Discover Sylo's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Sylo?

Sylo (SYLO) is a decentralized communication platform launched in 2017 on the Ethereum platform. It aims to provide secure, private, and autonomous communication services, bridging the gap for mobile users. The platform operates through a network of Seeker Nodes, incentivized by the Sylo token, ensuring decentralized communication free from centralized control.

How is Sylo used?

The Sylo (SYLO) token is used in several ways within the Sylo ecosystem:

  1. Node Incentivization: SYLO tokens are used to incentivize independent nodes to run the network. Nodes receive computational work based on the number of tokens staked, which ensures the network's decentralization and security.

  2. Native Currency: SYLO serves as the native currency within the ecosystem, facilitating payments between users, wallets, and NFT accounts. It is used for transactions, smart wallet upgrades, in-app purchases, and real-world transactions.

  3. Staking: Node operators stake SYLO tokens as collateral to ensure they act honestly and fairly. This staking also announces their presence as infrastructure contributors, enabling them to provide services like peer discovery, NAT traversal, message relay, and asynchronous data storage.

  1. Micro-Payments: SYLO tokens are used in a probabilistic payment system, where nodes purchase services from Sylo Nodes using payment tickets. These tickets have a probability of winning ERC20-compatible SYLO tokens, which incentivizes nodes to provide services.

Overall, the SYLO token plays a crucial role in maintaining the decentralized nature of the Sylo network and facilitating various transactions and interactions within the ecosystem.

How do I store Sylo?

To store Sylo (SYLO) tokens, you can use a variety of wallets compatible with different platforms. Here are some options:

  1. Hardware Wallets:

    • Trezor: Known for its compact design and offline storage security.
    • Ledger: Offers advanced security with a secure element chip and wireless connectivity.
    • Other hardware wallets like Ledger Nano X and Trezor Model T are also compatible.
  2. Software Wallets:

    • Sylo Smart Wallet: This wallet is specifically designed for Sylo tokens and provides end-to-end encryption for secure transactions.
    • MetaMask: A popular browser extension for managing Ethereum-based tokens like SYLO.
    • MyEtherWallet: A web-based wallet for managing Ethereum and ERC20 tokens.
  3. Web Wallets:

  • Bitget Wallet: A user-friendly wallet for storing and managing SYLO tokens.

To set up a hardware wallet, follow these steps:

  • Unbox and connect the device to your computer.
  • Initialize the device by creating a PIN code and writing down the recovery seed.
  • Download and install the software from the official website.
  • Launch the software and follow the on-screen instructions to set up the wallet.

For software and web wallets, simply download or access the wallet, create an account, and follow the instructions to add SYLO tokens to your wallet.

Remember to always follow best practices for securing your wallet and private keys to ensure the safety of your SYLO tokens.

How to buy Sylo?

To buy Sylo (SYLO) tokens, you need to follow these steps:

  1. Register on a Centralized Exchange (CEX): Create an account on a reliable CEX that supports Sylo trading, such as HTX, KuCoin, MEXC Global, LATOKEN, or Bitget. You can sign up using your social account if the exchange supports it.

  2. Verify Your Identity and Secure Your Account: Complete the verification process by providing a government-issued identification document. Enable two-step verification for added security.

  3. Buy a Base Currency (USDT, ETH, or BNB): Use fiat to purchase a base currency like USDT, ETH, or BNB. You can use the exchange's OTC trading service or a financial service platform like PayPal or Robinhood (available for US residents).

  1. Transfer the Base Currency to the CEX Supporting Sylo: If the CEX you're using supports both the base currency and Sylo trading, you can proceed to the next step. Otherwise, transfer the base currency to a CEX that supports Sylo trading.

  2. Buy Sylo in the Spot Market: Use your base currency to buy Sylo in the spot market. Ensure that the CEX supports the Sylo trading pair you want (e.g., SYLO/USDT).

Alternatively, you can use a decentralized exchange (DEX) by connecting your crypto wallet to the DEX and trading your Ethereum for Sylo.

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History of Sylo

The Sylo crypto project, also known as SYLO, has a history dating back to around 2017. Initially, it was conceived as a decentralized communication protocol aimed at providing secure and standardized connectivity between users and connected applications within the Sylo network. Over time, the project evolved to focus on bridging the gap for mobile users, addressing the challenges posed by the inherent centralization of mobile devices.

Sylo's vision has been to revolutionize communication in the decentralized space, prioritizing privacy, security, and autonomy. Key milestones in its development include the introduction of Seeker Nodes and the utilization of probabilistic micropayments. These innovations have helped the project navigate the complexities of providing secure, private communication services in a rapidly changing digital landscape.

The Sylo token sale took place from October 18, 2018, to December 18, 2018, with a price of $0.0087 per SYLO. Since then, the project has continued to evolve, with a current market capitalization of $7.32 million and a circulating supply of 4.16 billion SYLO tokens.

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How Sylo works

Sylo (SYLO) is a cryptocurrency project that focuses on decentralized communication and data sharing. It operates on a decentralized network, ensuring that communication remains private, transparent, and free from centralized control. Here's an overview of how Sylo works:

Network Structure

The Sylo Network is composed of application-level nodes running the Sylo Protocol and a consortium of Sylo Nodes. These nodes facilitate user experience demands by providing services such as peer discovery, NAT traversal, message relay, and asynchronous data storage. Sylo Nodes are incentivized to provide these services through a probabilistic payment system, where nodes purchase services using payment tickets that have a probability of winning ERC20-compatible Sylo Tokens.

