Syndicate revolutionizes the way businesses and investors fund and budget their operations and costs via income generated by SYNX Masternodes. A decentralized cryptocurrency combined with a state of the art business software can generate a unique opportunity for business owners to thrive in a country with a struggling economy. Syndicate is a community coin and every new project based on this platform will be decided by vote though our Governance Platform.
Proof of Stake: 10 SYNX Masternode: 50% of POS
Port - 9999 RPC Port - 22348
Business Platform Integration
No need to wait 10 minutes. Send SYNX anywhere on the planet instantly and have it confirmed within 60 seconds
Syndicate Coin uses Proof of Stake which only consumes a fraction of the energy used to mine using Proof of Work.
SYNX employs a second-tier decentralized network of masternodes providing additional services such as community voting governance, self-funded treasury system and instant transactions.
As many of you already know, Syndicate is upgrading. Recently we have found that a 3rd party is using an exploit to speed up their MN & POS rewards. We concluded that we need to stop deposits & withdrawals on all exchanges just to prevent the 3rd party to sell their coins & affect the price stability. After many discussions, this was our best option to protect our community and it's best interest.
On 23th of April you'll be able to withdraw your coins from Cryptopia. They won't support our swap but because SYNX is a 'veteran' coin on their exchange, they will give us the oportunity of a new listing for the new chain with a reduced fee. Until 8th of May you should withdraw all your coins from Cryptopia in your wallet.
In other news, Bittrex will support our swap although they might not open the wallet for transfers until the swap day. We are working closely with them to keep the even simple and professional.
You can still keep your MN or wallet open to receive rewards. We are preparing updated guides for users to set up trustless proof of stake transactions and masternodes.
On the 8th of May 2018 we will perform a blockchain transfer from the old chain to the new one. Syndicate will be upgrading to a new Proof-of-Stake 3.0 with Masternode consensus mechanism and blockchain. Your existing SYNX coins will be mapped 1:1 on the new chain if you will hold your coins in your wallet or on Bittrex exchange, at the swap date.
Note: Bittrex will be closing the SYNX wallet and stop trading the token to take accurate snapshots of balances. If any SYNX you had sent to Bittrex are not settled (e.g. marked as pending) by 6:00 PM PT, on 05/08/2018 (1:00 AM on 05/09/2018 UTC), you may not be credited with SYNX.
Reasoning for the Swap:
- Current code base is very outdated and crucial updates can not be supported by it - The network does not behave the way it should due to the fast rewards from MN - To move forward with our Business Platform we need a fresh code base with no network issues
The new SYNX specification:
Block Time: 60 Seconds (Re-targeting every block) Block Maturity: 101 blocks Minimum Stake age: 3 hours Block reward: 10 SYNX Masternode collateral: 5000 SYNX
Syndicate has Seesaw Reward Balance System that dynamically adjusts its block reward size between masternodes and staking nodes. The higher the masternode count, the smaller the reward portion of each PoS block that will be paid out to the masternodes and the larger the reward portion for staking nodes. Conversely, when the masternode count falls, the masternode reward portion is increased and the staking node reward portion decreased.