What is Synergy (SNRG) Crypto Beginner’s Guide
When making use of Synergy, users can work as a team to achieve a goal which will benefit all parties involved without the need for any form of direct interaction between the parties.
The team behind Synergy hopes to create an economy which will be built around the Synergy token, SNRG, which will increase the value of the technology and protocol of Synergy. This goal will be achieved through the creation of utilities and services which will use the SNRG token in their operation.
Instead of making new technologies, the increase in value will be brought about through usage opportunities.
Synergy operates on the SHA256d algorithm with SNRG as the trading symbol. It runs a 10 SNRG/block proof-of-Stake system with a 5 minutes block time. The maximum Proof-of-Work coins are at 250.001 SNRG while the last Proof-of-Work block is 4320. It has a 2 days minimum stake age with 6 days maximum.
Synergy uses the Tor service in its operation. This service is a means of offering an anonymity feature to the network. This service is implemented in the Synergy wallet and will begin running as soon as a user launches the wallet. It is also designed to run in the background without any user configuration.
According to bicointalk.org, the use of the Tor service is more than just for the provision of the anonymity feature. The Tor service also makes the connection between nodes on the cryptocurrency network more efficient and effective. This is noticeable in other cryptocurrencies running the service. By acting as a port proxy, Tor is able to make it easy for nodes to discover other nodes and also retain connection without the use of standard peer-to-peer routing.
Other features which are available on the network include dual key stealth addresses, blockchain notary, long-term blockchain validation, and public transaction comments.
Efficient Long-Term Blockchain Validation
During the PoW period, the use of X11 was incorporated into the platform which offers excellent GPU protection. Using this algorithm with a PoS system is more expensive since it has no effect on the security of the system. It is only important during the initial running stages of the cryptocurrency. To reduce computational expenses, a SHA256d algorithm is used in the PoS phase of the currency which is more energy efficient and faster.
Dual key stealth addresses
The use of a stealth address helps to conceal the identity of the user receiving a coin. A stealth address is used as the receiving address from which the real address is then derived from. The receiver and sender of the coin are the only ones who know the owner of the address. This allows the address to be made public without any issues.
Public transaction comments
Although they use up a lot of the blockchain memory, the convenience which transaction comments offer make them quite important. To account for this problem with the use of resources, a charge of 0.0001 SNRG per character is placed by Synergy.
Market capitalization and supply
While compiling this article, the 24-hour daily volume of SNRG sits at $403 with a market cap of $ 186,928. There is also a total of 2,519,200 SNRG supply available.