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Why are a lot of people investing in Digital Currency like buying Synthetix Network?
The Synthetix Network is a multi-token blockchain network and works on the basis of collateral, staking, fees, and inflation. The platform has two tokens that are utilized on the platform, Synthetix Network Token (SNX) and Synthetic Assets or Synths. The system is quite similar to the DAO blockchain as the platform stakes the SNX tokens in order to create Synthetic USD or sUSD. In order to obtain accurate information about real-world assets, the platform used to utilize centralized price feeds known as oracles which were vulnerable to hacks and were easily manipulated by fraudulent elements. In order to obtain accurate real-world information, the Synthetix Network partnered with ChainLink in order to utilize their decentralized oracle system to obtain reliable information in a decentralized manner.Earn Free Synthetix Network
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Hold or Store Synthetix Networks
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Spend Synthetix Network Globally
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Learn more About Synthetix Network
Don’t Worry If you are new to cryptocurrency. You can learn more about Synthetix Network and other cryptocurrencies, look for our price indicators or attend our monthly webinars to be a pro at Synthetix Network investing.
Frequently Asked Questions
What is Synthetix Network?
The Synthetix Network allowed users to bet on crypto assets, stocks, currencies, precious metals, and other forms of assets that are valuable without being in its possession. These settings are done using ERC20 tokens. These synthetic assets or ‘Synths’ copy the price of the asset on which the user is betting and enters it into the Ethereum blockchain, hence providing the synth all the properties of an ERC20 token. However, having a synth in possession is not the same as having the original asset in possession. While the price of the synthetic asset will be the same as that of the original asset, the user will not be in possession of the actual asset.
History of Synthetix Network ?
The creators of the Synthetix Network Token wanted to bring the crypto trading platforms and exchanges at par with the stock market tradings and exchanges. In order to create such a system, the creators decided to bring the stock market tool kit and implemented it in the Synthetix Networks decentralized, global, and permission-less world of crypto trading. The platform allows its users to bet on various virtual as well as physical aspects such as crypto assets, fiat currencies, stocks, precious metals such as gold, and other various assets that can be bet on using ERC20 tokens. These synthetic assets convert the original price of the asset and into ERC20 denominations and introduce it into the Synthetix Network’s blockchain system.
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How to mine SNX tokens?
Since the platform operates on the Proof of Stake (POS) system, it does not support mining as a procedure to earn SNX coins from the network. Instead, the system calls upon users to stake their coins on master nodes and use it as collateral in order to verify and anonymize transactions and also vote on community proposals. The user with the highest stake has the highest probability to earn rewards from the network in the form of SNX coins, although all users eventually earn some rewards from the system. The process of stacking also results in the release of new blocks in the blockchain and any individual can stake their coins on the node irrespective of the amount staked. The expected returns from the blockchain can be calculated using a Return Calculator that is available on the internet. The founders wanted to create some changes in those aspects where they felt most cryptocurrency networks lacked. This led them to develop their own network which was centered more on privacy and shifted from the Proof of Work (POW) system to Proof of Stake (POS) which they felt was a competitively fairer system for the users. Along with the POS network, they also implemented a system that automatically balances the reward payouts. The developers realized the importance of privacy and security when it comes to conducting transactions and exchanges on a daily basis.
Synthetix Network Price and Trade analysis
The Synthetix Network was first created in 2018 by the name of Heaven and used to be a stablecoin in its initial stages. It was invented by the current CEO, Kain Warwick. The platform saw a fairly successful ICO as it managed to acquire around $30 million USD through the sale of SNX tokens. During its initial days, the DeFi (decentralized Finance) coin saw low growth as the concept of stablecoin and DeFi was still fairly new. The market cap as well as the price of SNX token in USD was at its highest in May 2018 when it reached a value of almost $44 million USD and $0.72 USD per token respectively. But in the subsequent months, the valuation of the cryptocurrency fell and the Synthetix Network saw a stagnant growth rate for the next year. By May 2019, the cryptocurrency saw a gradual increase in growth rate as the platform had adopted better and effective measures in order to attract investors and traders. By November 2019, the SNX market cap had reached a value of more than $200 million USD while the price of SNX token in USD had jumped to $1.43 USD per token. For the next few months, the valuation of the cryptocurrency fluctuated due to the global pandemic. By June 2020, the Synthetix Network again started growing at an exponential rate and has already crossed the $600 million USD mark. As of 25th August 2020, the current SNX market cap is $605,258,814 USD while the current price of SNX token in USD is $6.41 USD per token.
Where can I buy Synthetix network token In India?
There are many local cryptocurrency exchanges in India that list Synthetix Network Token on their platform and can be acquired using other cryptocurrencies. BuyUcoin is one of the best cryptocurrency exchange platforms that provide users buy/sell SNX Token with a wide variety of cryptocurrencies to choose from and offers minimum trading fees to encourage users to benefit from the cryptocurrency market.