Sylo (SYLO)

What is Sylo Network?

Sylo Network is a decentralized communication platform that makes all communication on a network without depending on a single centralized party. To do that, Sylo allows a community of users to run nodes to facilitate communication on the network and an opportunity to monetize the provision of these services.

Leveraging decentralized technologies, Sylo aspires to improve privacy and data sovereignty for network users.

Sylo has a fairly large scope, covering many projects and applications, even outside the network.

How does Sylo Network work?

The Sylo Network provides a trusted, decentralized service layer for communication applications. Services will be provided by Sylo Nodes and paid for using Sylo Tickets – an off-chain payment method powered by blockchain technology

Sylo Nodes receive the amount of work corresponding to the number of SYLO tokens they have staked in the network and are rewarded or penalized based on the quality of service they provide.

Incentivized Event Relay is the core service required by a decentralized communication application. This service implements message transfer between users on mobile devices and asynchronous messaging capability if the recipient is offline.

Incentivized Event Relay is run by Sylo Nodes. However:

• All messages will not be read by Sylo Nodes because they are completely encrypted.
• None of the Nodes can perform long-term traffic analysis.

The service is encouraged to use blockchain technology. Message senders pay for individual message forwarding activities using the Sylo Tickets payment system.

Key features on the Sylo platform

Sylo Smart Wallet

Sylo Smart Wallet is a Multi-chain, non-custodial, NFT-integrated wallet. The main function of the wallet is to send/receive money, buy and store NFT, BTC, ETH, XTZ, CENNZ plus all ERC-20 tokens in one app.

In addition, this is also a communication application when allowing users to send / receive messages and notifications, make audio and video calls.

Provide liquidity

Users can stake into pools to provide liquidity to the network. Currently, there are 2 Pools for you to add liquidity: WBTC/SYLO and ETH/SYLO.

Sylo Node and Delegated Stake

The Sylo Nodes are likened to the "backbone" of the Sylo Network, directly facilitating a Metaverse that has a solid foundation in Web3. These Nodes are required to Stake before they are eligible for the work to do. The higher the Stake amount and at the same time the ability to provide quality services, the more rewards will be received.

In addition, the larger the number of SYLO tokens that are staked to the Sylo Node, the more network traffic will go to that Node.

Sylo SDK

The Sylo SDK powers your digital world with the ability to communicate so you reach your community wherever they are, without having to keep an email database. Decentralized communication, events and announcements will ensure that the next generation of Metaverse is decentralized, completely open and easily connected.

Read full Article: CLICK HERE