|All Time High:|
|Market Cap: |
|The price of #SYLO today is $0.00288 USD.|
The lowest SYLO price for this period was $0, the highest was $0.00288, and the current live price for one SYLO coin is $0.00288391.
The all-time high SYLO coin price was $0.016.
Use our custom price calculator to see the hypothetical price of SYLO with market cap of BTC or other crypto coins.
|The code for Sylo crypto currency is also #SYLO. |
Sylo is 2.4 years old.
|The current market capitalization for Sylo is $12,281,925.|
Sylo is ranked #524 out of all coins, by market cap (and other factors).
|There is a big daily trading volume on #SYLO.|
Today's 24-hour trading volume across all exchanges for Sylo is $1,159,586.
|The circulating supply of SYLO is 4,258,769,593 coins, which is 43% of the total coin supply.|
Seekers and Sylo Nodes
Why the connection? We recently announced our Seeker NFT project — and the reception has been overwhelmingly positive. A community of both old and new faces has sprung up around our little robot friends and it’s been fun engaging with everyone through the Seeker lore. Now that some of the dust has settled, we are left with people asking questions about both the Seekers and the Sylo Nodes. Some of the questions are from people who understand the NFT game but don’t know why they would care about Sylo Nodes. Other questions are from our node operators, who may not understand how NFTs fit into the mix. And, still more questions come from people learning about both projects for the first time and looking to get involved. So, let’s talk through both Sylo Nodes and Seeker NFTs and see how they can play well together in the decentralised world. — First, there was the node - The Sylo Node is one of the primary projects developed by Sylo and is the backbone of our decentralised communication network. Launched to the public in December 2020, the Sylo Node enabled anyone to contribute infrastructure to our global peer-to-peer network — the Sylo Network. This network is fully decentralised and supports the Sylo Smart Wallet. The approximately 250 Sylo Nodes support over 400,000 Sylo Smart Wallet users, with only 10 of these nodes being run by Sylo or one of our partners. These numbers mean that we have at least 240 user operated nodes in the ecosystem, at a time when the services performed by these nodes are not even incentivised! — Then, there was incentivisation - Altruistic networks are great, but in order to scale the network we would need to find ways to reward our nodes for their service. The Sylo Network team got back to work and, in 2021, we released our incentivisation design and the supporting Ethereum smart contracts. This incentivisation layer provides probabilistic micropayments in exchange for services and allows the Sylo Nodes to “earn their keep” by hopefully generating more income than the operating costs. The details of the tokenomics layer is outside the scope of this article — but I will briefly summarise it. — Sylo Network Tokenomics. — Sylo Node operators stake SYLO tokens to capture a percentage of the incentivised services on the Sylo Network. The more you stake, the more work is directed to your node. Operators can increase their share of work further through delegated stake (detailed run through here). The Sylo Network rotates users to new nodes every epoch based on node stake. Nodes can make adjustments to their stake for each new epoch. Nodes that join an epoch must make some on-chain transactions to indicate their membership on the network. We have optimised these fees in a variety of ways but earning income by operating a Sylo Node is still not free. (More on this in a bit.) It’s no secret that the NFT market has exploded. Like many other projects in our industry, Sylo was one degree of separation away from a lot of exciting developments in the NFT space. The open metaverse was looking for communication technology — and the Sylo Network was essentially ready to go out of the box. But you see, there was one tokenomics issue left unresolved with the Sylo Network. The network had no built-in infrastructure cap. Having an infrastructure cap is an important safeguard to ensure that nodes have a fighting chance to (at least) cover their operating costs in the event of a huge surge in demand. We were already seeing the popularity of running a node far exceed our expectations, and we hadn’t even rolled out the incentivisation yet. If we launched the incentivised network without a cap, we could likely be in a position where there were too many nodes — and the available work may not cover the blockchain fees. — Now, there are Seekers - A lot of prior node projects used hard-coded infrastructure caps to restrict access. This works fine, of course, but the team here at Sylo thought we could have our infrastructure cap while also providing a fun way to engage with the open metaverse and drive adoption of open communication. And so the idea of a utility NFT that unlocked incentivised Sylo Node services was born. The Seekers came to life. It was important to us that we brought as many of our loyal Sylo Node operators along to the open metaverse with us. So, we devised a whitelisting system whereby we allow