Synthetix project

[Brouk92 25]

What is the Synthetix project?

 The Synthetix project allows users to bet on stocks, currencies, precious metals, and other assets in the form of ERC20 tokens for Ethereum.

 These ERC20 tokens copy the price of the original assets in the "real world" and submit it to the Ethereum blockchain.

 For example, with the Synthetix project, the MKR coin can be copied so that Synthetix's ERC20 token is equal to the real MKR coin value but without the ability to vote in the MKR system, meaning that Synthetix fetches the value of the asset without its function.

 Who is behind the Synthetix project?

 Synthetix started out as a project bearing the Havven name, and was founded by Cain Warwick, the current CEO of the project.

 Synthetix is now one of the largest projects in DeFi Financing with over $ 180 million in SNX Coins locked into the protocol as of December 2019.

 Highlights of the Synthetix project:

 Synthetix uses a multi-code support infrastructure that is based on collateral, signature and fees.

 The Synthetix project uses two types of digital currencies:

 SNX base token or Synths. Whereas the second coin is very similar to MakerDAO system where it locks on Ethereum to create DAI, in Synthetix, SNX is secured to create sUSD, SUSD acts as debt while SNX acts as collateral, the main difference between Synthetix and Synthetix  MakerDAO is that SNX is pledged as security for any other asset, not just SUSD.

 One of the prerequisites for a Synthetix system to function efficiently is obtaining accurate information from the "outside world" such as the Japanese yen price, or the Tesla stock price, for example.

 To obtain this price information, Synthetix previously used Oracle mainframes feeds, which have been vulnerable to manipulation and exploitation.

 But the Synthetix project has now partnered with ChainLink to support a decentralized Oracle system to reliably deliver information to the blockchain without the need to trust a central party.

 SNX digital coin:

 Much of Synthetix's recent successes can be attributed to the distinct and innovative incentive model of SNX coin.

 So that the SNX digital currency is locked and secured as a guarantee for the creation of many synthetic assets, which means that its availability in the market decreases and thus increases the demand at the expense of supply.

 As a result of the shortage of supply of the SNX coin, the currency rose significantly and attracted the attention of the cryptocurrency community, and also drew the attention of the Binance cryptocurrency exchange platform for its recent inclusion for trading.

 Where the value of SNX increased from $ 0.03 at the beginning of 2019 to more than $ 1.30 at the end of the same year 2019, to move up again in the year 2020 and its value at the time of writing this article is $ 2.86.

 How are SNX Coins produced?

 When the project was called "Synthetix Havven" it was launched in the form of an Initial Coin Offering (ICO) and raised $ 30 million for a total offering of 100 million Havven tokens.

 In February 2019, Synthetix changed its monetary policy and there are now over 190 million SNX tokens, which will increase to 250 million over the next five years.

 The increased supply of SNX tokens was intended to reward and motivate SNX recipients.

 How to get SNX cryptocurrency?

 If you have an Ethereum wallet and some cryptocurrencies, you can trade SNX tokens on decentralized platforms like Kyber and Uniswap.

 You can also share SNX to create new Synths using “dapp Mintr”.

 Finally:

 The Synthetix project spent most of 2019 and 2020 climbing to the top of DeFi applications with a commitment to transition to a decentralized governance structure.

 To add the big advantage that most of the project’s followers were waiting for, which is the ability to trade stocks such as Tesla or Apple shares on the Ethereum blockchain, which is a game-changer for believers in decentralized financing everywhere.

[Atiqkhan0 71]

On 10/8/2020 at 4:09 PM, Brouk92 said:

What is the Synthetix project?

 The Synthetix project allows users to bet on stocks, currencies, precious metals, and other assets in the form of ERC20 tokens for Ethereum.

 These ERC20 tokens copy the price of the original assets in the "real world" and submit it to the Ethereum blockchain.

 For example, with the Synthetix project, the MKR coin can be copied so that Synthetix's ERC20 token is equal to the real MKR coin value but without the ability to vote in the MKR system, meaning that Synthetix fetches the value of the asset without its function.

 Who is behind the Synthetix project?

 Synthetix started out as a project bearing the Havven name, and was founded by Cain Warwick, the current CEO of the project.

 Synthetix is now one of the largest projects in DeFi Financing with over $ 180 million in SNX Coins locked into the protocol as of December 2019.

 Highlights of the Synthetix project:

 Synthetix uses a multi-code support infrastructure that is based on collateral, signature and fees.

 The Synthetix project uses two types of digital currencies:

 SNX base token or Synths. Whereas the second coin is very similar to MakerDAO system where it locks on Ethereum to create DAI, in Synthetix, SNX is secured to create sUSD, SUSD acts as debt while SNX acts as collateral, the main difference between Synthetix and Synthetix  MakerDAO is that SNX is pledged as security for any other asset, not just SUSD.

 One of the prerequisites for a Synthetix system to function efficiently is obtaining accurate information from the "outside world" such as the Japanese yen price, or the Tesla stock price, for example.

 To obtain this price information, Synthetix previously used Oracle mainframes feeds, which have been vulnerable to manipulation and exploitation.

 But the Synthetix project has now partnered with ChainLink to support a decentralized Oracle system to reliably deliver information to the blockchain without the need to trust a central party.

 SNX digital coin:

 Much of Synthetix's recent successes can be attributed to the distinct and innovative incentive model of SNX coin.

 So that the SNX digital currency is locked and secured as a guarantee for the creation of many synthetic assets, which means that its availability in the market decreases and thus increases the demand at the expense of supply.

 As a result of the shortage of supply of the SNX coin, the currency rose significantly and attracted the attention of the cryptocurrency community, and also drew the attention of the Binance cryptocurrency exchange platform for its recent inclusion for trading.

 Where the value of SNX increased from $ 0.03 at the beginning of 2019 to more than $ 1.30 at the end of the same year 2019, to move up again in the year 2020 and its value at the time of writing this article is $ 2.86.

 How are SNX Coins produced?

 When the project was called "Synthetix Havven" it was launched in the form of an Initial Coin Offering (ICO) and raised $ 30 million for a total offering of 100 million Havven tokens.

 In February 2019, Synthetix changed its monetary policy and there are now over 190 million SNX tokens, which will increase to 250 million over the next five years.

 The increased supply of SNX tokens was intended to reward and motivate SNX recipients.

 How to get SNX cryptocurrency?

 If you have an Ethereum wallet and some cryptocurrencies, you can trade SNX tokens on decentralized platforms like Kyber and Uniswap.

 You can also share SNX to create new Synths using “dapp Mintr”.

 Finally:

 The Synthetix project spent most of 2019 and 2020 climbing to the top of DeFi applications with a commitment to transition to a decentralized governance structure.

 To add the big advantage that most of the project’s followers were waiting for, which is the ability to trade stocks such as Tesla or Apple shares on the Ethereum blockchain, which is a game-changer for believers in decentralized financing everywhere.

I like there's project, features and also one of the promising coin in crypto history. And they had made huge success over there times. And also they are gonna huge and better success over many times.