Synthetix Network Token SNX to Ark ARK Exchange

Crypto Pair Details: SNX to ARK

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

Ark ARK

ARK provides users, developers, and startups with innovative blockchain technologies. They aim to create an entire ecosystem of linked chains and a virtual spiderweb of endless use-cases that make ARK highly flexible, adaptable, and scalable. ARK is a secure platform designed for mass adoption and will deliver the services that consumers want and developers need. It is fast, decentralized, scalable, collaborative, bridging and open-source. The ARK Desktop Wallet is natively built for all major Operating Systems. ARK wallets connect to fully synced network peers removing the need to download the full blockchain. ARK operates using a Delegated Proof-of-Stake (DPoS) consensus algorithm. Unlike Bitcoin, in which miners with expensive rigs secure network transactions, the ARK network is secured by delegates. There are hundreds of potential delegates, but token holders in the ARK ecosystem continuously vote on who actually gets to be an active, forging delegate. Only 51 delegates make the cut. As a token holder, you’re only allowed to vote for one delegate at a time. The fee to vote/unvote is just 1 ARK, so it’s advantageous to at least vote once for a delegate you support. The more ARK tokens you own, the more powerful your vote. ARK was launched in February of this year by 27 members spread across the world. With team members located everywhere from California to Bulgaria – the ARK Crew is truly decentralized. The team currently consists of 15 core members. The ARK infrastructure is modeled heavily on that of three older projects: Bitshares, Crypti, and Lisk. In fact, some of the ARK developers were previously developers on some of those projects. Francois-Xavier (FX) Thoorens, the CTO, was a core developer at Lisk in 2016. Ark Community A diverse group of people and skill sets, including Full Stack and Web Developers, Network Engineers, Hardware Experts, Money Managers, Musicians, Traders, Social Media Promoters, and Business Owners, uniting to realize a vision shared by 30 members of the ARK Crew. All passionately devoted to collaboration and the development of the ARK ecosystem and community. Ark Token Secured by a cryptographic blockchain network similar to Lisk and Crypti, running on a Delegated Proof of Stake Consensus Algorithm developed by Bitshares. ARK DPoS provides a newly adapted voting system and incorporates many improvements over previous DPoS implementations. SmartBridge To increase the reach of the ARK platform, ARK bridges together useful and proprietary blockchains through the use of ARK SmartBridges. These SmartBridges allow for communication among validated bridged blockchains with the ability to perform tasks and advanced functions. Through the use of SmartBridges, the ARK Crew is able to connect many popular blockchains and finally create a unifying bond among different ecosystems. As examples, the first blockchains the ARK Crew will bridge are: Bitcoin, Ethereum, Lisk, 3rd Party Anonymous Network Integration, one or more proprietary gaming economy tokens (Codename: A***** [Ticker: A***]), and numerous other bridges connecting new and already existing blockchains in the future. Security Because we understand security is a major point of concern for everyone, cryptographic and security principals are incorporated throughout the entire Development Life Cycle to guarantee a secure core meeting the requirements and expectations of our users. Through continuous risk analysis and internal recurring penetration testing, we provide a system that fulfills the high standards required by this type of environment. Privacy ARK Anonymous Network Integration provides ARK users with optional privacy when sending ARK transactions throughout all of the services developed for the ARK platform. Anonymization services could be potentially provided by a 3rd Party technology integration Partnership. Self-Sustaining The ARK Crew has a mission to make blockchain technology easily accessible to consumers​, even to the point where consumers do not know that they are using it. We not only develop the tools bridging the virtual with reality, but also provide the unique services consumers want, understand, and are willing to purchase using ARK. The ARK Crew develops additional platforms and services benefiting from the ARK technology, providing online and offline revenue streams for the ARK Platform, and leading to faster research and development of new and exciting ways to encourage consumer participation, educating them about blockchain technology, while simultaneously adding value to the ARK coin. By incorporating revenue streams into our projects, the ARK Crew can provide even more unique services for user adoption as we grow.

SOURCE: COINGECKO

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