them to claim a free (transaction fee only) Seeker to get their incentivised Sylo Node up and running quickly and easily. We know that running a node 24/7 is no trivial task, so rewarding the members of the community who managed this task deserve something in return. Hopefully, this gives everyone the background necessary to understand the emergence of the Seekers and how they fit into our development roadmap. I’m including at the end here a few questions (some from the community and some pre-empted) and their answers. — Q & A - — Do I need to own a Seeker to run a Sylo Node?. — You can still run a node without owning a Seeker. However, you will need to own a Seeker to join epochs and earn incentives from the network. The Sylo Node can still provide a variety of free services that you can use to provide decentralised communication to whomever you choose without needing to have a Seeker. — If I have to own a Seeker, will this make it more expensive to run a node?. — Generally speaking, requiring Seeker ownership should not make it more expensive to run a node. Node operators must already choose how much to stake in their node, so the price of a Seeker should be absorbed by this calculus. Remember, it doesn’t matter which Seeker you own, so if you just want to run a node you can acquire the most common of common Seeker. If you have any questions or queries, please feel free to reach out to our team at email@example.com or via our social channels here: Twitter & Discord Seekers and Sylo Nodes was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Claim your Seeker
Our thank you to Sylo Network supporters. — As you probably already know, we are nearing the mint of the Seeker NFT. So, we figured, what better way to reward the people who have been supporting our network and to give them a Seeker. Seekers are now a requirement to be able to operate a Sylo Node (and a whole lot more). As a Sylo Node operator, you are best placed to put your Seeker to work. To learn more about the Seeker project, visit the Discord. Being on the Seeker whitelist will allow our node operators to mint a Seeker for free — you only pay transactions gas fees. All you need to do is follow the process outlined in this article. — Which Sylo Nodes are eligible? - All Sylo Nodes that have been online in the 90 days prior to our snapshot are eligible to claim a free Seeker. We have taken a snapshot of all Sylo Nodes eligible for the Seeker whitelist. The snap shot is a list of Sylo Nodes that sent telemetry data to our server between 15:35 16 Dec 2021 and 15:35 16 Mar 2022. To claim your whitelist spot, we ask that you prove ownership of the private key associated with your node ID by following the below instructions. Head over to the ‘Claim your Seeker’ web page here and get yourself added to the Seekers whitelist! Note — you have until 23 March to do so., Sign the Ethereum wallet address that you want whitelisted with your Sylo Node ID., If the Sylo Node ID is on our list, we will whitelist the wallet address. It’s easy as that!, Keep reading for more info about the claiming process, or skip the details and go claim your node now. — More about the claim process - Sylo has never collected personal data from Sylo Node operators, since it is not required for the Sylo Network to function. However, we understand that our community has been working hard to support the Sylo vision by running Sylo Nodes. To acknowledge this support, we have devised a way in which Sylo Node operators can privately claim ownership of the Sylo Node they have been running. Each Sylo Node is associated with a P2P ID. The Sylo Node holds the private key for this identity and uses the public key to identify itself on the network. Sylo maintains a list of node public identities that have been online during the past 90 days. A while back, we took a snapshot of this list of identities and we are giving our community a chance to claim one of these Sylo Nodes as the one they were running by associating an Ethereum wallet address with the node’s public identity. This web page contains the list of Sylo Nodes we found during our snapshot. Sylo Node operators can use this page to see if their node is on the list and claim it by associating it with a signed Ethereum wallet address. SECURITY NOTE: To claim a Sylo Node, you will need to provide us with your Sylo Node identity file. We will not store or record this file. If you are concerned: after claiming your Sylo Node, you can create a new identity by deleting the existing identity and restarting the node. A new one will be generated automatically. However, anyone using the Sylo Smart Wallet who is connected to your node will need to reconnect using the new QR code in the Sylo Node UI. — Finding Your Node ID File. — Your Sylo Node ID is a file provided to the node with the --identity command-line argument, with the default location being ~/.sylo-node/node.id inside the docker container running your Sylo Node. If you followed our setup guide, you probably mapped this to ~/.sylo-node/node.id in your local filesystem. If you did not follow our guide, you will need to track down this file on your own. Keep in mind, though, that the file could be on the filesystem inside the docker container used to run your Sylo Node. If you made it this far, you should have all the information you need to make your claim. So head over to the Claim your Seeker page and get yourself added to the Seekers whitelist now! Claim your Seeker was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
