What if there were a better way to share data between blockchains, and users had more control over how their data was published? That is the idea behind the web3 project Synternet, a layer one blockchain that has been under development for over seven years.
In this post we'll be discussing the basics of Synternet, the conversion of their $NOIA token to $SYNT, and how their migration to Cosmos will affect active stakers.
From NOIA to Synternet
Synternet originally started out under the name NOIA Network, then later renamed itself to Syntropy, and finally re-branded to Synternet. Their long-awaited mainnet launch is set to occur soon, at the end of July.
The original NOIA project was conceived in 2017 with the purpose of making Internet infrastructure faster by applying blockchain technology. During the bear market they refocused their energy on developing the "Data Layer" to service the blockchain industry.
From Synternet's website:
The Data Layer is a protocol built on the Synternet blockchain, that enables universal, real-time data flow between any chains. So-called “data streams” allow anyone to deliver or receive on-chain data by becoming a publisher or subscriber.
The project's new blockchain will have its own set of third-party validators, and come with all the benefits of being an application-specific blockchain in the Cosmos ecosystem (interoperability, scalability, built-in governance, etc).
The team is currently on-boarding new validators to their Cosmos mainnet, setting up the new "data economy", and testing the chain thoroughly before opening the ETH -> Cosmos token bridge to the community.
Migration And Staking
The project's token was originally launched under the ticker $NOIA, an ERC-20 token on the Ethereum mainnet.
Users who own the $NOIA token will need to upgrade it to $SYNT before they can migrate it to the Cosmos mainnet. After migration, the $SYNT token will power data payments, governance, and staking rewards.
For those who keep their tokens on exchanges, the migration from $NOIA to $SYNT should be completed automatically.
Those who have been staking their $NOIA tokens on Ethereum will continue to receive rewards until the end of July, at which point they can unstake their tokens and migrate them instantly to the Cosmos mainnet.
Mainnet Is Here
Synternet aims to create a "data layer" to enable more efficient sharing of information between blockchains, and give users more control over their data.
After years of development, the migration of the NOIA token to the Cosmos mainnet will occur at the end of July, allowing for data sharing and governance.
For more information about Synternet's migration into the Cosmos ecosystem, you can listen in on their most recent X spaces, where the team discusses the mainnet launch, and answers some questions from the community.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.
Until next time...
Resources
Synternet Logo [1]
Token Migration Tweet [2]
Cosmos Ecosystem Image [3]