SynchroLife’s Token-Based Economy: How Users Can Earn & Spend SynchroCoin (SYC)

SynchroCoin
Aug 30, 2017 · 8 min read

Hello everyone, thank you for your continued interest in SynchroLife and for all your support! 👋

In today’s blog post, we would like to break down how users can earn and spend SynchroCoin tokens in SynchroLife, to show you part of how the SynchroCoin token-based ecosystem will be built. Some of this is quoted directly from our white paper and we highly encourage you check out our white paper for all the details about SynchroLife and our SynchroCoin tokens if you haven’t already!

As you may already know, SynchroLife’s original token the SynchroCoin (SYC) is a ERC20 token made on the Ethereum blockchain. The SynchroCoin will be used to reward users who post high quality restaurant reviews and photos, add new restaurants, update business information, edit information, add information, or translate the restaurant information, and more to the SynchroLife platform.

We believe users who contribute to the improvement and growth of our restaurant discovery platform should be rewarded for their time and content, so we are building a platform that does just that. The SynchroCoin (SYC) token will also be combined with Ethereum smart contracts to allow users to get a small percentage of advertising and marketing fees which restaurants they have provided content or information for pay.

Just as bloggers and Youtubers who began sharing their content as just a hobby have been able to turn their work into a career monetizing content through advertisements, food enthusiasts will be able to get rewarded for their content in SynchroLife, turning restaurant reviewing into a way to earn rewards to spend on enjoying more good food or even use as a potential side job!

Let’s take a look at some specifics of how users can earn and spend SynchroCoin!

Stay up to date with the latest SynchroLife news and chat with our team by joining our Telegram group! 💬 https://t.me/synchrocoin


How Users Can Earn SynchroCoin Tokens (SYC)

Users can get SynchroCoin tokens in many ways, including, but not limited to the following. Whether you are a hardcore food enthusiast (“foodie”) or just enjoy casual dining occasionally, anyone can sign up for SynchroLife and earn SynchroCoin tokens for their contributions!

A. Rating Restaurants (Posting Reviews)

Users can receive SynchroCoin tokens for posting restaurant ratings. Yes, you can get rewarded with SynchroCoin for posting about your lunch!

We understand this may attract low quality posts and scammers to the platform, trying to abuse the system for rewards. As such, in general only high quality reviews with good photos and comments that add value to the community will be rewarded.

The amount of SynchroCoin tokens an individual receives for a single rating will depend on how much that rating benefits other users, which we currently plan to calculate based on how other users interact with that rating (for example, pinning it to their “Wanna Go” restaurant list, total views, total clicks, total likes, or other actions).

There will also be a community review system in place to review suspicious or reported users and posts. You can read more about how SynchroLife will combat fake reviews in our blog post here: https://medium.com/@synchrocoin/how-synchrolife-will-handle-fake-reviews-3f910ecf5c0d

Restaurant Information Edit Submission — Beta Version

B. Adding New Restaurants, Editing Business Information, Translation

Users can also receive SynchroCoin tokens for contributing to SynchroLife by adding a new restaurant to the platform that has never been posted before, editing or adding restaurant business information, marking permanently closed restaurants, or translating restaurant information into their native language. These changes will be double checked by other users acting as reviewers, and SynchroCoin tokens will only be rewarded once the edit has been approved.

Users who wish to add new restaurants, edit restaurant business information, or translate restaurant business information will be required to also act as an information reviewer. Reviewers will review and double-check the new restaurants, business information, and translations added by other users to verify their accuracy. Reviewers will be matched and assigned by an algorithm in SynchroLife based on their region and language to assure they are able to verify the information.

With users rewarded for their time and contributions, we can work together to build a highly accurate and multilingual database of restaurants from all around the world!

C. Introducing Friends and Participating Restaurants

Users can also receive SynchroCoin tokens by inviting friends to join SynchroLife or introducing restaurants to become participating restaurants. The SynchroCoin tokens will not be rewarded immediately but when the user invited to SynchroLife makes a high quality post or the restaurant introduced makes an official participating account and updates their restaurant information.

Invite your friends to the platform and you can both enjoy SynchroCoin token rewards. The more the merrier!

Stay up to date with the latest SynchroLife news and chat with our team by joining our Telegram group! 💬 https://t.me/synchrocoin

D. Sharing Compensation from Participating Restaurants

Participating restaurants will pay a small percentage of results-based compensation to SynchroLife for any successful marketing and advertising within SynchroLife. However we at SynchroLife have no intention of keeping all advertising revenue to ourselves!

