- 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 evolved to address the challenges of accessing blockchain data, with the support of leading investors and the mission to democratize access to blockchain data
Synternet can be described as a blockchain that powers a modular and interoperable data infrastructure across all major chains. The current development of Web3 faces the difficulty of obtaining reliable data in real time across different blockchains. Developers are stuck with centralized, fragmented data sources and unreliable infrastructure, hindering progress and slowing adoption.
Synternet provides a solution by offering real-time, unrestricted on-chain data infrastructure. This enables developers to build the next generation of cross-chain decentralized applications (dApps) using modular data feeds.
The protocol consists of three main elements: App Chain, Data Layer and the PubSub protocol.
At the heart of Synternet is the data layer, a protocol acting as a customizable execution layer between all blockchains. Designed for security, efficiency and interoperability, the data layer enables 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 use case of blockchain data. Users interested in creating dApps can purchase this data using crypto tokens.
On the other hand, an App Chain is an application-specific chain, whose sole purpose is to persist state within the application. Finally, the PubSub protocol allows data to be streamed across the entire network.
Synternet and its data layer power the data infrastructure for projects built in the NFT, AI, DeFi, DePIN, Trading, IoT, GameFi, Governance and other Web3 spaces.
History
Synternet’s journey began with NOIA, an ambitious project that grew into a global movement. Led by an experienced team, Synternet is now an open-source ecosystem whose mission is to democratize access to blockchain data.
First, Synternet was born from a call center software company that identified the limitations of current Internet infrastructure. Thus, the team imagined a more secure, programmable and user-centered internet, built from existing networks.
First, Synternet began by addressing flaws in Internet infrastructure, with the goal of creating a more secure and user-centric system. However, in mid-2023, the company strategically shifted focus to tackle data access issues in the blockchain and Web3 ecosystems.
This strategic shift leveraged Synternet’s technological expertise to meet the growing demand for real-time on-chain data. At the same time, the blockchain has also evolved towards total decentralization and the empowerment of its NOIA token within the ecosystem.
The team
The Synternet ecosystem is created and maintained by open-source developers around the world.
Additionally, Synternet’s board of directors includes engineers, blockchain specialists, and executives from Fortune 500 companies. Additionally, members of the management team include Daniel Haudenschild (CEO), Dom Povilauskas ( Vision and Strategy), Jonas Simanavicius (CTO), Domantas Jaskunas (COO) and Kipras Kazlauskas (CFO).
Company mission
Synternet is driven by the belief that interoperable, permissionless data will form the foundation not only of Web3, but of the future of the internet itself. Synternet’s mission is therefore to transform this vision into reality.
The ecosystem
The Synternet ecosystem relies on collaboration between publishers, subscribers, brokers and observers.
THE editors: These stakeholders contribute data feeds to the broker network, creating an open market for various data topics.
Subscribers: They pay for valuable data provided by publishers. Subscribers and publishers enter into data pricing agreements through the Synternet Developer Portal.
Brokers: These entities validate data feeds and require Syntropy tokens to participate. This helps discourage “free-loaders” while maintaining accessibility.
Observers: Observers ensure the accuracy of the evidence submitted by brokers. They also stake Syntropy tokens to participate.
Tokenomics
The NOIA token, which is an ERC-20 token, has approximately 73.5% of its supply in circulation. There therefore remains 26.5% of undistributed stock. According to the plans, the team aims to use these tokens to power various incentives in the Synternet chain and data layer, as well as for future funding.
Synternet tokens were built around three complementary pillars:
- Enabling the delivery of Web3 data at scale and at sustainable prices.
- Facilitate community governance to improve the protocol.
- Maintain the value of the Synternet token through the use of the protocol.
The main uses of the Synternet token are as follows:
- Guaranteed security for the chain thanks to staking, delegation and overwriting mechanisms
- Guaranteed security for the data layer through continuous staking, evidence challenge, and culling mechanisms.
- Means of governance for the channel via proposals and votes.
- Means of payment for the data layer by guaranteeing at the protocol level that if the data has been delivered, it will be paid for.
- A store of value reflecting the activity of the ecosystem and its value creation.
Investors
Synternet has received support from leading cryptocurrency venture capitalists and investors, demonstrating its promise to provide data infrastructure in a multi-chain world.
Investors on 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 such as Meltem Demirors, chief investment officer at Coinshares, and Obie McKenzie, managing director at BlackRock.
Achievements
Over the past six years, Synternet has grown from seven to fifty professionals from business, marketing and engineering. The platform has further created a well-known brand in the Web3 industry and a global network of over 16,500 token holders.
In Furthermore, she managed to obtain financing has several times, with the support of well-known Web3 funds and private investors. These supporters continue to offer their advice and support on a daily basis.
Furthermore, Synternet recently announcement the integration from Injective’s layer1 network to its data layer. This integration will allow developers to access reliable data from the Cosmos chain.
Synternet Competitors
The main competitors of the Synternet blockchain are Alchemy, Chainlink and Celestia. However, the Synternet service stands out in three key areas. First, the Layer 1 infrastructure was built with data economy accounting in mind, and the product is built on the trust and reputation of publishers.
Second, Synternet provides speed, as evidenced by the 16 patents it has filed to speed up the internet. Finally, the platform is highly composable, which allows for seamless integration and flexibility. These key differentiators make Synternet a leader in data infrastructure for Web3 businesses.
How to use the Synternet data layer?
For all users, the journey begins with connecting your Web3 wallet. Synternet integrates seamlessly with popular options like Metamask and Keplr. Once logged in, the user can choose to become a publisher or subscriber.
To subscribe, go to the “Data Feeds” section and create a new project to organize your data feeds efficiently. Explore available data feeds offered by publishers within the ecosystem. Choose the ones that perfectly match the needs of your project. Finally, integrate the chosen flows into your application using the “Integration Wizard”
Register your portfolio as an Alias to become a publisher, then create a “Publisher” entity, essentially your data provider profile. Record your data flow specifying details and access conditions.
The community is accessible and growing, and help can be provided if there are any complications during onboarding.
Join the community:
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