Syntropy

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Discover Syntropy'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 Syntropy?

Syntropy (NOIA) is an open project providing next-generation connectivity technology for the Internet. It uses blockchain technology to create a decentralized network that enhances security, privacy, and performance by incentivizing nodes to share bandwidth and computational resources. The project aims to bridge the gap between Web2 and Web3, enabling seamless data and application transitions while facilitating new business models and technologies.

How is Syntropy used?

Syntropy (NOIA) is a blockchain-based project that aims to revolutionize the internet by enhancing security, privacy, and efficiency. Here are some key ways it is used:

  1. Decentralized Autonomous Routing Protocol (DARP): Syntropy employs DARP to efficiently map and optimize internet traffic. This technology ensures data travels via the most efficient paths available, enhancing overall network performance and reliability. Node operators are rewarded in NOIA tokens for the amount of traffic they relay, providing an economic incentive to enhance network performance.

  2. On-Chain Streaming Oracle for Web3: Syntropy functions as an On-Chain Streaming Oracle for Web3, providing real-time, multi-chain data access. This democratizes access to blockchain information, making it more accessible and efficient.

  3. Trustless Execution of Encrypted Connections: The NOIA token facilitates the trustless execution of encrypted connections, ensuring secure data transmission without the need for complex setups or virtual private networks (VPNs).

  1. Storing and Making Changes to Network Configurations: The NOIA token is essential for storing and making changes to network configurations, ensuring that the network remains adaptable and responsive to user needs.

  2. Medium of Exchange for Buying and Selling Bandwidth: The NOIA token serves as a medium of exchange for buying and selling bandwidth throughout the network, allowing users to purchase services such as storage or bandwidth.

  3. Routing Data Throughout the Syntropy Ecosystem: The NOIA token is used for routing data throughout the Syntropy ecosystem, ensuring efficient and secure data transmission.

  1. Node Operations and Rewards: NOIA tokens are required to run a node on the Syntropy network, and nodes earn rewards for routing traffic and providing other services to the network.

These uses collectively contribute to Syntropy's goal of creating a decentralized, user-centric internet that prioritizes privacy, security, and efficiency.

How do I store Syntropy?

To store Syntropy (NOIA) tokens, you can use various wallet options that support Ethereum (ETH) since NOIA is an ERC-20 token. Here are some steps and wallet options:

  1. Ledger Live: You can create a new Syntropy wallet in Ledger Live by going to the "Accounts" tab, clicking "Add Account," and selecting "Syntropy" to follow the on-screen instructions.

  2. Metamask: As an ERC-20 token, you can store NOIA in Metamask, a popular Ethereum wallet. Simply add the NOIA token to your Metamask wallet.

  3. Hardware Wallets: Many hardware wallets that support ETH can also store NOIA tokens. These wallets provide additional security for your assets.

  1. Atomic Wallet: The Atomic Wallet supports over 1000 coins and tokens, including Syntropy. It offers a secure and private environment for managing your assets.

  2. Other Wallets: You can also explore other wallets that support Ethereum and ERC-20 tokens, such as Trust Wallet, Atomic Wallet, or Exodus Wallet.

Remember to always follow the specific instructions for each wallet and ensure you have the necessary information to recover your wallet in case you need to restore it.

How to buy Syntropy?

To buy Syntropy (NOIA) tokens, you can follow these steps:

Buying on Centralized Exchanges (CEX)
  1. Find a Reliable CEX: Look for a trustworthy centralized exchange like Binance, Coinmetro, or KuCoin where you can buy Syntropy (NOIA).
  2. Register an Account: Sign up for an account on the chosen exchange if you don't already have one.
  3. Deposit Funds: Deposit fiat currency or other cryptocurrencies like USDT or BTC into your account.
  4. Buy NOIA: Use the deposited funds to buy Syntropy (NOIA) tokens directly on the exchange.
Buying on Decentralized Exchanges (DEX)
  1. Choose a DEX: Select a decentralized exchange like Uniswap or Sushiwap that supports Syntropy (NOIA) trading.
  2. Install a Web3 Wallet: Download and set up a Web3 crypto wallet like Metamask or Trust Wallet.
  3. Transfer Mainnet Cryptocurrency: Purchase the mainnet cryptocurrency (e.g., ETH for Ethereum-based DEX) and transfer it to your wallet.
  4. Connect Wallet to DEX: Connect your wallet to the DEX and follow the instructions.
  5. Swap for NOIA: Use the mainnet cryptocurrency to swap for Syntropy (NOIA) tokens on the DEX.

Remember to be cautious of scam tokens on DEX platforms and ensure you have the correct contract address for Syntropy (NOIA).

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History of Syntropy

Syntropy, formerly known as NOIA Network, was founded in 2017 with the initial vision of optimizing internet connectivity through a blockchain-based data orchestration network. The project aimed to create a decentralized network layer that would transform how the internet functions, focusing on user-optimized, encrypted connectivity with superior performance.

In 2021, the project rebranded from NOIA Network to Syntropy, retaining the token ticker $NOIA to reflect the history and journey of the movement. The native NOIA token is an ERC-20 utility token that enables data transfers and secure connections throughout the network, similar to Ethereum gas. It is essential for various functions, including trustless execution of encrypted connections, storing and making changes to network configurations, buying and selling bandwidth, and routing data throughout the ecosystem.

Syntropy's technology, including its patented Distributed Autonomous Routing Protocol (DARP), dynamically routes data packets along better performing paths, minimizing network latency. The project has undergone significant developments, including a pivot to on-chain data management, which aims to optimize blockchain data traffic and provide a decentralized and scalable means to access, retrieve, and interact with real-time and historical on-chain data.

