White Paper

1. The Beginning Of Cryptocurrencies.

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Technically cryptocurrencies started with the launch of Bitcoin (BTC) in 2009. Today, there are over 5000 cryptocurrencies published in the world and more than 100 cryptocurrencies have a market cap of over $1 billion. Although there has been significant development in the entire cryptocurrency habitat throughout the decade, it has only caught the general public‘s attention worldwide since mid-2020. Between April 2020 to April 2021, Bitcoin price soared 1,100% YoY, and public figures like Elon Musk openly endorsed the investment value of Bitcoin and other major cryptocurrencies.
While the underlying principles and technology of cryptocurrencies remain sophisticated, the openness of the general public’s acceptance in embracing the investment value and practical application of cryptocurrencies has underpinned the future success of the entire cryptocurrency ecosystem.

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2. How Cryptocurrencies Created A Positive Impact In The World.

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You may not want to put your savings in a safe so you deposit your money into your savings accounts with banks. While the bank pays you minimal interest, they lend your money to 3rd parties or invest in assets that yield much higher interest rates or return on investment, as simple as that, but you could not share a slice of the profit they make out of your capital.
You want to transfer money to a 3rd party. If you don’t want to meet him face to face and pass him a big bag of cash, you would do so by making a transfer from your bank account to the 3rd party’s bank account. Transaction fees, remittance fees, and service charges, the banks could have a bucket of reasons to reduce your eligible balance, although the original amount remains in the bank after the transfer and the bank can continue to make profits by lending or investing other people’s money.
Consider another scenario. Today you are in your bank’s retail branch and would like to withdraw 100 million dollars in cash, or transfer the amount to a 3rd party‘s account with another bank, what would your Relationship Manager ask? We know it would not be a no-question-asked scenario, even though you are moving your own money. In the worst case scenario, the bank could accuse you of money laundering, refuse your request for cash withdrawal or 3rd-party transfer, could even freeze your account and seize your assets.
Why would we let our wealth be ripped off by banks? Traditional wisdom makes us believe that we will need an authorized party as an intermediary to validate and bookkeep financial transactions. The traditional business model has made banks the center and puts them in a supreme position to make money out of their capital and control the capital flow.
The decentralized, anonymous, and irreversible nature of blockchain technology and cryptocurrencies are solutions to extreme reliance of financial transactions on intermediaries like banks. Cryptocurrencies allow all users in the “chain” to record and maintain all peer-to-peer transactions on a collective basis. As all transaction records are kept by all users in the “chain”, there is no risk of any single party being able to manipulate the record and make any changes without updating all parties. Hence, users within the “chain” can directly do secure financial transactions with each other without the presence of an authorized intermediary like a bank.
The Blockchain technology advancement has made this truly possible.

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3. Some Issues Emerged From Early Cryptocurrencies.

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Bitcoin, as the world’s first and ever cryptocurrency, is indeed a good innovation. It completely solves the problem of lack of trust in any peer-to-peer transactions without the presence of an authorized intermediary. The only problem is that there are too few people in the world who could genuinely enjoy the benefit brought by Bitcoin. The computational power required to earn a Bitcoin has increased drastically over the last decade which makes Bitcoin a game only for professionals instead of the general public.
A new problem often leads to a new solution, if not another problem. Bitcoin, together with other first-generation mainstream cryptocurrencies, have tackled the problem of heavy reliance on intermediaries for financial transactions, but it has brought a new problem of high energy usage and extreme inequality in coin distribution.
As time evolves, there are several second-generation cryptocurrencies launched in response to the problems brought by Bitcoin and other first-generation cryptocurrencies. These new cryptos promote the idea of cryptocurrency liberation & democratization which the vast majority could easily earn these new cryptos, usually without heavy usage of energy.
These 2nd-generation cryptocurrencies have much lowered the entry barrier and successfully educated the mass population on crypto fundamentals. However, these have led to new problems of people gaining fraudulent benefits unethically by creating several new accounts by fake identity. When the entry barrier is that low, without a proper compliance process the entire crypto network can be brought to a breakdown as it violates the principle that any blockchain network would honor - the trust.
There comes Sync Protocol, a new decentralized solution.

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4. What Is Sync Protocol ?

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Sync Protocol is a social Decentralized Finance & NFT multi-chain network with the core objective of expanding the usage of Blockchain Technology to everyday people through social power. Sync Pay  Token (SPAY) is a new form of digital currency, it also serves the function of social communication and peer-to-peer transactions between users. When the project develops and evolves, Sync Protocol Network will develop its blockchain MainNet for SPAY. We also plan to list SPAY on major Decentralized/Centralized exchange and to further decentralized finance solutions like decentralized financing, wallet & payment, peer-to-peer exchange, lending & borrowing, and furthermore. We are missioned to be one of the world’s largest DeFi platforms built on a decentralized foundation.
We capitalize on democratizing the earning of cryptocurrency and the use of blockchain technology for everyday people.
Sync Protocol enables users to earn SYNC easily through Community Airdrop and NFT Ownership Reward. Sync Protocol recognizes user contribution to the build-up and development of the network.
In addition, Sync Protocol will feature a multi-chain NFT Ownership Reward element, where users can purchase our Epic Utility NFT and get rewarded with Sync Pay Tokens. The feature of incorporating Non-Fungible Token in decentralized finance have made SPAY more approachable to everyday people and thus sped up the buildup of our global community.
Security, fairness, and preservation of SYNC’s future value are of our highest priority. While several networks in the market adopt a similar approach, SPAY is specifically designed to fill in the market gap and address the common issues of lack of decentralization, security, fairness, fraud, and excessive supply far exceeding demand.

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5. Core Team Members.

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Sync Protocol’s core team is formed by professionals in Decentralized Crypto Technology. As Sync Protocol is missioned to be a global project, Sync Protocol Core Team is dedicated to building the safest and friendliest all-in-one decentralized financial system through social power.

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6. Supply & Distribution.

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The total supply of Sync Pay Token is: 21,000,000.

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• 5,500,000 $SPAY (unlocked) 
  Will be used for Airdrop Reward, Private Sale, NFT Ownership Reward, Burn, Ecosystem/Utility Building, and Initial liquidity for DEX Pilot Listing.

• 5,500,000 $SPAY (Locked) 
  Will be allocated to App Mining, or Social Interaction Reward.

• 5,000,000 $SPAY (Locked) 
  Will be allocated to Increase Liquidity, Staking Reward, Lending/Borrowing, NFT Ownership Reward, Ecosystem/Utility Building, and Strategic Partnership Reward.

• 5,000,000 $SPAY (Locked) 
  Will be allocated to Core Team Reward, Blockchain Development, Donation for Non-profit health organizations, Treasury & Ecosystem Grant.

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7. Road Map.

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Our project roadmap will be updated depending on the maturity of the project.