The SYGON token

Building and monetizing decentralized knowledge for the crypto space

Mircea Moca, #IAmSygon
May 1 · 3 min read
SYGON token

SYGON is an Ethereum (ERC20 type) token. It is used by the SYGON technology and its products for monetizing the knowledge production, delivery and access.

Utility design

SYGON is a hybrid utility token, featuring usage and work specific traits.

SYGON token — hybrid utility

1. Access

End users get access to knowledge exclusively based on the SYGON token.

Access points:

2. Contribute

Crowds contribute in various ways to the process of decentralized knowledge production in three possible ways:

  • Build: crowds develop the KPN by adding new software applications of their own.
  • Work: crowds can provide data that is used by applications within KPN, in their computations. This data represents human input — like expertise or feedback or it can be provided programmatically.
  • Extend: users support the production of knowledge by directly financing it.

3. Earn money

Users earn SYGON tokens for their contributions in two ways:

  1. revenue streams (for build and extend contributions) and
  2. rewards (for work contributions).

4. Decentralized Governance rights

The users of the SynergyCrowds platform that hold SYGON tokens will be granted rights to vote for the decentralized revenue distribution.

Holding some SYGON tokens is only one example, in a list of criteria to decide the importance weight of every participant’s vote, in a system based on algorithmic meritocracy.

Token implementation

The SYGON token is of type ERC20. Also, it can be fractioned (using 18 decimals), it is burnable and it has a special limited-issuance method.

There is a maximum supply of 7500000000 SYGON tokens that can ever be released to contributors.

The total circulating supply (TCS) is calculated as the total quantity of SYGON tokens that has been released (TRQ) minus the total quantity that has been burnt so far (TBQ). So TCS=TRQ-TBQ.

The issuance is performed with a special token transfer method meant to release amounts of SYGON tokens directly to contributors. This means that the token issuance is fully covered in contribution. The token is never released for investment or speculation purposes but only to reward real contribution to building the SYGON technology and its products.

However, holders of SYGON tokens can further sell them on the market, where, any interested party can buy SYGONs and further get access to its features (listed above).

The SYGON tokens are released organically to the market through contributors, being fully backed by assets.

The token release process is transparent in the sense that any released amount is traceable on the Ethereum public blockchain with a dedicated event emitted by the release function. So for any release of SYGONs, users can publicly verify:

  • Beneficiary address,
  • Amount transferred,
  • Project ID,
  • Expenditure destination and
  • Installment number.

For more details on token implementation and features, please check the SYGON token definition on GitHub

SYGON credits

The SynergyCrowds platform use SYGON credits. This is an internal reference and valuation mechanism used for pricing knowledge and managing expense accounts.

For example, within the SynergyCrowds platform, users can unlock knowledge by spending SYGON credits. SYGON credits can be purchased with ETH. But after the SYGON token becomes more accessible to the wide public through token exchange mechanisms, SYGON credits will be purchased exclusively with SYGON tokens.

Thank you for reading this article!

Related articles: What is a Sygon?

Using SYGON credits and the SYGON token: visit the SynergyCrowds platform

Decentralized knowledge for cryptocurrency users. 🧠 Knowledge is power!

Mircea Moca, #IAmSygon

Written by

#IAmSygon so I put all my creativity and experience into building reliable knowledge for the Crypto Economy of the future. Knowledge is power!

SynergyCrowds

Decentralized knowledge for cryptocurrency users. 🧠 Knowledge is power!

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