How to use the Incentivisation Calculator
A walkthrough guide to calculating transaction costs on the Sylo Network.. — The calculator has two sections, Inputs and Results. In the Inputs section, you can describe your node, and the circumstances that your node will be running in. Then, in the results section, the financial performance of your node under these circumstances on both Ethereum and CENNZnet is shown. This lets you compare the performance of your node on the two networks. Inputs: In this section, you describe both your own node, and also the rest of the Sylo Network. Rather than decide these values for you, we’ve set up the calculator so that you can test out your node in the situations that you think are most likely. Your Node You must decide how much SYLO is staked against your node.. This includes both your own staked SYLO (Node Runner Stake), and stake from other participants in the network who have decided to support your node (Delegated Stake). You can use the slider to explore, or enter exact amounts by selecting “Custom”. Sylo Network Parameters You must decide two things: The Total Network Stake, which determines how much of the overall network your node represents — and therefore, how much work it will do, and earn from., The Weekly Network Revenue, which is determined by the amount of relay that the network is performing each week, as well as any network incentives., You can use the slider to explore, or enter exact amounts by selecting “Custom”. Results: Simple View This section shows the profitability of your node on CENNZnet vs Ethereum. This is expressed as two numbers: Your Node’s APY (Annual Percentage Yield) is shown for you, the node operator, and for the delegated stakers of your node. The APY is the return on investment that your Sylo node will provide to the people who stake their Sylo into it., Your Node’s weekly profit, after on-chain expenses (such as gas costs), for both the node operator and for delegated stakers., Results: Advanced View This provides a more detailed breakdown of your node’s income and costs. The Income section shows the node’s overall income from performing relay, before it is divided up between the node runner and delegated stakers. The Expenses section shows the node’s expenses, from the perspective of the node runner. This includes the blockchain costs the node must pay to participate in the network, and the income that the node shares with it’s delegated stakers. By comparing the on-chain costs, you can determine, for example, how much more expensive it is to run a node on Ethereum, compared to our new chain, CENNZnet. This information is shown for the currently selected network — initially, this is CENNZnet. The toggle above can be used to change which network is selected. Also, you can select whether to see weekly, monthly, or yearly information using the second toggle. Inputs: Advanced Parameters: The advanced parameters section contains other inputs that you can optionally control, by selecting “Custom”. These parameters come in two flavors: Sylo Network smart contract parameters that affect the gas costs of the contracts. They are set to sensible values by default — we include these so that advanced users can explore the different ways the contracts could be configured on Ethereum to mitigate gas costs., External factors, such as exchange rates and Ethereum gas prices. These are set to the current price by default, but can be manually edited to explore “what if” scenarios., How to use the Incentivisation Calculator was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Understanding transaction costs on the Sylo Network
A closer look at the savings you’ll make on CENNZnet. — Recently, we announced that the Sylo Network is moving chains from Ethereum to CENNZnet. So to help you understand why we’re so excited about this migration, consider the following story that articulates the structure of transaction costs on the Sylo Network. It’s a story that goes a little something like this… — Running a node on the Sylo Network involves making a variety of on-chain transactions:. — Liz decides to run a node, stakes some SYLO, and pays a gas cost for the staking transaction., Barry decides to delegate some stake to Liz’s Node, and pays a gas cost for the staking transaction., A new Epoch starts, and Liz registers their node to participate in the Epoch. To do this, Liz pays a gas cost for the registration transaction., Liz’s node performs Incentivised Relay, and after some time the Node receives a winning ticket to claim. Moving that money out of escrow and into Liz’s possession in an on-chain transaction, with an associated gas cost., Later, Liz decides to withdraw some of their earnings from their Node into their wallet, again with an associated gas cost., All of these costs are much higher on Ethereum, making it more expensive