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How Syntropy works

Syntropy, formerly known as NOIA, is a decentralized network connectivity project that aims to revolutionize the internet by enhancing security, privacy, performance, and resource usage. It uses blockchain technology to create a trustless, user-centric internet where privacy is paramount. Here's how it works:

Key Components
  1. NOIA Token: The native utility token of the Syntropy network, which is used to facilitate data transfers and secure connections. It is an ERC-20 token and works similarly to Ethereum gas. The token is essential for storing and making changes to network configurations, buying and selling bandwidth, and routing data throughout the network.

  2. Nominated Proof-of-Stake (NPoS) Consensus Mechanism: This mechanism allows validators to be nominated to participate in consensus, ensuring the security and integrity of the network.

  3. Programmable APIs: Developers can create and automate networks using these APIs, making it simple to build, scale, and monitor applications.

Functionality
  1. Encrypted Connections: Syntropy enables users to establish encrypted connections without the need for complex setups or virtual private networks (VPNs). This ensures secure data transfer and minimizes latency for optimal performance.

  2. Bandwidth Sharing: The platform allows nodes to share bandwidth and participate in the new data economy. This sharing model incentivizes users to contribute their unused bandwidth, creating a more efficient and decentralized internet.

  3. Real-Time Data Infrastructure: Syntropy provides permissionless real-time data infrastructure, empowering developers to build cross-chain dApps and leverage composable data streams. This infrastructure is critical for Web3 applications, enabling seamless blockchain interoperability and real-time data exchange.

Use Cases
  1. Trustless Execution of Encrypted Connections: The NOIA token facilitates the trustless execution of encrypted connections, ensuring secure data transfer.

  2. Network Configurations: The token is used to store and make changes to network configurations, allowing for flexible and dynamic network management.

  3. Bandwidth Marketplace: The NOIA token serves as a medium of exchange for buying and selling bandwidth throughout the network, creating a decentralized bandwidth marketplace.

  1. Data Routing: The token is used for routing data throughout the Syntropy ecosystem, ensuring efficient and secure data transfer.
Future Developments

Syntropy is continuously evolving, with a roadmap that includes the integration with Polkadot using Substrate, allowing qualifying NOIA token holders to run validator nodes and earn passive income through staking. The project is also expanding its real-time data infrastructure, enhancing its capabilities for Web3 applications and decentralized machine learning models.

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Syntropy's strengths

Syntropy (NOIA) has several strengths that make it a promising project:

  1. Decentralized Autonomous Routing Protocol (DARP): Syntropy employs a unique technology known as DARP, which efficiently maps and optimizes internet traffic flow. This technology ensures data travels via the most efficient paths available, enhancing network performance and reliability.

  2. Enhanced Security and Privacy: Syntropy's network is designed to provide end-to-end data encryption, ensuring that all connections are secure and private. This is particularly important for businesses and individuals who require high levels of security for their data transmissions.

  3. Incentivized Node Operators: Node operators are rewarded in NOIA tokens for the amount of traffic they relay, providing an economic incentive to enhance network performance. This model encourages the growth and optimization of the network.

  1. Multi-Chain Data Access: Syntropy functions as an On-Chain Streaming Oracle for Web3, providing real-time, multi-chain data access. This democratizes access to blockchain information and enhances the overall efficiency of the network.

  2. Compatibility and Integration: Syntropy's technology is compatible with the existing public internet, making it a unifying layer that enhances encryption and optimization. This compatibility facilitates its integration into daily internet use.

  3. Nominated Proof-of-Stake (NPoS) Consensus: Syntropy uses the NPoS consensus mechanism, which enables validators to be nominated to participate in consensus. This model allows token holders to have an indirect influence over network decisions by choosing which validators to support.

  1. Flexibility in Token Model: The NOIA token model offers flexibility through subscription models or bandwidth usage-based payments, making it adaptable to different use cases and user needs.

  2. Potential for Widespread Adoption: Syntropy's technology has the potential to transform the internet by addressing its fundamental limitations in security, privacy, and efficiency. This could lead to widespread adoption and significant growth in the project's value.

Syntropy's risks

Syntropy (NOIA) faces several risks that could impact its performance and value. These include:

  1. Token Inflation: The project has struggled with token inflation, which can lead to a decrease in the token's value.

  2. Partnerships and Development Communication: There have been issues with maintaining partnerships and effectively communicating development progress, which can affect investor confidence.

  3. Token Migration: The project has faced challenges in migrating tokens, which can cause uncertainty and instability.

  1. Volatility: Syntropy is considered a high-risk investment with significant volatility, making it suitable only for those with a high tolerance for risk.

  2. Competition: The success of NOIA depends on market demand, user adoption, and competition from similar platforms, which can be intense in the decentralized internet protocol space.

  3. Market Conditions: The value of NOIA is heavily influenced by market conditions, which can be unpredictable and subject to sudden changes.

These risks highlight the importance of careful research and consideration before investing in Syntropy (NOIA).

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Syntropy’s team

Here is the team behind Syntropy (NOIA):

  • Domas Povilauskas: Co-founder & Chief Executive Officer.
  • Bill Norton: Co-founder & Chief Technical Liaison.
  • Jonas Simanavicius: Chief Technology Officer.
  • Domantas Jaskunas: Chief Operations Officer.
  • Kipras Kazlauskas: Chief Business Development Officer.
  • Virginijus Magelinskas: Chief Network Officer.
  • Daniel Haudenschild: CEO.
  • Philippe Engels: Head of Business Development.
  • Paulius Gedminas: Head of Engineering.

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