SYLO is an Ethereum token for the Sylo Network, a decentralized communication infrastructure created by many independent users running Sylo Node software on their own computers and servers. By running a Sylo Node and activating their Seeker, users earn SYLO in exchange for their device providing communication services to the network.
What Is Sylo (SYLO)?
Sylo (SYLO) is a decentralized platform that allows users to run their computers as servers to maintain communication in the network. Users can send and receive messages and notifications, make audio and video calls, transfer funds, trade non-fungible tokens (NFTs), store cryptocurrencies such as Bitcoin, Ethereum, Tezos, and other ERC-20 assets, etc. According to the whitepaper, the platform aims to solve the problems of centralized alternatives like delays in delivering important messages, failed network connections, etc.
The Sylo network aims to keep communication private and decentralized and to allow users to own their data without creating off-device storage. The platform doesn't keep the data on servers; rather, Sylo replicates group data across devices. Further, users who allow their computers to function as Sylo nodes perform their roles as per the tokens they have staked. If the quality of the network is as per the incentive structure, the nodes receive SYLO tokens, and if the quality gets affected, the nodes get penalized.
SYLO is the native utility token of the Sylo platform that runs on ERC-20 token standards. The token helps to make micro-payments easier on the platform. The number of SYLO owned by a user informs about the level of participation in the network. Users can also utilize SYLO within the ecosystem to make payments, crypto wallet upgrades, decentralized apps (dApps) payments, etc. Also, staking SYLO can help users earn rewards based on the number of tokens staked. Soon, the platform aims to bring governance in the platform for SYLO holders. The platform also wants to introduce many independent services for trading purposes.
History of Sylo (SYLO)
Aaron McDonald, Robin Johannink, Daniel Gillespie, and Brendon Packard are the directors of the Sylo platform. The entire team of Sylo has experience from various fields like computer science, development, in addition to the real-world business experience of entrepreneurs, designers, and leading technologists.
The total supply of the Sylo platform is 1,000,000,000,000,000 SYLO.