for Liz to run a node on Ethereum than on CENNZnet — and that money has to come from somewhere. In financial terms, these transaction fees are frictional costs — every SYLO of transaction costs paid by a Node is a SYLO that is not rewarding the participants in the network, which reduces the overall efficiency of the network. — The details:. — Let’s illustrate this concretely. Consider the phase 3 incentivised Sylo Network but up and running on ETH, with nodes being paid to perform relay (and paying ETH gas costs). Now imagine that those ETH gas costs were to disappear — how would node operators react? If the costs were removed/lowered, then each node and delegated staker on the network would make more money than before — the same amount of income from the same amount of stake, but with fewer overheads to pay., This would make staking to a node (and running a node) more profitable than before — each unit of staked SYLO would earn more income., Removing friction costs as much as possible is crucial to the success of the project. In order for the Sylo Network to be a meaningful competitor to centralised services, it needs to achieve a level of reliability and scale that enables the Network to stand toe to toe with the big guys. This is one more reason we’ve decided to move to CENNZ — to enable the network to grow to its full potential, without ETH’s prohibitively high gas fees getting in the way. The second big problem with Ethereum’s high gas fees is that they are regressive — they disproportionately affect nodes with smaller amounts of stake. This is a barrier to the decentralisation of the network, because it effectively sets a minimum amount of capital that is required to profitably participate in the network. All of these impacts can be explored in more detail using the calculator tool calculator.sylo.io This calculator lets you plug in facts about your node and the network (e.g the amount of work being done, your node’s stake, and the amount of stake in the network overall), and see how that situation would play out on both Ethereum and CENNZnet. – Got questions about the Sylo Network? Reach out to our team on Twitter, we’d love to hear from you. Understanding transaction costs on the Sylo Network was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
The Seekers and the Sylo Network
The foundation of the open metaverse. — Today, we’re excited to announce and explore two key developments establishing Sylo as the communication foundation for the open metaverse. The first involves how we are grounding Sylo Nodes and the Sylo Network as key functionality for the open, decentralised version of the metaverse, in association with Fluf World and their incredible group of companies. If you have been following Fluf and their community, you may have seen that the latest addition to the FLUF World ecosystem is a group of rebellious robot NFTs by the name of ‘the Seekers’. This is the secret NFT project from our 2022 roadmap and we are pleased to confirm today — not just that this is a Sylo-born initiative — but also to share a little more as to what the Seekers are and how they relate to the Sylo Network. It is now official… let it be known that…. The Seekers ARE Sylo Nodes (and a whole lot more…) As the Lore goes, Seekers were created for the purpose of empowering individuals to connect and trade across the open metaverse, within FLUF world and beyond. They are the Sylo Network personified, the custodians of open and decentralised communication in the metaverse, and the key to ensuring the metaverse doesn’t go the way of Web2.0. We’ve also heard they are the best robot sidekick in the whole wide metaverse, there to help you navigate the burrows one adventure at a time…More on this to come. Head over here to join The Found and to keep up to date as this project evolves. Secondly, in another exciting next step on our journey to mainstream decentralised communications, we’re pleased to announce today that the incentivisation of the Sylo Network will be on CENNZnet. Sylo will still exist as an ERC20 on Ethereum, retaining compatibility with our current exchanges, but will be able to be seamlessly bridged across to CENNZnet to be used to efficiently incentivise our Node infrastructure. This lines up with our Phase 2 goal of incentivising the network. Our move to CENNZnet is a logical step to bring the Sylo Network in close alongside our key metaverse partners. By shifting the Sylo Network to CENNZnet, we are better placed than ever to support the expansion of these digital worlds, ensuring that the next stage of the metaverse fosters open communication, collaboration and decentralisation, rather than more walled gardens.Same Sylo Network = less costs, better performance. On the practical side for users, we anticipate that those who find Ethereum’s gas fees disagreeable will be pleased by this choice to shift chains, as CENNZnet is a blockchain free from the issue of Ethereum’s exorbitant gas prices. [You can read more about how Transaction Costs work on the Sylo Network here.] For a cost comparison please see our incentivisation calculator to let you explore how your node might perform under a variety of situations, by