Paperbyte: Syntropy ($NOIA)
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Syntropy is a blockchain project that aims to replace the existing public internet experience with a more user-centric, secure, and encrypted version. It does this by enabling a decentralized global network of routing capabilities across node-relays.
This will mitigate problems existing in the current centralized-infrastructure internet in which providers hold most routing capabilities and therefore are accountable for most latency issues. By connecting an overlay atop this existing framework in a decentralized way, Syntropy can create a more inter-connected internet that is optimized algorithmically for secure and palpable bandwidth.
The team behind Syntropy is finance-centric. Most were research analysts and have started multiple startups. The list of founders:
The company is based in Gibraltar and has a total of 55 employees. The majority of their development team comes from Lithuania and the United States. They are joined and guided by William B. Norton, a former cloud infrastructure scientist, and now Chief Technical Liaison at Syntropy. William helped write the Syntropy whitepaper and NOIA tokenomics paper in which we will dive into here in a bit.
As it stands, network routing on the current internet is controlled by large companies and governments that provide infrastructure for the internet. This poses a serious threat to user experience — if an infrastructure provider goes down, it affects all the users that route through that infrastructure.
There is little a user can do but wait till service provider is back up and running. This places too much control in the hands of these companies and governments. With the introduction of blockchain technology, Syntropy aims to program the way data is routed on the internet in a decentralized way.
Syntropy uses an existing technology called Segment Routing (SR). SR is an alternative way to send data using a distributed network of node operators that provide paths to endpoints across the internet.
SR is defined by protocols – or a set of rules – that force data to find the most cost efficient path to an endpoint by making the endpoint apart of the data packet's header. This is similar to the way that a blockchain uses information within the header of a block to produce the next block. This allows the SR-WAN to choose the most efficient path for data to be routed by blanketing over the network of individual SR nodes, creating groups of SR nodes.
The internet is massive and so is the transfer of data. How does this distributed model scale upwards as more users utilize the segment-routing protocols? Syntropy uses their novel creation, the DITEX. The DITEX encompasses the global state of SR-WAN groups and tracks its performance and efficacy in order to continually optimize the SR ecosystem.
- The individual segment router receives its routing instructions from controller along with NOIA tokens that is deposited into escrow based off the size of data being routed (for example: .50 cents worth of NOIA per gigabyte).
- Each segment router pulses their state of information to all routers involved in the routing process. This allows the routers to configure the most optimal path.
- The DITEX confirms all routers agree on the path and instruct the controller to begin routing the data packet.
- When the destination is reached, each routers sends a ticket to the controller that recorded certain metrics during the process.
- The DITEX reviews the tickets and instructs the controller to pay out NOIA tokens from the escrow to the routers proportional to their efficiency.
Inflation rate is determined dynamically by the amount of tokens in the reward pool (i.e. staked). The initial rewards pool will be set at 15% so nominators only need to cover 35% to reach the optimal inflation rate of 5% by having 50% of tokens staked. At 1 billion total supply, 50 million in transaction per year would justify a 5% inflation rate by equilibrium.
Syntropy adopts Polkadot's hybrid PoS consensus mechanism, called NPoS or Nominated PoS. This system combines the GRANDPA and BABE protocols. This allows for flexible finality and random validation. Validators are essentially in charge of securing the network and sourcing nominators to stake their NOIA tokens with them.
Syntropy has a worthy use case and strong tokenomic structure. They've partnered with some worthy legacy companies and notable layer 1 blockchains. Syntropy looks very promising.