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Synternet, a Web3 infrastructure project, has launched its mainnet data layer on Cosmos and is taking the next step in its roadmap. It also introduces new use cases for the $SYNT token, which has seen significant expansion in functionality since its mainnet launch.
Synternet is at the forefront of the movement to make web3 data as fast and reliable as available on the traditional web, without introducing centralization. Achieving this required designing and deploying a custom network powered by a token that was fast, responsive, and capable of supporting a two-sided marketplace between data publishers and subscribers. Despite the network running on Cosmos, Synternet supports all major blockchains.
Web3 gets the data delivery it deserves.
Blockchain is not designed to store large amounts of data efficiently. Storing extensive data on the chain can cause bloat, which increases the size of the blockchain and makes it more difficult to synchronize nodes. The solution to this challenge was to design a dedicated data delivery chain optimized for real-time data provisioning while maintaining the decentralization essential to web3.
Moreover, when blockchain networks become congested, fees can become prohibitively high, making frequent data updates expensive. Chains like Ethereum and Solana have proven to be general-purpose chains with a variety of use cases, but large-scale data transfer is not one of them. This is a professional service that requires a professional network specifically designed for this task.
Synternet represents the latest thinking on web3 infrastructure, which must be fast, reliable, and inexpensive. The data layer is central to this vision, allowing data providers to stream real-time data to consumers (typically smart contract and application developers). This solution provides an alternative to Oracle, which can result in a higher computational burden and therefore more expensive queries. There are also question marks about how decentralized some oracles actually are.
Synternet prepares to conquer Pikes Peak
“The mainnet launch of Synternet at Cosmos is not just a technical milestone. This is the beginning of a new era of the decentralized data economy,” enthuses Synternet CTO Jonas Simanavicius. “With $SYNT, we can provide real utility, allowing users to pay for data services at lower costs and creating a more inclusive and efficient ecosystem.”
The mainnet launch will allow users to participate in staking $SYNT, as well as reward validators for helping secure the network. The token will also have several other functions, primarily facilitating governance and allowing subscribers to pay for live data streams.
With the mainnet deployed, Synternet now moves onto Pikes Pike, a roadmap scheduled to be live by the end of the year. During this period, the team hopes to launch a dapp store and augmented data streams. We will also introduce autonomous economic agents that can perform complex tasks based on on-chain events, from delivering transaction notifications to Telegram to executing actions based on real-time blockchain data.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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