varying gas prices, exchange rates, and the amount of relay performed by the network. It will also allow you to explore how changing the parameters of the Sylo Network affects the earnings of the participants. [For a walkthrough of how to use the calculator, check out this article.] Further details on how to bridge, how to create your incentivised Node and how to contribute as a Seeker is still to come. All will be revealed in the lead up to turning on incentivisation. Please note: Our Liquidity Mining program will remain the same — the incentives are still going to be present on ETH and will continue to be paid out in [ERC20] SYLO. (And if you’ve had an eye on our roadmap, you would have seen this deliverable highlighted in our activities for Q1, 2022). Thanks again for joining us in laying a decentralised foundation for the open metaverse. We’re stronger together. Until next time, Ben – We welcome your questions and feedback regarding this important next step in the evolution of the Sylo Network. If you have any questions or queries, please feel free to reach out to our team at firstname.lastname@example.org The Seekers and the Sylo Network was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Sylo Nodes — Community Update
Sylo Nodes — Community Update - — Where we are as we enter 2022…. — Hello! Ever since the launch of the Sylo Node, the support from the community has been incredible. From the very first day, people have been running their own nodes and contributing to our global decentralised network. All this engagement has really been awesome and hints at the huge potential for community growth as we continue to release features in the coming months and years. Over the past few weeks, the interest in running Sylo Nodes has skyrocketed, to the point where we are having some difficulty responding to each question individually. To help clear up a lot of the common questions, I’ve decided to provide a quick update on the Sylo Nodes: where we are now; where we’re going; and what it means for the community and the Sylo Network. Where We Are The current release of the Sylo Node is version 1.2.2 and is available to the public on Docker Hub. This version of the Sylo Node currently powers the decentralised Sylo Network and supports applications like the Sylo Smart Wallet. Services provided by the current version of the Sylo Node are unincentivised. This means that Sylo Nodes can only be run altruistically and will not earn any Sylo tokens. In fact, they are not even associated with any specific blockchain at this point in time. Where We Are Going The next release of the Sylo Node (likely version 1.3.0) is quickly nearing completion. The release of this version will usher in the era of incentivised services on the Sylo Network! This is a giant leap forward for decentralised communication and is being carefully coordinated across multiple Sylo projects. This next phase of the Sylo Network will give our community multiple ways to stake, earn, and otherwise contribute to the success of communication across the open metaverse… (if you know, you know) ;) What This Means The Sylo Node has been made publicly available so our community can explore the technology, become familiar with the hardware requirements, and be ready to provide decentralised infrastructure to the world. As the next phase of the Sylo Network nears, there will be plenty of information available to inform your decisions for how you can best contribute to (and earn from) the Sylo Network. This will include new Sylo Node setup documentation showing how to configure the incentivised services, as well as documentation showing how to stake and earn Sylo from the network without running a node. For those of you wanting to set up the current version of the node, we have some basic documentation available on our website and the community has put together a number of resources as well. Our apologies in advance if we are unable to directly answer node set up questions for your specific environment. Sit tight and we will have more information, support, and community resources available in the near future! Sylo Nodes — Community Update was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
2021 End of Year Update & looking forward into 2022….
Features, launches, fixes, partnerships, and new directions — Our year in review.. — What a year it’s been (for a NUMBER of reasons) and as you will have seen, we recently pushed out a major update to shed more light and clarity on Sylo’s core focus areas and roadmap for the coming year. That said, I’d like to take a moment to recount what we’ve ticked off over the course of 2021. — A raft of Sylo Smart Wallet updates - Tezos Baking, NEWS: Tezos Baking enables Sylo Smart Wallet users to earn rewards from holding XTZ, Introducing: Earning in the Sylo Smart Wallet, Moonpay ‘Buy crypto in-app’ feature, NEWS: Sylo Smart Wallet users can now purchase cryptocurrencies in-app simply using their bank…, How to buy crypto in your Sylo Smart Wallet, Crypo Tracker feature, NEWS: ‘Crypto Tracker’ feature released to the Sylo Smart Wallet Support for all ERC721 NFTs, NEWS: NFTs have arrived in the Sylo Smart Wallet Add an NFT as your avatar