The success of any advertising campaigns is directly tied to the users who have contributed to that restaurant’s profile in SynchroLife through reviews, business information updates, translations, and by the users that actually visited that restaurant after hearing about it in SynchroLife. 👍

A portion of this advertising compensation will be distributed to users who were the first to add that restaurant to the platform, or left high quality reviews or corrected, edited, or translated the information of that restaurant in the past and contributed to the successful profile of that restaurant.

E. Incentives for Dining at Participating Restaurants

In continuation of the previously mentioned advertising compensation, when users dine at a SynchroLife participating restaurant they can receive a small amount of SynchroCoin tokens as a reward for dining there. This reward comes from the results-based compensation the restaurant will pay for successful marketing and advertising within SynchroLife.

We currently plan for this reward to be worth at least 1% of the compensation paid by the restaurant. Dine at and rate a participating restaurant for bonus rewards!

F. Receiving Tips

Users can also earn SynchroCoin tokens in the form of “tips” from other users. Users can send other users tips as a way of expressing thanks and support for their reviews and content.

Send a little SynchroCoin to let another user know “Hey, I love your reviews” or “Great photos, keep them coming!”. 🚀


How and Where to Use SynchroCoin Tokens (SYC)

So now that you know of the many ways users can earn SynchroCoin, you might be wondering how they spend it! 💸 Luckily just as there are many ways to earn SynchroCoin tokens, there are many ways to spend them as well. This includes, but is not limited to, the following use cases.

A. Digital Coupons (Micropayments)

Participating restaurants on the SynchroLife platform can market and advertise their restaurant through digital coupons or gift certificates. Users will be able to buy these special offers with a normal fiat credit card, Bitcoin, Ether, or of course- the SynchroCoin (SYC)!

For example, a restaurant could offer a $3 discount coupon for $30 dollars off a meal of $90 dollars. By buying the $3 coupon, the user gets a $30 discount when they go to the restaurant. This $3 coupon can be bought with SynchroCoin tokens.

For the purchase of digital coupons within SynchroLife, users will always be able to buy a minimum of approximately $1 USD of digital coupons with 1 SynchroCoin. Thus, SynchroCoin tokens are guaranteed to have a value of approximately $1 USD within SynchroLife, even if their trading value outside of the service is lower.

In this way, users will be able to spend SynchroCoin directly in the platform for special deals, coupons, gift certificates, and other digital deals to use at restaurants. Earn SynchroCoin by reviewing food, and use it to get even more food! 😋

Stay up to date with the latest SynchroLife news and chat with our team by joining our Telegram group! 💬 https://t.me/synchrocoin

Posting Restaurant Reviews — Beta Version

B. Mobile Payment at Participating Restaurants

Users can also spend SynchroCoin tokens at participating restaurants as mobile payment for their meals. In the future we plan to link the SynchroLife wallet with a “Synchro debit card” that would be usable at participating restaurants and online services around the world.

This will allow users to spend the SynchroCoin tokens they earn in SynchroLife to dine out at restaurants, so food lovers will be able to earn “free” food for their content in SynchroLife!

C. Tips Between Users

Users will also be able to use SynchroCoin to tip other users in SynchroLife in reward for content and ratings they find to be particularly useful or interesting.

If there’s another user whose reviews or photos are always useful to you, send them a little tip to show your support for their content! ❤️

So when can you start earning SynchroCoin tokens?

In the current beta release of SynchroLife app (for iOS and Android mobile phones) we have not yet implemented the blockchain-based token reward system mentioned in this post, so you can’t start earning SynchroCoin tokens yet!

However our development and implementation of this system will go into full swing starting fall 2017 and we plan to have the first stage of SynchroCoin token rewards and spending options released in the SynchroLife mobile app by June 2018.

You can get a head start today by making an account with the current SynchroLife app and reviewing restaurants and gathering followers now — then you’ll be all ready to earn SynchroCoin tokens once everything starts next spring! 😊

Please see our white paper for more details on the SynchroLife development road map, and search “SynchroLife” in your app store to check out the current beta version of the app for iOS and Android smart phones.


I hope this blog entry has helped answered some of your questions about how users will be able to earn and spend SynchroCoin tokens in SynchroLife! Please feel free to contact the SynchroLife Team at info@synchrolife.org if you have any questions regarding SynchroLife.

Stay up to date with the latest SynchroLife news and chat with our team by joining our Telegram group! 💬 https://t.me/synchrocoin


SynchroLife

SynchroLife is the world's first social restaurant review platform with token rewards, connecting users and restaurants to build a new token-based economy.

SynchroCoin

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SynchroLife is the world's first social restaurant review platform with token rewards, connecting users and restaurants to build a new token-based economy.

SynchroLife

SynchroLife is the world's first social restaurant review platform with token rewards, connecting users and restaurants to build a new token-based economy.

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