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Synthetix Network - the story of one cryptocurrency

2020-01-10

By its nature, cryptocurrency performs almost all monetary functions:

Medium of circulation: promotes the circulation of goods and the continuous process of exchange of material and non-material benefits.
Accumulation and saving: allows you to make a profit with continuous circulation or storage of the crypt (capitalization).
Means of payment: manifests itself through payment for goods, services and obligations. The intrastate circulation of the crypt takes place.
World money. This function is characterized by the disclosure of all the above-mentioned roles at the international level. Cryptocurrency is circulated between countries and their citizens as goods and means of payment.
Unfortunately, at the current stage of development of digital economic relations, digital money does not have access to such a phenomenon as a measure of value. The Synthetix Network Token cryptocurrency, like others, has a relatively volatile course. This is due to the influence of the following factors on it:

politics - regulation and consolidation of the position of the crypt at the legislative level, for example, the closure of South Korean stock exchanges;
news background;
technical process - creating new platforms, increasing demand from investors;
internal competition - opening new exchanges, issuing new currencies.
Being influenced by all these phenomena, the rate of the Synthetix Network Token cryptocurrency can go down and up by some percentage in its value. For example, the last known price is $ 1.28, accounting for a 10.82% drop in the last 24 hours.

About Synthetix Network Token

The Synthetix crypto, formerly known as Havven, is a kind of cryptoasset network that allows its users and investors to create synthetic assets within the system itself. Synthetix Network Token (SNX) is a cryptocurrency token that runs on the Ethereum platform.

A token is a unit in which the digital balance of a specific asset is recorded. This is a special register entry that is not a crypt, but only replaces securities. In other words, the presence of tokens confirms the ownership of a certain amount of coins.

Asset management takes place through smart contracts. They record the residual values on the accounts of the holders. This "construction" allows Synthetix Network Token transactions to transfer tokens between accounts.

The contracts entitle interested parties to receive commissions generated by SNX on its own platform.

The so-called entry point is priced at approximately $ 29 (quoted at the time of creation). Synthetics will freeze if it reaches one of its limits ($ 44 and $ 14.5). From now on, it is no longer available for purchase from Synthetix.Exchange, however it can be replaced with another Synths. At some point after it reaches any of its limits, it is replaced with another iBNB with different limits.

If you analyze the data of the CoinMarketCap service, which allows you to obtain statistical information about crypto rates, you can see that more than 50% of the entire electronic money market falls on Bitcoin. In second place is Ethereum, which simplifies the introduction of blockchain technology.

Thus, Synthetics is built on a platform that is the second most popular and the volume of crypt turnover in the world, the goal of which is to create decentralized online services. Synthetix currently holds 153,807,692,308 tokens, of which 148,338,954.07 are in circulation.

Synthetix Network Token Features

Synthetix transactions carried out by users are subject to a small charge. These, in turn, are redirected to SNX owners, who are responsible for developing the economy.

Multicurrency allows you to carry out transactions for the withdrawal and exchange of Syntheses in any currency and at the most favorable rate.

Users create their own Syntheses. Clients are then entitled to receive fees as SNX owners as payment / gratitude for development assistance.

If some cryptocurrency exchanges give an advantage and the greatest earnings to those who have the most currency in their account and it is in circulation, then in the case of SNX, it is not the one who allows the crypto to capitalize, but the one who continues to issue it that wins and earns.

To work with crypt, you need to connect your wallet, compatible with the ERC-20 standard (for example, MetaMask, Trezor or Ledger), which has at least one Synth on its account. After that, you can track the balance taking into account the conversion rate. To conduct transactions and transactions, the wallet must have at least 0.01 Synth. If needed, Syntheses can be purchased using Synthetix.Exchange with ETH.

During the conversion of each Synth, the currency rate is calculated at the time of the transaction, it is updated every 3 minutes to bring the most accurate value into effect.

Prices and transactions have no limit, the user is limited only by the balance of his wallet. In addition, the transaction fee is 0.3%. This is the so-called "exchange fee".

For users, such an opportunity is available as the use of synthetic assets. These are assets, or a mixture of them, that have the same value and effects as others. On the Synthetix network, synthetic assets (Synths) track the value of an underlying asset and allow an asset (such as gold) to be used without having to actually own it.

How Synthetix Network Token is created

The team that works with SNX consists of 10 people:

Kane Warwick is the founder.
Justin J. Moses is CTO.
Jordan Momtazi is a VIP partner.
Clinton Ennis is the chief architect.
Garth Travers is a communications manager.
Clement Balestrat is an Application Engineer.
Jackson Chan is a blockchain engineer.
Charlie Karaboga is Product Manager.
Zoe Archer is a UX Engineer.
Sergey Vasiliev is the creator of Full-Stack.
On November 28, 2019, investors were able to sell their tokens at $ 1.48 per unit.

