A cooperating global network of phones, servers and IOT Devices
The Sylo Protocol allows devices on the network to communicate and contribute without any requirement for a central party.
Applications run on the network, sharing state autonomously to provide privacy-by-design, decentralised services.
Parties earn micropayments of $SYLO in exchange for providing value-added services to the network.
Understanding the Sylo network
Sylo tokens ($SYLO) are an ERC20-compatible cryptocurrency token that fuel the Sylo Network.
They provide value by allowing users to become a Service Peer and offer services on the network, consume micro-services on the Sylo Network and to use specific services available in the Sylo Smart Wallet.
Service Peers are peers that have chosen to offer services to the Sylo Network.
Service Peers earn $SYLO by providing services like Inboxing, File Storage, Peer Discovery, NAT Traversal, Relays, MultiHop, and VPNs to the Sylo Network.
For peers to become Service Peers, they stake $SYLO in a smart contract which advertises their services to the network.
The amount of $SYLO a Service Peer stakes affects how many peers use them and therefore how much they get paid.
Staked tokens have a cool-down period of three months to protect against network attacks and to provide time for clients to migrate to different Service Peers.
The Sylo Network is a Layer 2 probabilistic payments system with low transaction fees and limitlessly scalable transaction volume when compared to current blockchains. It is a custom built implementation making feasible the trustless provision of micro-services in a decentralised setting.
Clients create $SYLO backed 'tickets' that have a probability of winning $SYLO and send them to Service Peers in exchange for the services they provide. Service Peers redeem winning tickets for $SYLO tokens.