September has been nothing short of amazing for Syntropy and the community. As we edge closer to the grand finale of Q3, we're thrilled to reflect on a month that has been filled with innovation, collaborations, and insights. Our driving focus remains on democratizing access to secure and efficient blockchain data, and this month's happenings showed significant progress toward that mission in more ways than one.
In this monthly update, you'll get an insider’s view on various topics that have shaped our journey this past September. From unveiling the much-anticipated Private Testnet to showcasing our progress via the Builders Showcase, we've been working tirelessly to make Syntropy's Data Layer critical to the future of Web3. Read on for a recap of our Twitter Spaces with Levana Protocol, a featured study by PCCW, and much more.
Major topics include:
- Syntropy’s Private Testnet
- Publisher Portal
- Roadmap Update
- Gustas’ insights at Token2049
- Twitter Spaces with Levana Protocol
- The Open Syntropy Initiative
- PCCW Study Featuring Syntropy
- Data Layer Tutorial
- Syntropy Builders Showcase
The achievement of the Private Testnet milestone is a landmark development for Syntropy. This advancement isn't just technical—it's emblematic of our broader mission to create a reliable and scalable Data Layer that meets both long-term visions and user expectations. The Private Testnet serves as an environment that seeks to mirror real-world operations, providing us with valuable data points for optimizing stability.
With blockchain upgradability now a feature, our system can seamlessly coordinate between validators to push updates without halting the chain, thereby ensuring continuous innovation without disruptions. While the Private Testnet represents a major leap forward, it's essential to understand that we are still in a controlled, experimental phase. We're systematically stress-testing the system, ironing out bugs, and refining features.
The Private Testnet is a critical stepping stone towards rolling out the full Public Testnet launch in early 2024, propelling Web3 toward a more democratic, public blockchain data ecosystem. As we enter this new development phase, community involvement, and feedback are more important than ever. Your input directly contributes to the fine-tuning of the Data Layer and helps us maximize the value derived from the Private Testnet.
The Publisher Portal is now live, marking a significant advance in our journey towards a fully decentralized Web3 data ecosystem. This new feature allows Syntropy Builders to set up their own Publishers and stream on-chain data directly to the Data Layer. For those engaged in building with us, the process of secure and efficient data streaming has been greatly simplified. It's a meaningful step forward in our ongoing mission.
As we approach the end of the current quarter, we recognize the importance of keeping our community informed about our progress and plans. One key update was the launch of the Publisher Portal, an extension of our Developer Portal. This feature will enable Syntropy Builders to run publisher nodes and efficiently stream data to the Data Layer. We anticipate its rollout by the end of the week, barring any setbacks.
Another significant milestone is the completion of our Data Layer Whitepaper. This document is not only the most awaited release for this quarter but also serves as the structural foundation for our entire protocol and token economy. We aim for an early October release. As for our Public Alpha Release, it's worth noting that this has already been set in motion through initiatives like the Open Syntropy Initiative and the Builders Program which effectively constitute a soft launch of our protocol.
We’ve made tremendous progress by achieving our Q3 deliverables, with the exception of the Whitepaper, which is in its final stages of preparation. Your ongoing support and input remain invaluable as we continue on this journey.
September also saw Syntropy take on arguably the biggest crypto conference in the world, Token2049 in Singapore. Gustas, partnerships lead at Syntropy, spent nearly a week in Singapore networking, discussing collaborations with builders, and spreading the word about decentralized data access and the Syntropy Data Layer. Here are Gustas’ impressions, thoughts, and key takeaways from this year’s Token 2049 in Singapore 👇
The most noticeable thing, and what makes Token2049 different from any other blockchain conference, was the sheer volume of attendees at the event. Singapore attracted top industry leaders, innovative developers, and top-tier investors from all corners of the globe.
Over the course of three days, I came across a wide array of new concepts that are spearheading the next wave of Web3. Developers remain heavily invested in building the next wave of decentralized applications, with many of them needing real-time data access.
Regulation was also a hot topic, with all industry stakeholders exploring ways to move the entire space towards a safer environment. More efficient regulatory vehicles will lead to greater mass adoption, alleviating challenges prevalent in the traditional, permissions-based world.
Now for some thoughts on more specific topics based on some of the interactions, conversations, and experiences I had during the event.
Composability in DeFi
A feature that’s often overlooked in the DeFi space, composability describes the ways various protocols and applications interact with each other in a permissionless fashion. Composability allows developers to build applications using various chains and data sources to construct new financial products and services.
It made me wonder about the composability of data streams, as many community-published data sources are required for the development and most optimal functionality of multi-chain dApps. Greater data stream composability makes it easier to fetch data in real-time, like a continuous stream that can be shut on or off manually.
Whether it’s raw, decoded, or abstract data, there is definitely a need for greater composability in DeFi – both in general and streaming data – in which Syntropy’s Data Layer can and will play a huge role.
Blockchain Data Hierarchy
When speaking with builders at Token2049, there was a firm sentiment that not all blockchain data is created equal, with various data types being more valuable than others. This value also depends on the various use cases. Within the blockchain data economy, different types of data power a wide range of various products and services.
Raw data is the most abundant, and what I’d say is the “bronze medal” of blockchain data. The most prominent method to accessing raw data is via RPC and blockchain APIs. File storage and retrieval services like IPFS and Filecoin allow for storage, retrieval via binary chunk distribution. Zero-Knowledge proofs also deal with raw data, enabling private activity on public chains.
Then there’s decoded data, with even more utility. The goal of decoding data is transforming it into raw, machine-level information into a format that’s understandable and actionable for end-users, developers, and other stakeholders. Blockchain explorers like Etherscan and wallets like MetaMask display decoded data in a human readable format, for instance.
