What is Sylo?
Sylo provides its users with a node network, which essentially is a decentralized communication infrastructure and a data exchange platform. The network is run by many independent users, earning Sylo tokens (SYLO) in exchange. Sylo’s goal is to provide a lasting decentralized end-to-end-encrypted services layer. Besides, low transaction costs and infinite scalability are guaranteed due to Sylo's staking architecture and distinctive probabilistic ticketing approach.
The network provides its services by utilizing Sylo Nodes, which can be run by anyone on their software. Node operators are financially incentivized and the payouts are made in Sylo Tickets at a set service price. However, before receiving the work, operators also must stake SYLO tokens. The work is distributed in proportion to the staked amount of SYLO tokens.
Check out the Sylo price chart above if you care to see the live SYLO price.
Moreover, Sylo decentralizes user data without a need to store it off the device. It replicates data of a given group on devices belonging to that group. Everything is done in the form of P2P communication. Besides, note that Sylo nodes work like routers and send packets asynchronously.
Thanks to Sylo, it is possible to open access to a common communication layer for all metaverse projects.
Use Cases of SYLO Tokens
SYLO is a utility token used for accessing and fueling the Sylo Protocol. As a core of the network’s ecosystem, SYLO tokens are needed for compensating the costs of running a node - time, hardware, and electricity. To be more precise, Sylo tokens are needed for connection establishment and distributed storage.
SYLO also provides decentralized storage with profile and address book access and management, real-time communication via data streaming, text, voice, or video messaging, charged communication, and more.
Also, within the application, tokens are required as means of payment, especially for purchasing decentralized services, and for payment of any applications and referral fees.
Lastly, SYLO coins can also be used to access, buy and sell data storage space on the platform.
If you plan to purchase SYLO coins, make sure to check the aforementioned Sylo price chart. It features the current and the previous SYLO price, which will help you to determine the main trends in its price changes.
Who Founded Sylo?
Sylo was founded by an experienced software development house, committed to blockchain and decentralization. The team was led by directors Aaron McDonald, Robin Johannink, Brian Russell, Daniel Gillespie, and Brendon Packard. They have completed many projects in IT, development, and user experience, so they combine this knowledge with the real business experience of entrepreneurs and technologists.