Onmichain web3 data layer Synternet has launched its mainnet on Cosmos, ushering in a new era for data availability. The deployment of the Synternet mainnet will prove beneficial not only to Cosmos projects but to the Ethereum ecosystem and beyond, allowing developers to create powerful dapps with reliable real-time data.
The launch of Synternet concludes the network’s Monaco phase and introduces new functionality for the $SYNT token, not least in terms of staking. At its core, Synternet is on a mission to deliver interoperable data, which is the backbone of web3 and one of the toughest challenges facing developers coding cross-chain applications.
Synternet was conceived with the goal of allowing data from any blockchain to be accessed without introducing centralized chokepoints. This is essentially the holy grail of web3 infrastructure: ensuring that data can be accessed rapidly and at scale while keeping costs and computational demands low. With the release of its mainnet, Synternet believes it’s now met this challenge.
Decentralized Data on Demand
The launch of Synternet’s mainnet means that institutional validators can start generating blocks and its data economy can grind into high gear. Its deployment also means that the $SYNT token will coexist on Ethereum and Cosmos with a two-way bridge allowing it to move between the two ecosystems.
“The mainnet launch is a key event for Synternet, signifying the realization of our vision for a decentralized data economy,” explains Synternet CEO Daniel Haudenschild. “With the $SYNT token now powering monetary value for data, we’ve created meaningful opportunities for developers and businesses. As we celebrate this milestone, we also look forward to the future growth and expansion outlined in our Pikes Peak roadmap.”
The roadmap he references, named after the famous Colorado mountain race, will run until the end of 2024. It will see a host of improvements and new features rolled out including augmented data streams, data queries, and Autonomous Economic Agents, designed to enhance the way users interact with and derive value from data.
Synernet’s data layer utilizes a pub-sub (publish-subscribe) framework in which data providers can stream live data to applications and smart contracts. For dapp developers, this means no more messing around with nodes and unreliable middleware.
Creating a Two-Sided Data Marketplace
In the here and now, the launch of the mainnet allows the primary use cases envisioned for the $SYNT token to be realized. It can be used to pay for data services which include data streams delivered by multiple publishers on multiple chains. Naturally, staking is also a core feature, and governance has also been incorporated, allowing network users to have a say in protocol upgrades.
For now, the Synternet community, known as Synternauts, seems excited about the mainnet launch and the opportunities it offers for utilizing the $SYNT token. Developers, meanwhile, have the benefit of an infra solution that will meet their data delivery needs, supporting the creation of powerful applications that pull data from multiple blockchains on demand.