About SynchroCoin Rewards

SynchroLife Support
Sep 7, 2018 · 5 min read

What is SynchroCoin (SYC)?

The SynchroCoin (SYC) is a reward users earn for their actions in SynchroLife.

Users can earn SynchroCoin by contributing actions of value to the SynchroLife platform, such as posting helpful restaurant reviews and updating restaurant business information.

In the near future, users will also be able to earn SynchroCoin as cashback rewards for dining at participating restaurants.

The Birth of SynchroCoin

The SynchroCoin was created give restaurant reviewers a reward for their valuable content and share the success of SynchroLife with these reviewers.

Unlike traditional point rewards, the SynchroCoin is cryptocurrency.
The SynchroCoin is designed to grow in value as the SynchroLife platform grows. Users create the value of the SynchroCoin themselves by contributing to SynchroLife.

It should also be noted that because the SynchroCoin is a cryptocurrency, it is not centrally managed by the SynchroLife Team or company. In the future the SynchroCoin will be traded and have changing value even outside of the SynchroLife platform.

The SynchroCoin is a Coin for the Future — Born from a Restaurant Review Service


— — Beginner’s Guide— —

How to Earn SynchroCoin

There are three main ways to earn SynchroCoin.

1. Posting restaurant reviews and adding or updating restaurant business information

The amount of SynchroCoin rewarded per restaurant review and other content is determined based on the user’s trust score and the quality of the content.

2. Cashback for dining at participating restaurants
* Scheduled to start September 2018 in Japan

Users can earn 1% of their total bill “cashback” in SynchroCoin at participating restaurants.

3. Advertising and Bug Bounty
* Scheduled for future release

In the future we plan to add features allowing users to earn SynchroCoin for introducing friends or restaurants to SynchroLife, reporting bugs or errors in the service, and other actions.

SynchroCoin Distribution

SynchroCoin are distributed within SynchroLife as points. Users can exchange their points for SynchroCoin at anytime within their in-app wallet. You can think of the points as an exchange ticket for SynchroCoin.

During this beta period the distribution of points will be irregular, but it is planned to be done once a week once the service is stable.

Cryptocurrency wallet in the SynchroLife App

How to Use SynchroCoin

  1. SynchroCoin can be used to purchase dining tickets, coupons, or pay for meals at participating restaurants. This system is scheduled to start winter 2018 in Japan.
  2. Freely exchange it with other cryptocurrency or currency. Please note SynchroLife offers no exchange services in the Japan version of SynchroLife. Once we obtain a cryptocurrency exchange service license we may add exchange features within the service in the future.

— — Mid-Level Guide— —

How SynchroCoin Distribution is Calculated

Users will earn more SynchroCoin for their actions the higher their trust score and the quality of the content they post is. There are three main points used for calculating the amount of SynchroCoin you will earn.

1. A user’s title

Users earn more SynchroCoin the higher their trust score is, and trust scores can be seen in the level of a user’s title. Users earn titles in SynchroLife depending on how many experience points they have and how long they have been using the platform.

You can read more about experience points and titles in the following article:

2. The quality of the restaurant review posted (review score)

The quality of each user’s restaurant reviews will be based upon a review score. This score is based heavily on how viewers of the restaurant review reacted to the post. The more users that react in a way that shows the post is of good quality, the higher the review score will be. The review score is also effected by the title of the user that posted (point 1) and the trust score of the user that posted (point 3), as well as other aspects. Each restaurant review’s review score is calculated on a weekly basis.

3. Trust score

The higher an individual user’s trust score is, the more SynchroCoin rewards they will earn. User’s can earn a high trust score by using SynchroLife over an extended period of time and regularly posting restaurant reviews that earn a high review score.

SynchroLife needs honest and high quality reviews to grow, so the reward system is designed to give the most rewards to users who contribute this kind of quality original content. We hope to be able to provide even more special bonuses for users with a high title and trust score in the future!


— — Advanced Guide— —

Details Regarding SynchroCoin

100,000,000 SynchroCoin tokens have been created. This is the maximum number of SynchroCoin tokens that will ever exist. These tokens were issued open source on the blockchain, so anyone can check the amount and verify for themselves. You can trust the value of SynchroCoin will not change with more being issued in the future.

Of the 100,000,000 SynchroCoin issued, 20,000,000 SynchroCoin (20% of the total) have been dedicated as a “Reward Pool”. SynchroCoin from this pool will be distributed to users in SynchroLife as rewards.

The SynchroCoin in the reward pool are currently scheduled* to be distributed in the following manner:

  • 90% of SynchroCoin for Restaurant Reviews
  • 5% of SynchroCoin for Restaurant Business Information Additions and Edits
  • 5% of SynchroCoin for Translation Work**

* The reward distribution rate for different content may change in the future.
** Please note the translation reward features are not yet released. This will be added in the near future.

About the SynchroCoin (SYC) reward pool

The amount of SynchroCoin distributed from the reward pool will halve every two years. During the first two years (year 1 and year 2), 10,000,000 SynchroCoin will be distributed. During the next two years (year 3 and year 4), 5,000,000 SynchroCoin will be distributed. It will then continue to halve every two years.

This was designed so that the most SynchroCoin will be distributed during SynchroLife’s early growth phase, and will halve over time as the service grows.

A message to our users…

We are the first service in the world to offer cryptocurrency rewards for restaurant reviews. This is a new challenge for us, but we aim to create a new global standard and build a new economy-- a social media restaurant review platform that gives back to its users.

By rewarding users with cryptocurrency for their content we hope to help SynchroLife grow semi-autonomously. The SynchroLife Team will remained focused on developing a service that is easy to use and that helps you find the best restaurants as fast and reliably as possible.

If you have any questions or comments regarding the SynchroCoin and reward system, please feel free to contact us through the contact page within the SynchroLife mobile app. Click the “Settings” button in your profile (“My Page”) to access the contact page. Your questions and opinions help us to make SynchroLife an even better service so don’t hesitate to contact us!

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