SNS Synesis One

Use Case of Synesis One

Synesis One is a decentralized data crowdsourcing platform that utilizes tokenized incentives to help label and annotate datasets used to train AI models. Here are some key aspects of its use case:

• Data Labeling and Annotation: Users can earn Synesis One tokens by completing micro-tasks that involve data labeling and annotation, which are essential for AI applications.
• Decentralized Platform: The platform operates on a decentralized basis, ensuring transparency and fairness in payments, addressing issues common in centralized data crowdsourcing systems.
• Token Incentives: Users are rewarded with Synesis One tokens for their contributions, which can be stored, traded, or used to purchase goods and services.
• Staking: SNS holders can stake their tokens to earn passive income.
• NFT Integration: The platform utilizes NFTs, known as Kanon NFTs, which represent unique words. When these words are used by AI clients, the NFT holders receive a portion of the fees paid by the clients.
• AI Training: The data labeled and annotated by users is used to train AI models, providing a critical service to AI clients.

Key Features

• Decentralization: Synesis One operates on a decentralized platform, allowing for peer-to-peer transactions without the involvement of a third party.
• Security: The platform offers enhanced security through encryption, safeguarding transactions and user information against hacks and breaches.
• Scalability: Synesis One exhibits remarkable scalability, enabling high-volume transactions with minimal delay.

Ecosystem Components

• Supply/Workers: Workers train and label data, earning rewards in the form of Synesis One tokens.
• Clients: End consumers who need data labeled and cleaned can launch campaigns with Synesis One to have workers complete specific tasks tailored to their needs.
• Guilds: The creation of a Guild, used to pool resources and lower worker barriers, requires some payment of Synesis One tokens.

Market and Valuation

• Token Presale: Synesis One raised $9.5 million in its inaugural and only token presale in 2021 with participating investors including Cultur3 Capital, MetaCartel VC, Kenetic Capital, and Shima Capital.
• Market Competition: The data labeling market is competitive, with a few large-scale private companies, but Synesis One's decentralized approach offers unique advantages.

Pros of Synesis One

• Decentralized Data Crowdsourcing: Synesis One provides a platform for users to contribute to AI training data through micro-tasks, ensuring transparency and fairness in payments.
• Play-to-Earn System: The platform offers a play-to-earn system where users can participate in games to create datasets that train AI, making data contribution engaging and rewarding.
• Passive Income: Users can earn passive income by staking Kanon NFTs, which represent unique words and generate fees when used by AI clients.
• Democratization of AI: Synesis One aims to democratize AI by making data accessible to all, breaking the monopoly of tech giants over AI data.

Cons of Synesis One

• Market Volatility: The price of Synesis One can be volatile, affecting the value of earnings and investments.
• Dependence on AI Adoption: The success of Synesis One is heavily dependent on the adoption and growth of AI technologies that utilize the data generated by the platform.
• Complexity: The platform involves complex concepts like NFTs and staking, which may be challenging for new users to understand.
• Limited Market Presence: Synesis One may have a limited presence in the crypto market compared to more established tokens, which could impact its liquidity and trading volume.

Founders of Synesis One

The founders of Synesis One include:

• Joshua Hong: A serial internet-media and blockchain entrepreneur, and a venture capitalist. He has a background in technology and corporate strategy consulting from Accenture and has founded and chaired educational programs in the Young President’s Organization (YPO).
• Paul Lee: A clinician, scientist, and entrepreneur. He is also the founder and CEO of Mind AI. Paul has a degree in Molecular and Cellular Biochemistry from the University of Oxford and an M.D. from The School of Medicine at Catholic University of Korea. He has experience in exponential technologies and has co-founded JNP LAB in Seoul.

Key Investors in Synesis One

Synesis One has attracted a diverse group of notable investors from both within and outside the crypto space. These include:

• Trent McConaghy, founder of Ocean Protocol
• Gabby Dizon, founder of YGG
• Alex Alexandrov, founder of CoinPayments
• Pisit Poosanakhom, founder of Villa Market, the largest premium grocery store chain in Thailand
• Jonah Hong, Vice President of digital customer experience at Hyundai Motor Company

Additionally, various venture capital firms have invested in Synesis One, such as:

• Cultur3 Capital
• MetaCartel VC
• Kenetic Capital
• Shima Capital
• LD Capital
• YGG
• Tradecraft Capital
• A195
• GBIC
• Alphanonce
• NGC
• Magnus Capital
• Master Ventures
• Ethernity
• AU21 Capital
• D1 Ventures
• Linkpad VC
• Efficient Frontier
• Kryptos Fund
• Kairon Labs
• Cipholio Ventures
• Valhalla Capital
• 0xVentures
• Baselayer Capital.

Halal Status of Synesis One

• Halal Status: No specific information is available in the provided sources to confirm whether Synesis One is halal or not. However, since it is built on the Solana blockchain, which is listed as "Comfortable" in the halal crypto reports, it might be inferred that Synesis One could be considered halal by some standards, but this is not explicitly stated.

Reasoning:

• The halal status of a cryptocurrency often depends on the underlying technology and the principles it adheres to. Since Solana, the blockchain Synesis One is built on, is considered "Comfortable" in halal crypto reports, this could imply that Synesis One might also be viewed similarly. However, without direct confirmation, this remains speculative.

Note:

• For definitive answers, it is recommended to consult specific halal crypto reports or Islamic finance experts who can provide detailed assessments based on Islamic principles.