The gold standard is abstracted data, where underlying complexities are hidden to provide end users with a more streamlined, straightforward experience for the non-technically inclined. By abstracting data, Web3 platforms can make blockchain technology more usable, accessible, and intuitive to broader audiences.
Dashboard and analytics platforms like Dune or Nansen, for instance, abstract raw on-chain data to provide users with insights, trends, and visualizations about network activity, token movement, and other metrics. Yield optimization platforms like Yearn Finance, abstract complexities of DeFi strategies, displaying things like projected yield, performance metrics, and risk profiles.
As myself and the Syntropy team continue to learn more about how, when, and why builders are using data, we’ll be able to shape the Data Layer in a way that enables a wide range of use cases.
Perhaps the biggest takeaway from Token 2049 was the realization that there are few data marketplaces backed by a robust incentive layer, allowing data publishers to monetize their data distribution skills. In a truly functional and competitive marketplace, an infinite number of publishers can offer raw data sources for anyone to access, use, or decode.
In this open data economy, information is processed and published back into the marketplace for monetization. Raw data becomes decoded or abstracted to accommodate even more use cases. This same data processing and transformation method can be used to increase the value of data and monetize it for the benefit of publishers.
This open marketplace reduces the capital expenditure for necessary blockchain infrastructure. It’s an area that was top of mind for many builders and investors at Token 2049, and what the Syntropy Data Layer is built to address. If there’s one thing I learned from my Singapore experience, it’s that the blockchain data economy is expanding rapidly.
And Syntropy is well-positioned to serve the needs of tomorrow’s composable, accessible, and lightning-fast Web3 applications. All in all, Token 2049 was a blast and if I didn’t see you there, stay tuned for the next conference that Syntropy will be landing in this fall and winter. This is just the beginning of Syntopy leading the way for tomorrow’s decentralized data economy.
In a recent Twitter Spaces event titled "Perpetual Insights: Scaling DeFi's Future," we were honored to have our CTO Jonas Simanavicius join forces with Jonathan Caras,the Head of Communications at Levana Protocol. The session provided valuable insights into various trending topics in the DeFi space, including the intriguing concept of perpetual swaps.
Levana was also highlighted as the largest perpetual swaps protocol in the Cosmos ecosystem. The discussion extended beyond perpetual swaps to touch on critical issues like the regulatory landscape surrounding DeFi and the role of real-time data streaming in shaping its future. These conversations underscore the challenges and opportunities that lie ahead for decentralized finance.
The collaboration between Syntropy and Levana Protocol during this Twitter Spaces session highlighted our collective commitment to fostering understanding and advancing the technology that will propel DeFi to new heights. It was an enlightening experience for all participants, showing that DeFi does indeed have a bright future, powered by Syntropy’s Data Layer.
The Open Syntropy Initiative (OSI) exemplifies our dedication to transparency and community engagement. Throughout September, we've made key advancements such as enabling publisher self-service registration and testing real-time filtering solutions, thereby making the Syntropy Data Layer increasingly decentralized and efficient.
These updates are shared openly with our community and reinforce our commitment to a transparent development process.
We are honored to announce that our patented DARP (Distributed Autonomous Routing Protocol) technology has been highlighted in a recent case study by PCCW Global, a leading telecommunications provider. The case study emphasizes the real-world impact of DARP technology in improving network latency and throughput.
Not only does this recognition from a respected authority validate our protocol, but it also demonstrates the essential role that optimized networking plays in the emergence and success of Web3 ecosystems. The PCCW case study takes a detailed look at the Syntropy Relay Network's application in real-world scenarios.
It showed that our network dramatically improved median latency by 18.6ms per relay in conjunction with Console Connect, effectively reducing packet loss and enhancing overall network performance. Our inclusion in the report is a testament to how Syntropy’s technology is gaining recognition and bringing us closer to the decentralized future that Web3 promises.
For those of you looking to fast-track your understanding of our Data Layer, we've just released a comprehensive video tutorial that breaks down the complexities into easily digestible segments. The video introduces you to the Data Layer's capabilities, walking you through how to subscribe to real-time data streams from multiple blockchains, all without the need to set up and manage nodes.
From avoiding the complexities of setting up individual blockchain nodes to subscribing to real-time data streams, the tutorial covers essential topics in a simple, approachable manner. Available on our YouTube channel and part of our ongoing commitment to community education, this tutorial serves as a valuable resource for anyone eager to dive deeper into our Data Layer functionalities.
Completing the tutorial is also a pathway to our Builders program, offering early access to our Data Layer and what it can do.
We couldn't be prouder of the recent achievement by one of our talented Syntropy Builders, @cryptoent83, who successfully developed Software Development Kits (SDKs) in both Java and Kotlin languages, significantly expanding the capabilities of our Data Layer. These SDKs serve as a pivotal tool for developers, enabling them to unlock the full potential of the Data Layer, and thereby facilitate the creation of innovative decentralized applications (dApps).
We celebrate and appreciate the ingenuity and hard work of our Syntropy Builders, whose efforts are instrumental in driving us closer to our vision for a more interconnected and efficient digital future.
As September comes to a close and fall begins to wind down, we couldn’t be more optimistic about the road ahead for Q4 and beyond. From unveiling the private testnet and publisher portal to major recognition of the tech behind the Data Layer, it’s just the beginning of the next chapter in our journey to decentralizing and democratizing blockchain data access for the next era of Web3.
If you have questions, insights, or just want to chat, don't hesitate to reach out. Our community managers are always around on Telegram and Discord, and they genuinely enjoy hearing from you. Your feedback not only helps us improve but also fuels our mission. Thanks for being a critical part of our journey towards democratizing blockchain data access for all