feature, How to add an NFT as your avatar — New exchange listing - Bittrex Global, New Listing: Sylo (SYLO) — Liquidity Mining - We launched the Sylo Liquidity Mining program through the Sylo Dashboard, offering up rewards to those supporting SYLO DEX liquidity., PLUS, recently announced extension of this program through till Q4 2022, offering an additional 140 million SYLO in rewards., — SYLO Burn Initiatives - Announced our ongoing burn initiatives for the Sylo Network & Wallet that will create stronger ties between usage of the Sylo Smart Wallet app and the SYLO token, whilst evenly rewarding all users who participate in supporting our projects., — Glorious - Initially dubbed our ‘secret project’, development of Glorious is now completed. We’re excited to see this groundbreaking project go live in January, featuring masterpieces and once in a lifetime experiences from a range of top global talent and artists, NEWS: Introducing Glorious, a premium NFT marketplace & creative studio — Incentivised Nodes - Epic progress has been made here, with a sneak peek having been released by our team yesterday, and the process of rolling out fully incentivised nodes commencing during Q1, 2022. This is a big one, and one that we’ve been working on for the better part of four years. This release will realise the launch of a foundation that will enable a truly decentralised communications network capable of powering a nearly unlimited number of use-cases into the future, giving project communities the ability to power and run the networks they use, while earning in return., — What’s coming up for 2022? - Check out this piece published yesterday from Ben. We’ve got strong partnerships and collabs in the works with projects that are really humming right now, and the team is super pumped to reveal those in the new year, and crystallise what these will mean for both the Sylo Network and the overall Sylo project’s evolution. I wanted to drop a final note to really thank our team for all their work this year, despite the ongoing lockdowns and challenges that have come with our current climate, and to welcome on board all our new additions the past few months, including those that are part of the 2021/2022 intern program — we’ve grown quite a lot this year! And last but most, I’d like to thank you, our community of supporters. We really appreciate your support and you bearing with us during tricky phases, such as when developments take longer than expected. Unfortunately, this is the nature of Web3 and building brand new things - sometime hurdles appear that need to be navigated that were previously unknown. But please know, we’re always bending over backwards to deliver! So once again, thanks for sticking by our side. We’re amped for the upcoming year and are seriously BULLISH on what’s coming! Best wishes for the holiday season from all of us here at Sylo! Until next time, Dorian Johannink Sylo Co-Founder & Business Director — Experience the Sylo Smart Wallet now by downloading from the Google Play or Apple App stores. For further announcements, follow Sylo on Twitter, Telegram or visit www.sylo.io 2021 End of Year Update & looking forward into 2022…. was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Sylo Network Incentivisation
Bring in 2022 with some shiny new smart contracts from Sylo. — As we approach the end of the year, we thought the time was right to pull back the curtain on one of our biggest achievements of 2021… the Sylo Network incentivisation contracts! If you’ve followed the Sylo projects closely this year, you’ll already know how exciting this step is for us and our community. With the contracts audited and ready to go, we are busy fine tuning the contract parameters and getting preparations finished to ensure our Sylo Node stakers and operators have the best experience possible. The audit of our contracts was a huge success, so we have made both the audit and the contract repository public. So, while our team is on break, feel free to have a look around and dream about all the new possibilities available to us in 2022. You can find the source code and audit in our GitHub repository, here: github.com We have also deployed the audited contracts to the Ropsten Ethereum testnet, with the latest versions at the following locations: Listing, Ticketing, Ticketing Parameters, Directory, Rewards Manager, Epochs Manager, Staking Manager, I think it’s safe to say that the team is pretty excited to have this in place for 2022. Personally, after a couple weeks to recharge the batteries, it will be great to get back to the office and start rolling this out to the community. I’m really looking forward to revealing all the awesome things we have in store for you all. Thanks for your continued support and see you in the new year! — Thoughts to share? We’re always keen to hear from you. Get in touch with our team now on Twitter or Telegram. Sylo Network Incentivisation was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Sylo — 2022 Roadmap Update
