Full details on the program beginning the 21st at Midnight. Note that ALL current program members need to apply to the new program.
Sync Rental ProgramThe Sync Foundation/Facefire, Inc. is proud to announce that the Sync Rental program is expanding to include all coins in circulation.
Translation is that anyone with at least three coins is eligible to enroll and rent their wallet at any time.
Further, the Foundation has removed the cap or maximum on the number of coins owners can rent – only a minimum requirement of three.
So, for example, if you are staking nineteen coins, you can rent all nineteen to the Foundation.
How it WorksOwners enrolled in the program are paid every 45-90 days for coins staking on the network.
Closing DatePayment for each period is determined by the number of coins in each wallet on the “Closing Date” – chosen at random every 45 to 90 days (helps insure there is no market manipulation).
First “Closing Date” is scheduled for November 20, 2014 at 11:59pm CDT - at which time these new changes will take effect.
“Closing Date” also signals the beginning of the new “Lease Period” as well as the moment when the number of coins in each registered wallet is “locked” into the system.
Lease PeriodDuring the “Lease Period”, all renters must stake the number of “locked” coins established on the Closing Date for the duration to be eligible for payment.
“Lease Period” officially ends at the next “Closing Date” (45 – 90 days).
All payments for the ended period are then sent to you, the vendor, at that time.
Moving or selling those coins during the Lease Period nullifies the lease agreement and you forfeit rental payment.
PaymentRenters are paid in Bitcoin around the Closing Date – every 45 to 90 days.
Program SummaryThe Sync Rental program is laid out as follows:
I. Open Enrollment
1. Three Sync coins staking is the minimum to qualify/remain active
2. No maximum
3. Signed, submitted application
II. Closing Date (Every 45 to 90 Days)
1. Number of coins in each registered address is “locked” for the period
2. Payment for previous period sent
3. New Lease Period begins
III. Lease Period (Duration 45 to 90 Days)
1. Renters must stake the number of coins “locked” on the Closing Date for the full period to be credited.
Note that coins are not actually “locked” – it is the number you agree to stake for the Lease Period (and which we record). Falling below that number disqualifies owner from payment.
Adding to the number of coins in your wallet during the Lease Period will not increase rental payment – the new total will be valid and locked in on the next Closing Date.
Regular GiveawaysThe Foundation will also hold regular giveaways of coins, products, miles, event tickets and more for Renters with the winner chosen randomly by a system algorithm. The more Sync you have locked in, the higher your odds of winning.
First giveaway is 10,000 Sync Miles – a $500 value!
Program FAQsHow is ‘Rental Rate’ determined?Various factors play into the “Rental Rate” including the price of Sync and Bitcoin, asset sales, profits, budget, development and more.
For the same reasons, renters should expect varying rental amounts over the course of a year. Rates are subject to change, subject to the health of the Foundation, the coin, inflation, number of coins in the Program, etc.
Individual payments are not indicators of future performance.
Is there a cap on spaces?There is no cap on the number of spaces in the program beyond the overall supply of the coin itself. As long as you are staking at least three coins, you can enroll at any time. If you have the coins, there is room, it is open enrollment.
Do I have to stake 24/7?No, you can turn off your “miner”, give your PC a rest. Remember though, staking is profit so if the PC is on, you might as well stake.
Do I get to keep staked coins?Yes, we are renting your wallet to bring stability, security and decentralization to the network. You keep your minted coins.
How do I enroll?ALL current Whale and Rental members plus anyone new must submit the application located at
http://syncfund.com/stake/stake.html You are required to enter your Sync and BTC addresses plus confirm your email. We also ask you ‘sign’ your application with your wallet, confirming ownership.
I am an existing Whale/Renter, do I need to reapply?Yes, any and all program members must submit a new application. Apologies but this due, in part, to program management and the new system integrated. We also now require members confirm wallet ownership via signature.
As a current Whale/Renter, how will I be paid on November 20th?These new rules will take effect on the 20th which means the previously established guidelines will be used for the first payment.
Former ‘Profits’ members still staking will be compensated for three coins while Whales will be given credit for up to 15 Sync.
New members registered within the last 60 days will not receive payment for this first payment round.
My coins are spread over multiple addresses, what do I do?Simply submit an application for each address in your wallet to cover all your coins.
What if I leave the Program, can I re-enter?Yes, Renters can leave at any time by moving/selling their Sync. If in the future they want to re-enter, they can apply as before for inclusion.
Poll
