Review of Synternet

• Synternet offers a decentralized, real-time data infrastructure for Web3 development, enabling seamless cross-chain dApp creation through its App Chain, Data Layer, and PubSub protocol.
• It originated from NOIA and has evolved to address blockchain data access challenges, with support from prominent investors and a mission to democratize blockchain data access

Introduction

Synternet can be described as a blockchain that powers modular, interoperable data infrastructure across all major chains. Current Web3 development struggles with getting real-time, dependable data across various blockchains. Developers are stuck with broken-up, centralized data sources and unreliable infrastructure, which hinders progress and slows down adoption. 

Synternet steps in as a solution by offering unrestricted real-time on-chain data infrastructure. This empowers developers to build the next generation of cross-chain Decentralized Applications (dApps) using modular data streams. 

The protocol consists of three main components: App Chain, Data Layer, and PubSub protocol. 

At the heart of Synternet is the Data Layer, a protocol acting as the customizable execution layer between all blockchains. Designed for security, efficiency, and interoperability, the Data Layer enables a fully decentralized data exchange for developers, organizations, and users. 

Full nodes connected to their respective blockchain networks can sell the data produced by these networks via Synternet, for the primary blockchain data use case. Users interested in building dApps can purchase said data using cryptographic tokens.

On the other hand, an App Chain is an application-specific chain with the sole purpose of keeping the state within the application. Finally, the PubSub protocol enables data streaming throughout the network.

Synternet and its Data Layer power data infrastructure for projects building in the NFT, AI, DeFi, DePIN, Trading, IoT, GameFi, Governance, and other Web3 spaces.

History

Synternet’s journey began as NOIA, an ambitious project that blossomed into a global movement. Led by an experienced team, Synternet is now an open-source ecosystem with a mission to democratize blockchain data access. 

Synternet originated from a call center software company that identified limitations in the current internet infrastructure. The team envisioned a more secure, programmable, and user-centric internet built upon existing networks.

Synternet began by tackling flaws in the internet infrastructure, aiming to create a more secure and user-centric system. However, in mid-2023, the company strategically shifted its focus to address data access challenges within the blockchain and Web3 ecosystems.

This pivot leveraged Synternet’s technological expertise to address the growing demand for real-time, on-chain data. The blockchain also moved towards full decentralization and empowering its NOIA token within the ecosystem. 

Team

The Synternet ecosystem is created and maintained by open-source developers from all over the world. 

The Synternet board of directors includes engineers, blockchain specialists, and executives from Fortune 500 firms. Members of the executive team include Daniel Haudenschild (CEO), Dom Povilauskas (Vision & Strategy), Jonas Simanavicius (CTO), Domantas Jaskunas (COO), and Kipras Kazlauskas (CFO). 

Mission

Synternet is driven by the conviction that permissionless, interoperable data will serve as the foundational building blocks not just for Web3, but for the future of the internet itself. Therefore, Synternet’s mission is to transform this vision into reality. 

Ecosystem

The Synternet ecosystem thrives on collaboration between Publishers, Subscribers, Brokers, and Observers.

Publishers: These stakeholders bring data streams to the Broker network, creating an open marketplace for diverse data subjects.

Subscribers: They pay for valuable data provided by Publishers. Subscribers and Publishers reach agreements on data pricing through the Synternet developer portal.

Brokers: These entities validate data streams and require a stake in Syntropy tokens to participate. This discourages “free-loaders” while maintaining accessibility.

Observers: Observers ensure the accuracy of proofs submitted by Brokers. They also stake Syntropy tokens to participate.

Tokenomics

NOIA token, which is an ERC-20 token, has around 73.5% of its supply circulating. This leaves 26.5% of undistributed supply. Per the plans, the team aims to use these to power various incentives in Synternet Chain and Data Layer as well as future financing.

Synternet tokenomics have been built around three complementing pillars:

• Enable the provision of Web3 data at scale and at sustainable pricing.
• Facilitate community governance to improve the protocol.
• Maintain the value of the Synternet token through the usage of the protocol.

The main utilities of the Synternet token are:

• Security guarantee for the chain via staking, delegation, and slashing mechanisms
• Security guarantee for the data layer through continuous staking, proof challenging, and slashing mechanisms.
• Means of governance for the chain via proposals and voting.
• Means of pay for the data layer through ensuring on the protocol level that if the data was delivered it will be paid for.
• A store of value reflecting the ecosystem activity and its value creation.

Investors

Synternet has received support from leading crypto venture capitalists and investors, a testament to its promise to provide data infrastructure in a multichain world. 

Some investors of the platform include CMCC Global, HV Capital, First Block Capital, Faculty Group, Saxon, Wave  Capital, Maven 11, and Alpha Sigma Capital. The protocol is also backed by private investors like Meltem Demirors, Chief Investment Officer at Coinshares, and Obie McKenzie, General Manager at BlackRock.

Achievements

Synternet has grown from seven to fifty professionals with backgrounds in business, marketing, and engineering over the last six years. The platform has also created a well-known brand in the Web3 industry and a worldwide network of over 16,500 token holders.

Additionally, they have successfully secured funding on multiple occasions, backed by known Web3 funds and private investors. These supporters continue to offer their guidance and support daily.

Furthermore, Synternet recently announced the inclusion of Injective’s layer1 network to its Data Layer. As a result, the integration will allow developers to access reliable on-chain data delivered from the Cosmos chain.

Competitors

Major competitors to the Synternet blockchain include Alchemy, Chainlink, and Celestia. However, the Synternet service distinguishes itself in three key areas. First, the Layer 1 infrastructure was designed with the accounting of the data economy in mind, and the product is based on the trust and reputation of publishers. 

Second, Synternet provides speed, as shown by the 16 patents it has filed to speed up the internet. Lastly, the platform is highly composable, allowing for seamless integration and flexibility. These core differentiators position Synternet as a leader in the data infrastructure space for Web3 companies.

How to Use Synternet’s Data Layer

For all users, the journey begins by connecting your Web3 wallet. Synternet seamlessly integrates with popular options like Metamask and Keplr. Once connected, users can either choose to become a Publisher or a Subscriber. 

To Subscribe, scroll to the “Data Streams” section and create a new project to organize your data streams efficiently. Explore the available data streams offered by publishers within the ecosystem. Choose the ones that perfectly align with your project’s needs. Finally, integrate the chosen streams into your application using the “Integration Wizard.” 

Register your wallet as an Alias to become a publisher, then create a “Publisher” entity, essentially your data provider profile. Register your data stream, specifying the details and terms of access.

The community is accessible and growing and help can be provided incase of complications in onboarded.

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