Sylo — 2022 Roadmap Update - — Communications for the decentralised Metaverse. — Compared to the pace of conventional industries, the world of next-generation tech moves at lightspeed. Web3 is now on our doorstep, and how we lay the foundations for this new world is crucial to the freedom, authenticity, expansion, privacy, and prosperity of the Metaverse. Even one year ago, the term ‘Metaverse’ was one that few would have understood. It is a victory then and proof of just how far our industry has come, how assimilated into the mainstream world that the realms of crypto, NFTs, blockchain, VR, and the like now are, that we can have this very conversation so easily. Those who have followed Sylo over the recent weeks and months will have noticed that a change was in the waters. I’d like to dive in today to explain to you how Sylo fits into this new world, and to paint the picture of just what that means. We’re not morphing into something different — rather, we’re unveiling what we really are and have always been. You see, Sylo has always been a Metaverse company… We’ve been in the business of connecting people for nearly a decade, whether that be users, profiles, NFTs or wallet addresses. However our differentiator is both crucial and clear: Sylo communication is decentralised communication. There is a land-grab going on for the Metaverse which you may have seen for yourself. Big companies are moving into this fertile new space where tech and ethics meet imagination, and trying to establish their outdated styles of economy and service provision as the norm, all while the Metaverse is still in its infancy.Source: burrows.fluf.world Here at Sylo, we couldn’t sit by and simply watch this happen. We see decentralised communication being key to ensuring “our” Metaverse doesn’t go the way of Web2.0. So we’ve created relationships, built new tech, and continued our mission. You will see this in our outlook heading into 2022. Take a look at our new website to see where Sylo is heading. Some highlights: — SYLO — COMMUNICATIONS FOR THE DECENTRALISED METAVERSE - We are working hard to provide Web3 with a decentralised way of communicating. One that lives up to the decentralised nature of assets, NFTs and the decentralised identities that roam these new digital worlds. Communication across a decentralised network, instead of within walled gardens is the antidote to the capitalist web we have today. It offers the ability to create a Metaverse that is decentralised, independent and more private as communities choose to not funnel their interactions through centralised parties. — AN AUTONOMOUS INFRASTRUCTURE - We’re building an open and inclusive Web3 run by communities by providing an incentivised node network (the Sylo Network) where any wallet address can communicate with any other wallet address, NFT owner, or Smart Contract participant without any reliance on a centralised party. — INTEGRATING NFTS AS IDENTITY - Many Web3 users want to use their PFP NFTs as their primary identity to live, work, transact, communicate, play, and explore the Metaverse. — CONNECTING PEOPLE THROUGH DIGITAL WORLDS - We connect both digital worlds and the individuals within them. Imagine communicating from FLUF to Party Bear, or Bored Ape to Crypto Punk, right from your device… — ENABLING WEB3 WALLETS - Our next gen Sylo SDK will enable the next wave of Metaverse developers to build apps on a decentralised foundation where users can chat, call, pay, and broadcast to other NFTs and projects. Decentralised communications, events and notifications will ensure that the next generation of the Metaverse is decentralised, open and connected. — SUPPORTING COMMUNITIES - NFTs live forever — therefore only a decentralised architecture can be permanent enough to support them in perpetuity. This is the Sylo Network. — RUN BY THE PEOPLE FOR THE PEOPLE - The Sylo Network is enabled by users, for users, and should be governed by those who make it possible. (More on this soon….) — 2022 - In line with the new direction outlined above, we have reassessed our roadmap goals for 2022, as well as the way that we communicate these goals. To better reflect the nature of our development style, from now on rather than creating a traditional calendar-roadmap, we will be releasing our top development priorities which our team are focused on delivering. These projects may be delivered subsequently or in clusters, and are not necessarily listed in order of expected delivery. With all this in mind, here are the projects we will be focusing on next year with the singular overarching goal of enabling communications for the Metaverse. — OUR FOCUSES FOR 2022: - — DEPLOY INCENTIVISED NODE NETWORK - — SYLO NETWORK MIGRATION - — OPEN SOURCE SDK / SDK RELEASE - — DECENTRALISED WALLET BROADCASTING FEATURE RELEASED FOR METAVERSE NFT COMMUNITIES - — SYLO NFT DROP (More to be announced in the new year) - We appreciate you, our community of free thinkers, freedom fighters and those unafraid to question the status quo, as you support us in laying the foundations for a more equitable Web3. The Metaverse can (and will!) be decentralised. Ben Jordan Co-Founder & Product Director Sylo — Thoughts to share? We’re always keen to hear from you. Get in touch with our team now on Twitter or Telegram. Sylo — 2022 Roadmap Update was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.
