[ANN][SYNX] SYNDICATE Coin | Business Hub, Masternodes, PoS

[ghosuk]

 I agree as mn price increases fewer and fewer will want/be able to invest in mn.  However, those that already are staking or have mn will roll their rewards into larger staking position or more mn.  So I see mn # increasing as time goes on as coin supply increases.  Today was an all time low on my mn payouts.  I think it is due to more and more mn coming online.  The positive is that there are no better options in crypto today that offer better rewards/$ invested.  The fact SYNX has a premium tier 1 exchange with Bittrex and excellent liquidity (normally over $1 million traded daily) will make SYNX a premium small cap coin that will eventually grow into a premium midcap coin and hopefully a premium large cap coin down the road.

[1713978851]

1713978851

[Philj]

If you haven't seen it already, go read about the SYNX coin swap. Looks like the development of this coin is really progressing.

http://www.synx.online/#coinswap

[AltScope]

If you haven't seen it already, go read about the SYNX coin swap. Looks like the development of this coin is really progressing.

http://www.synx.online/#coinswap

Masternodes 90% of pos rewards?? thats insane
please leave the reward structure alone, increase the required coins for a masternode or use a seesaw mechanism to encourage a diverese network of staking nodes and masternodes.
Else I can see us having more masternodes and less and less stakers which really isnt good for the network. I consider myself a small holder and  even I have enough SYNX to start 4 masternodes at the current requirements.

[Ethan123]

Where did you read (Masternodes 90% of pos rewards??)

[SyndicateLTD]

If you haven't seen it already, go read about the SYNX coin swap. Looks like the development of this coin is really progressing.

http://www.synx.online/#coinswap

Masternodes 90% of pos rewards?? thats insane
please leave the reward structure alone, increase the required coins for a masternode or use a seesaw mechanism to encourage a diverese network of staking nodes and masternodes.
Else I can see us having more masternodes and less and less stakers which really isnt good for the network. I consider myself a small holder and  even I have enough SYNX to start 4 masternodes at the current requirements.

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.

[AltScope]

Where did you read (Masternodes 90% of pos rewards??)

it was on the swap page...
either I was on acid yesterday morning or they've changed it to seesaw, neither of those are bad things tbh 

[SyndicateLTD]

!!! 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.

Bittrex Announcement: https://support.bittrex.com/hc/en-us/articles/360002686551-Support-for-the-Syndicate-SYNX-blockchain-upgrade

We have requested SYNX wallet to be placed in maintenance until the day swap for security reasons. There is no need to contact the Bittrex team as this was requested by our developers. Also, we would like to kindly thank Bittrex team for working closely with us as we upgrade to Synx 2.0

We have received an email from Cryptopia and they won't support our swap. SYNX will be put into the delisting state and users will have 1 month from that date to withdraw before it is removed from the exchange. We are thinking to apply for a new listing on their exchange after swap. The new chain is already running and we created 250k SYNX to maintain the network alive. Those coins will be used for additional exchange listings and marketing.


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.


We are preparing updated guides for users to set up trustless proof of stake transactions and masternodes.

[Haonam152]

 which one should we use to speed up wallet sync? Block chain or bootstrap??

[Tyler2446]

Hopefully it worth the investment.

[JanpriX]

which one should we use to speed up wallet sync? Block chain or bootstrap??

It would be best to download the bootstrap to lessen the syncing times of your wallet. It would really depend on how updated the bootstrap is. If it is updated with the current blockchain, your wallet should sync way faster than normal.

[micle222]

Good news for Synx.
I can not wait to see you on May 8, 2018.
Hopefully the price goes up.
And the next few days there will be panic buying in synx.

[marvel213]

I just sent synx to bittrex and their wallet is offline.

What is going to happen to my coins?  I thought the coinswap was in May not April

[Ethan123]

How many coins are you making per day / per MN ?

[SyndicateLTD]

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.

Reminder: 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.

Bittrex Announcement: https://support.bittrex.com/hc/en-us/articles/360002686551-Support-for-the-Syndicate-SYNX-blockchain-upgrade

[exoras]

Guys,

Is there any way to speed up the blockchain sync of the wallet? I have downloaded the bootstrap.dat file in the same directory, but it doesnt seem to help much. Im stuck at 1y 44weeks behind..

Please advise.

[JanpriX]

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.

Reminder: 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.

Bittrex Announcement: https://support.bittrex.com/hc/en-us/articles/360002686551-Support-for-the-Syndicate-SYNX-blockchain-upgrade

Thanks for the additional information. It is reassuring to see that Bittrex will support the chain swap and is closely working with the developers of SYNX. It is unknown to us that there are 3rd-party individuals who are taking advantage of the exploit regarding the frequency of POS/MN rewards. The swift action that you took are very much appreciated and that will surely prevent the selloff that can be made by them. Kudos to Cryptopia also as they will still give us opportunity for another listing in the future. Though it would be best if they will not ask for any fee. 

Guys,

Is there any way to speed up the blockchain sync of the wallet? I have downloaded the bootstrap.dat file in the same directory, but it doesnt seem to help much. Im stuck at 1y 44weeks behind..

Please advise.

Hmm, I think the bootstrap that you downloaded is located in the wrong folder. Because, if you downloaded it to the correct folder, your sync time should be way shorter than 1 year and 44 weeks.

[exoras]

i fixed it

[allwithpassion]

Any detailed explanations?

[OFWCOIN.COM]

could someone give me an idea of how many coins a masternode gets per day? - thanks

[Witalja]

hello,

since recently my first masternode is running. I have a few questions...

I had forgotten to generate another address and I have received a few synx for the masternode, on the address with the 5000 Synx. Will there be future problems with the masternode that there are more Synx as "5000"?
When I'm not on the pc, sometime the masternode is no longer running and I just have to decrypt the wallet and then it works again. Is there a solution for this?
And the wallet constantly freezes. Is it normal? I have tested the walltet  (the last and penultimate version) on different machines and the speed isn't good...