Node Operations

A Sylo Node is an application suite that can be run on a computer or cloud server. Node operators contribute to the Sylo Network and earn micro-payments of Sylo Tokens for their services. To ensure honesty and fairness, node operators stake Sylo Tokens via the Sylo Smart Wallet, which acts as collateral. This staking announces the node's presence as an infrastructure contributor.

Encryption and Security

Sylo follows the principles of cryptography by using published, public algorithms and protocols. All messages, voice calls, video calls, and file transfers on the Sylo Platform are end-to-end encrypted, ensuring that only the intended recipients can see the content. The Signal Protocol is used for file transfers, and the WebRTC library is used for real-time voice and video communication. Ed25519 public-key pairs are used for signing general messaging.

Token Integration

The Sylo Token (SYLO) is used as a payment source within the ecosystem and to reward nodes for powering the network. Nodes receive payments in the form of probabilistic micro-payment tickets. As an anti-spam mechanism, nodes must stake Sylo Tokens to begin providing services. Users can stake their own accounts or have them staked on their behalf via stake gifting.

Decentralized Communication

Sylo enables users' devices to connect directly (peer-to-peer) whenever possible, eliminating the need for a middleman. Sylo Nodes help users connect directly, store encrypted data when users are offline, and relay encrypted channels when users' devices are in restricted networking environments.

Incentivized Event Relay

The Sylo network employs an incentivized event relay service, which ensures message passing between users on mobile devices, even when recipients are offline. This service is incentivized by blockchain technology and uses probabilistic micropayments, ensuring a trustless and competitive pricing model.

Overall Functionality

Sylo provides a decentralized communication infrastructure that allows wallets and other Web 3.0 accounts to communicate with each other without relying on centralized apps. The network is powered by independent nodes, which are incentivized through the Sylo token. This creates a robust and sustainable decentralized communication layer.

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Sylo's strengths

The Sylo token (SYLO) has several strengths that contribute to its potential as a cryptocurrency:

  1. Decentralized and Secure: Sylo transactions are unstoppable, uncensorable, irreversible, and require only the user's permission to send. This ensures that transactions are secure and decentralized, allowing for peer-to-peer communication without the need for intermediaries.

  2. Location Independence: Sylo transactions can be sent from anywhere to anywhere without restrictions, making it a truly global and accessible form of digital currency.

  3. Low and Consistent Pricing: The pricing of Sylo transactions is based on the complexity of the transaction rather than a fixed percentage of the amount being sent, which helps keep costs low and consistent.

  1. Scalability and Efficiency: The Sylo protocol includes a unique off-blockchain layer that enhances scalability and efficiency, allowing for high-volume payments and microtransactions.

  2. Native Currency: Sylo serves as the native currency within the Sylo ecosystem, facilitating payments between users, smart wallet upgrades, in-app purchases, and real-world transactions.

  3. Reward Mechanism: The Sylo token rewards independent parties for running the network, incentivizing nodes to participate and maintain the decentralized infrastructure.

These strengths position Sylo as a robust and efficient cryptocurrency with a strong focus on decentralization and scalability.

Sylo's risks

Silo Finance, a decentralized lending protocol, is designed to mitigate various financial risks associated with traditional lending platforms. The primary risks addressed by Silo Finance include:

  1. Oracle Manipulation: Silo Finance isolates the risk of oracle manipulation by using a bridge asset, such as ETH and XAI, which are less susceptible to price manipulation. This approach ensures that the protocol’s liquidity is not affected by the manipulation of a single token’s price.

  2. Failure to Liquidate: Silo Finance’s siloed structure allows for more efficient liquidation processes. Each token is confined to its own lending market, ensuring that potential liquidation issues are contained within that market and do not affect other tokens.

  3. Token Exploits: By isolating each token into its own lending market, Silo Finance minimizes the impact of token exploits. If a token is exploited, the risk is confined to that specific market, protecting lenders and borrowers from the effects of the exploit.

  1. Smart Contract Risks: Silo Finance acknowledges that smart contracts, like any code written by humans, can contain mistakes. This risk is mitigated by the protocol’s design, which ensures that any potential issues are localized within a specific silo and do not affect the entire protocol.

  2. Economic Risks: Silo Finance relies on economic models, which can have unintended consequences. The protocol’s design aims to minimize these risks by providing a more robust and efficient lending solution.

  3. Liquidation Risks: Silo Finance’s liquidation process is designed to be efficient and foolproof. The protocol ensures that collateralization is properly managed to prevent bad debt, which can result in lenders losing their deposits.

  1. Bad Debt: Silo Finance’s risk-isolated structure helps to prevent bad debt by containing potential issues within specific silos. This approach reduces the likelihood of lenders losing their deposits due to failures in the lending process.

By addressing these financial risks, Silo Finance aims to provide a more secure and efficient lending solution within the decentralized finance (DeFi) ecosystem.

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Did Sylo raise funds?

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Sylo’s team

  • Brian Russell: Director, founder and CEO of Zephyr Technologies, acquired by NYSE Convidien Corp., AI specialist, and NASA advisor.
  • Aaron McDonald: Director, founder and CEO of Centrality Blockchain venture studio, involved in a top 10 ($100M) ICO in 2018.
  • Robin Johannink: Director, serial entrepreneur responsible for bringing the first credit card to New Zealand, VC company principle with multiple public and private exits.
  • Dorian Johannink: Co-founder and Business Director, former digital communication agency director, industry thought-leader, and champion of decentralisation.
  • Ben Jordan: Co-founder and Product Director, international background in brand management and efficiency solution consultancy for multinationals, blue sky thinker, and innovation champion.
  • Felix Schlitter: Lead Engineer.
  • James Carolan: Head of Design.
  • Scott Twiname: Senior Engineer.
  • John Carlo San Pedro: Senior Engineer.

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