The SYGON token

Building and monetizing decentralized knowledge for the crypto space

SYGON token

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

Utility design

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

SYGON token — hybrid utility

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

Access points:

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 provide data that is used by applications within the KPN, in various computations. This data represents human input — like expertise or feedback or it can be provided programmatically, by external software components.
  • Extend: users support the production of knowledge with existent applications by directly financing it.

Users can earn SYGON tokens for their contributions in two basic ways:

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

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

Holding SYGON tokens is only one example. Other criteria to decide the voting power of every participant will be used 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 issuance method with limited capacity.

The maximum supply: 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 every amount of issued tokens is fully covered in contribution.

So the SYGON 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 get access to the 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,
  • Release destination and
  • Installment number.

For more details on token implementation and features, please visit SYGON token definition on GitHub.

SYGON credits

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

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

For more details on how the SynergyCrowds company uses the SYGON token, please visit https://github.com/synergycrowds/sygon-token.

Related articles:

To see how the SYGON credits work, please visit the SynergyCrowds platform, where, as a registered user you can spend credits to unlock knowledge.

Thank you for reading this article!

SynergyCrowds

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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