Our Burns Explained
Unilateral rewards — one burn at a time.. — Today we’d like to explain how the Burn Initiatives planned for the Sylo Smart Wallet and Network will operate. But before we get started, let’s define for those new to this concept, just what we’re talking about when we use the term ‘burn’. A ‘burn’ is a process that can only be undertaken by a cryptocurrency’s creator and involves permanently removing an amount of that cryptocurrency from circulation. Burning a token means lessening its supply. A burn of any sort is a serious matter, and we’ve taken our time to consider different Burn initiatives for the Sylo Token (SYLO) to find what will best benefit the Sylo Network and its participants, as well as the users of the Sylo Smart Wallet. We have settled on the two following Burn Initiatives that will be instigated. Here’s how they work… — BURN INITIATIVE 1 — NETWORK BASED BURNS - The first Burn Initiative we are launching is part of our system of probabilistic micropayments on the Sylo Network, centering around enabling trustless payments to nodes and preventing malicious users from taking advantage. In layman’s terms, it works like this… In order to purchase relay services on the Sylo Network, some SYLO must be put aside into escrow to pay for the communications relay, as well as some penalty escrow, as a guarantee of ‘good behaviour’. Penalty escrow prevents a malicious sender from exploiting nodes for free relay, by preventing an attack known as front-running. Without penalty escrow, the attacker would be able to request some work from a node and then empty their payment escrow by impersonating a second node, “paying” their funds into another wallet that they control. Then, when the original node turns up later looking for payment, they will find that there is no money to pay them, leaving them out of pocket. To prevent this, if a node tries to redeem a micropayment ticket and there’s no money in a user’s escrow to pay them, the penalty escrow balance will get burned. This means that an attacker attempting front-running will still lose funds, and it makes paying for relay the least costly decision for the sender, whether they are honest or not. More detail on how micropayment tickets work can be found here. Overall, implementing a Burn Initiative in this situation will both improve the quality of the Sylo Network’s participants and reward those who hold SYLO. — BURN INITIATIVE 2 — SMART WALLET BASED BURNS - The following Burn Initiative focuses on closer connecting usage within the Sylo Smart Wallet to the Sylo Token, and centres around burning the profits earned from running other blockchains’ nodes. As a result we will be further integrating the token into the Smart Wallet experience and realising certain revenue streams to buy back and burn tokens over time. We will announce new initiatives within this space as they come up, but will be starting with the profits from the Tezos Baker which is accessed via the Smart Wallet. One characteristic of this effort is that we want to provide a way for our community to accelerate these initiatives, so the more these features are used, the more impact this mechanic will have. Being a multichain non-custodial wallet, it makes sense for the Sylo app to run other network’s nodes that we want to incorporate, and using the profits generated by running these nodes is a great way to reward and incentivise our users and token holders. Beginning in Q1 2022, we will perform these burns quarterly. So if you’re a Sylo Token holder, this means that every time you use the Earning features in your Sylo Smart Wallet, you’re not only earning rewards but also contributing to decreasing the supply of SYLO — it’s a win-win. — We had also previously considered (and then decided against) the following Burn Initiative:. — — ‘PHASE 3 REBALANCE OF SYLO NODES — BURN AS PUNISHMENT’ - The operability and ultimate success of a decentralised, distributed infrastructure such as the Sylo Network relies upon the consistent high performance and ‘good behaviour’ of its nodes. Therefore, we know that in preparation to roll out Phase 3 (full incentivisation) of the Sylo Network Incentivisation Plan, once Phase 2 is completed, there will need to be a reassessment of all nodes’ performance in order to progress to the next stage with solid, reliable providers in place to support the scaling network. As a result of this reassessment of all nodes’ conduct, we had planned to confiscate some of the staked SYLO from underperforming nodes or those who had shown ‘bad behaviour’ and burn those tokens as a method to simultaneously incentivise/motivate those node operators to become more reliable, whilst rewarding the community as a whole. Now those of you who have had a good read through our recently released Documentation will be aware that we have adjusted this approach. — Instead, we decided that what would better benefit the Sylo Network and all node operators displaying ‘good behaviour’ is in fact, a redistribution.. — Through this new redistribution method, the stake in escrow belonging to bad performing nodes will be redistributed to well performing nodes, ensuring a higher quality of service is in place for users and to support the Sylo Network. We’re pleased to have reached this solution as we think it better aligns with our goals for the success of the project. More information about this new stake redistribution method can be found here. Overall, we see the addition of the Burn Initiatives as yet more ways for our human-first, community-driven projects to support each other, behave well, and help advance the Sylo Network, while receiving evenly spread rewards and value. — Got questions about the Burn Initiatives, Sylo Network or Sylo Smart Wallet? Reach out to a member of our team by DM now. Experience the Sylo Smart Wallet now by downloading from the Google Play or Apple App stores. For further announcements, follow Sylo on Twitter, Telegram or visit www.sylo.io Our Burns Explained was originally published in Sylo on Medium, where people are continuing the conversation by highlighting and responding to this story.