The creator of the Synthetix Network Token cryptocurrency is interested in users releasing their synthesizers to support the system.

Is Synthetix Network Token Infinite?

Synthetix crypto is the same means of payment as regular money, which, unlike them, is not subject to inflationary risks. The issue leads to a monetary depreciation, but with a crypt everything is different: its quantity and volume of issue are known in advance.

Currency differs from real money in its decentralization - it is not under the control of the center, which is trying to regulate its volume and rate. It is influenced only by such factors as the technical process, political and news background, internal competition. Thus, the state, except at the legislative level, does not affect the performance of the crypt, but this can also be circumvented by withdrawing funds on another continent.

Earlier, in order to fix the rate of the national currency, gold was used. The Synthetix system now fulfills this function to some extent.

Synthetics is an easy way to invest and make money, which can also turn into a means of paying for goods and services. The intended purpose of the crypt is similar to banknotes and coins, but it can be adjusted to the norms of the legislation of a particular state.

ICO as one of the forms of crowdfunding (collective financing), in other words - the initial offer of tokens, was held from 26 to 28 February 2018. ETH, BTC were accepted for purchase.

The project was planned to raise $ 30 million. This ambitious and global goal has been fully achieved. Syntheses are currently being sold at 1.37 USD from the ICO price. ICO price is $ 0.670.

Strengths of Synthetix Network Token

Coins have the following positive characteristics:

relative stability of the exchange rate;
can be purchased or sold at any time;
when conducting transactions, a thorough check is carried out, which helps to exclude acts of fraud;
confidentiality of all data - information about the user is not disclosed;
reliability and security of all web resources that are not hacked;
limited emission of currency, which makes it deflationary - the crypt is not subject to inflation due to the issue of coins in small quantities;
independence - guaranteed by the absence of regulatory authorities and freedom from influence.
The negative characteristics include:

risk of freezing when reaching the minimum threshold;
transaction fees and charges;
the possibility of banning the crypt;
irrevocable payment (there is no way to cancel the operation).
The digital coin has some distinctive features. The technical features include:

Security and protection from hacker attacks and break-ins.
Easy to use.
Modernization and constant updating of data, every minute update of the course.
Convenient work with the wallet, withdrawal, deposit and exchange of funds.
Interest in Synthetix Network Token (SNX) arose a year ago after its creation. This is due to the fact that coins are very affordable from an economic and technical point of view. They have a lower rate compared to Bitcoin, which makes transactions possible for all individuals.

Synthetix Network Token in the TOP currencies

The importance of cryptocurrency in the digital economy is growing rapidly. In many countries, its position is enshrined at the legislative level. South Korea is an example.

Basically, opinions regarding the consolidation of the status of the crypt are divided into two possible options:

Cryptocurrency is electronic money, which is similar to funds in card accounts. However, due to the strict regulation of currency transactions and its relative independence (crypt is not the equivalent of the cost of certain resources, products and services), it is not possible to predict the dynamics of the exchange rate for a long period of time and secure its stable value.
Cryptocurrency is a commodity that is bought for real money.
Opinions have some differences, but they will soon be corrected.

At the moment, the rate is fixed at around $ 1.37 per unit. It pays off 160%. The market capitalization of the asset is $ 210,338,003.

The Synthetix Network Token cryptocurrency is inferior to many others in terms of capitalization. But it should be noted that this currency has a relatively stable rate:

Minimum: for 24 hours - $ 1.24, for 7 days - $ 1.26.
Maximum: for 24 hours - $ 1.45, for 7 days - $ 1.52.
Relative stability is rare even for the dollar itself, but it attracts investors.

Position in the CoinMarketCap rating (the cost of an object calculated based on the current market price) - 35th place.

Ratio with Bitcoin: 1 BTC = 6030.58 SNX. Volume in 24 hours - 39.33290428 BTC. Circulating offer 153 338 954 SNX.

At the same time, the positive and negative features of the crypt include the absence of its fixation, independence in relation to other currencies and objects of the material world. In other words, if the dollar is influenced by the political situation and other currencies, then the Synthetix Network Token crypt remains independent. It does not change its course due to the fall / rise of one or another coin.

Some countries allow you to pay for flights, gadgets, utility bills, drinks in a bar using cryptocurrency. Others, on the contrary, place a taboo on these operations. For example, Japan and the United States provide sufficient freedom for crypt processes. However, if these countries decide to change their position, the rate will go down significantly.