Sylo

The Sylo crypto project, also known as SYLO, has a history dating back to around 2017. Initially, it was conceived as a decentralized communication protocol aimed at providing secure and standardized connectivity between users and connected applications within the Sylo network. Over time, the project evolved to focus on bridging the gap for mobile users, addressing the challenges posed by the inherent centralization of mobile devices.

Sylo's vision has been to revolutionize communication in the decentralized space, prioritizing privacy, security, and autonomy. Key milestones in its development include the introduction of Seeker Nodes and the utilization of probabilistic micropayments. These innovations have helped the project navigate the complexities of providing secure, private communication services in a rapidly changing digital landscape.

The Sylo token sale took place from October 18, 2018, to December 18, 2018, with a price of $0.0087 per SYLO. Since then, the project has continued to evolve, with a current market capitalization of $7.32 million and a circulating supply of 4.16 billion SYLO tokens.

Sylo (SYLO) is a cryptocurrency project that focuses on decentralized communication and data sharing. It operates on a decentralized network, ensuring that communication remains private, transparent, and free from centralized control. Here's an overview of how Sylo works:

The Sylo Network is composed of application-level nodes running the Sylo Protocol and a consortium of Sylo Nodes. These nodes facilitate user experience demands by providing services such as peer discovery, NAT traversal, message relay, and asynchronous data storage. Sylo Nodes are incentivized to provide these services through a probabilistic payment system, where nodes purchase services using payment tickets that have a probability of winning ERC20-compatible Sylo Tokens.

A Sylo Node is an application suite that can be run on a computer or cloud server. Node operators contribute to the Sylo Network and earn micro-payments of Sylo Tokens for their services. To ensure honesty and fairness, node operators stake Sylo Tokens via the Sylo Smart Wallet, which acts as collateral. This staking announces the node's presence as an infrastructure contributor.

Sylo follows the principles of cryptography by using published, public algorithms and protocols. All messages, voice calls, video calls, and file transfers on the Sylo Platform are end-to-end encrypted, ensuring that only the intended recipients can see the content. The Signal Protocol is used for file transfers, and the WebRTC library is used for real-time voice and video communication. Ed25519 public-key pairs are used for signing general messaging.

The Sylo Token (SYLO) is used as a payment source within the ecosystem and to reward nodes for powering the network. Nodes receive payments in the form of probabilistic micro-payment tickets. As an anti-spam mechanism, nodes must stake Sylo Tokens to begin providing services. Users can stake their own accounts or have them staked on their behalf via stake gifting.

Sylo enables users' devices to connect directly (peer-to-peer) whenever possible, eliminating the need for a middleman. Sylo Nodes help users connect directly, store encrypted data when users are offline, and relay encrypted channels when users' devices are in restricted networking environments.

The Sylo network employs an incentivized event relay service, which ensures message passing between users on mobile devices, even when recipients are offline. This service is incentivized by blockchain technology and uses probabilistic micropayments, ensuring a trustless and competitive pricing model.

Sylo provides a decentralized communication infrastructure that allows wallets and other Web 3.0 accounts to communicate with each other without relying on centralized apps. The network is powered by independent nodes, which are incentivized through the Sylo token. This creates a robust and sustainable decentralized communication layer.

The Sylo token (SYLO) has several strengths that contribute to its potential as a cryptocurrency:

1. Decentralized and Secure: Sylo transactions are unstoppable, uncensorable, irreversible, and require only the user's permission to send. This ensures that transactions are secure and decentralized, allowing for peer-to-peer communication without the need for intermediaries.

2. Location Independence: Sylo transactions can be sent from anywhere to anywhere without restrictions, making it a truly global and accessible form of digital currency.

3. Low and Consistent Pricing: The pricing of Sylo transactions is based on the complexity of the transaction rather than a fixed percentage of the amount being sent, which helps keep costs low and consistent.

4. Scalability and Efficiency: The Sylo protocol includes a unique off-blockchain layer that enhances scalability and efficiency, allowing for high-volume payments and microtransactions.

5. Native Currency: Sylo serves as the native currency within the Sylo ecosystem, facilitating payments between users, smart wallet upgrades, in-app purchases, and real-world transactions.

6. Reward Mechanism: The Sylo token rewards independent parties for running the network, incentivizing nodes to participate and maintain the decentralized infrastructure.

These strengths position Sylo as a robust and efficient cryptocurrency with a strong focus on decentralization and scalability.

Silo Finance, a decentralized lending protocol, is designed to mitigate various financial risks associated with traditional lending platforms. The primary risks addressed by Silo Finance include:

1. Oracle Manipulation: Silo Finance isolates the risk of oracle manipulation by using a bridge asset, such as ETH and XAI, which are less susceptible to price manipulation. This approach ensures that the protocol’s liquidity is not affected by the manipulation of a single token’s price.

2. Failure to Liquidate: Silo Finance’s siloed structure allows for more efficient liquidation processes. Each token is confined to its own lending market, ensuring that potential liquidation issues are contained within that market and do not affect other tokens.

3. Token Exploits: By isolating each token into its own lending market, Silo Finance minimizes the impact of token exploits. If a token is exploited, the risk is confined to that specific market, protecting lenders and borrowers from the effects of the exploit.

4. Smart Contract Risks: Silo Finance acknowledges that smart contracts, like any code written by humans, can contain mistakes. This risk is mitigated by the protocol’s design, which ensures that any potential issues are localized within a specific silo and do not affect the entire protocol.

5. Economic Risks: Silo Finance relies on economic models, which can have unintended consequences. The protocol’s design aims to minimize these risks by providing a more robust and efficient lending solution.

6. Liquidation Risks: Silo Finance’s liquidation process is designed to be efficient and foolproof. The protocol ensures that collateralization is properly managed to prevent bad debt, which can result in lenders losing their deposits.

7. Bad Debt: Silo Finance’s risk-isolated structure helps to prevent bad debt by containing potential issues within specific silos. This approach reduces the likelihood of lenders losing their deposits due to failures in the lending process.

By addressing these financial risks, Silo Finance aims to provide a more secure and efficient lending solution within the decentralized finance (DeFi) ecosystem.

• Brian Russell: Director, founder and CEO of Zephyr Technologies, acquired by NYSE Convidien Corp., AI specialist, and NASA advisor.
• Aaron McDonald: Director, founder and CEO of Centrality Blockchain venture studio, involved in a top 10 ($100M) ICO in 2018.
• Robin Johannink: Director, serial entrepreneur responsible for bringing the first credit card to New Zealand, VC company principle with multiple public and private exits.
• Dorian Johannink: Co-founder and Business Director, former digital communication agency director, industry thought-leader, and champion of decentralisation.
• Ben Jordan: Co-founder and Product Director, international background in brand management and efficiency solution consultancy for multinationals, blue sky thinker, and innovation champion.
• Felix Schlitter: Lead Engineer.
• James Carolan: Head of Design.
• Scott Twiname: Senior Engineer.
• John Carlo San Pedro: Senior Engineer.