Sylo Price Chart Update [SYLO]

Sylo Network Overview

Sylo Network introduces a decentralized communication platform that allows users to communicate without relying on a single centralized party. It operates by enabling users to run nodes that facilitate communication and offer monetization opportunities.

With a strong focus on decentralized technologies, Sylo aims to enhance privacy and data sovereignty for network users. It encompasses a range of projects and applications both within and outside the network.

Exploring Sylo Network Functionality

Sylo Network serves as a reliable decentralized service layer for communication applications. Services are provided by Sylo Nodes and are paid for using Sylo Tickets, a blockchain-powered off-chain payment method.

Sylo Nodes receive work based on their staked SYLO tokens in the network. The quality of service determines whether they are rewarded or penalized.

The core service essential for decentralized communication applications is the Incentivized Event Relay. This service enables message transfer between users on mobile devices and supports asynchronous messaging when the recipient is offline.

To run the Incentivized Event Relay service, Sylo Nodes play a crucial role. However, Sylo Nodes cannot read encrypted messages or perform long-term traffic analysis.

The service promotes the use of blockchain technology, with message senders paying for individual message forwarding activities using the Sylo Tickets payment system.

Key Sylo Platform Features

Sylo Smart Wallet

The Sylo Smart Wallet is a non-custodial, multi-chain wallet with integrated NFT functionality. Its primary function is to send/receive money and store various cryptocurrencies and tokens, including NFTs, BTC, ETH, XTZ, CENNZ, and ERC-20 tokens, within a single app.

In addition to its wallet capabilities, it also serves as a communication application, allowing users to send/receive messages, notifications, and make audio and video calls.

Providing Liquidity

Users have the option to contribute their assets to pools to provide liquidity to the network. Currently, two pools are available: WBTC/SYLO and ETH/SYLO.

Sylo Node and Delegated Stake

Sylo Nodes form the backbone of the Sylo Network, providing a strong foundation in Web3 for the Metaverse. These Nodes are required to stake tokens before participating in network activities. Increased stake amounts and the ability to provide high-quality services result in greater rewards.

Moreover, the amount of SYLO tokens staked to a Sylo Node determines the volume of network traffic directed towards that Node.

Sylo SDK

The Sylo SDK empowers your digital world by enabling communication with your community wherever they are, without relying on an email database. It facilitates decentralized communication, events, and announcements, ensuring that the next generation of the Metaverse is decentralized, open, and interconnected.