Synternet, an omnichain Web3 data layer, has launched its mainnet on the Cosmos network, marking a significant milestone for data availability in the blockchain ecosystem. This launch is expected to benefit not only Cosmos projects but also the Ethereum ecosystem and beyond, enabling developers to create robust decentralized applications (dapps) with reliable real-time data.
Transition from Monaco Phase to Mainnet
The deployment of Synternet’s mainnet concludes the network’s Monaco phase, introducing new functionalities for the $SYNT token, particularly in the area of staking. Synternet’s core mission is to provide interoperable data, which is fundamental to Web3 and a major challenge for developers working on cross-chain applications.
Synternet was designed to allow data from any blockchain to be accessed without centralized bottlenecks. This objective is considered crucial for Web3 infrastructure, ensuring rapid and scalable data access while maintaining low costs and computational demands. With the mainnet release, Synternet believes it has achieved this goal.
Decentralized Data on Demand
The mainnet launch signifies that institutional validators can begin generating blocks, propelling Synternet’s data economy into full operation. Additionally, the deployment facilitates the coexistence of the $SYNT token on both Ethereum and Cosmos, with a two-way bridge enabling movement between the two ecosystems.
According to Synternet, the mainnet launch represents the realization of its vision for a decentralized data economy. The $SYNT token now powers monetary value for data, creating significant opportunities for developers and businesses. Synternet’s future growth and expansion plans are detailed in their Pikes Peak roadmap, which will run until the end of 2024. This roadmap includes improvements and new features such as augmented data streams, data queries, and Autonomous Economic Agents designed to enhance user interaction and value derivation from data.
Utilizing the Pub-Sub Framework
Synternet’s data layer operates on a publish-subscribe (pub-sub) framework, allowing data providers to stream live data to applications and smart contracts. This framework eliminates the need for developers to deal with nodes and unreliable middleware, streamlining the data delivery process.
Creating a Two-Sided Data Marketplace
The mainnet launch also enables the primary use cases for the $SYNT token to be realized. The token can be used to pay for data services, including data streams delivered by multiple publishers across various chains. Staking remains a core feature, and governance mechanisms have been incorporated, allowing network users to influence protocol upgrades.
Currently, the Synternet community, known as Synternauts, is enthusiastic about the mainnet launch and the opportunities it presents for utilizing the $SYNT token. Developers benefit from an infrastructure solution that meets their data delivery needs, supporting the creation of powerful applications that can pull data from multiple blockchains on demand.
Future Prospects
By launching its mainnet, Synternet aims to strengthen its position as a leader in decentralized data solutions, enhancing the interoperability and scalability of blockchain technology. This development is expected to pave the way for more efficient and secure data exchanges across different blockchain networks, fostering innovation and growth in the Web3 space.