gigabytes).

Observers: Observers ensure the correctness of data delivery by Brokers, validating the PoD and ensuring transparency. Like Brokers, Observers must also stake SYNT tokens, and are rewarded for attesting to the accuracy of data transactions or challenging incorrect deliveries.

Synternet’s infrastructure also includes an Application-Specific Chain (App Chain) built on Cosmos SDK, responsible for reaching agreements and managing payments. This chain supports decentralized, real-time data streams, improving blockchain interoperability and removing dependence on centralized data providers.

Token Utility 

The SYNT token is an ERC-20 token that serves several functions within the Synternet ecosystem:

Staking and Security: Validators, Brokers, and Observers stake SYNT to secure the network, with penalties for bad actors.

Governance: Token holders can propose and vote on protocol changes.

Payments: SYNT is used by Subscribers to pay for data services and by the protocol to reward Brokers and Observers.

Incentives: Network participants are incentivized with SYNT for providing and verifying data.

Synternet Mainnet Launch & Token Migration

SYNT was originally launched as NOIA, an ERC-20 token within the Synternet ecosystem. With the launch of the Synternet mainnet on Cosmos, NOIA underwent a mandatory 1:1 migration to SYNT ERC-20. Synternet is currently undergoing the migration to its native Cosmos-based SYNT, accessible through the Ethereum-Cosmos bridge via the Synternet Token Center. To access, click here.

Uphold will support trading and custody for SYNT ERC-20.

With Cosmos, Synternet looks to enter a new era of enhanced scalability, reduced transaction fees, and improved user access. 

About the Founders

Synternet was founded by Domas Povilauskas, Kipras Kazlauskas, Domantas Jaskunas, Jonas Simanavicius, Justinas Valutavicius, and William Norton. The company was founded in 2017, and raised $9 million USD across 4 rounds. 

Risks of SYNT

Like an investment in other crypto assets, there are some general risks to investing in SYNT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in SYNT is subject to the following specific risks:

Synternet operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with SYNT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The SYNT community and Synternet founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of SYNT have no recourse to the SYNT community, Synternet founding team, or Uphold if SYNT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing SYNT on the Uphold Platform, Uphold performed due diligence on SYNT and determined that SYNT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

The creation, governance, usage, and design of SYNT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 

The supply, demand, maturity, utility, and liquidity of SYNT.

Any marketing materials put forward by the SYNT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.

Material technical risks associated with SYNT, including any code defects, security breaches and other threats concerning SYNT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.

Legal and regulatory risks associated with SYNT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of SYNT.