What is Synergy (SNRG)?
Future of SNRG Cryptocurrency and know how to buy SNRG

#1. What is Synergy?

Synergy: The Basics

  1. Synergy is a peer-to-peer decentralized cryptocurrency that was introduced with a dual-algorithm system to mine its blocks.
  2. SNRG was mined using the X11 hashing algorithm for the first 10 days after launch. Because X11 is unnecessarily inefficient, after PoW Synergy switched to SHA256 for the PoS period (proof of stake).
  3. Now, SNRG is a complete PoS based coin because SHA256 is easier on CPUs during synchronization and bootstrap, as it requires only two hashes to verify a block whereas X11 requires 11 hashes.

Synergy Development

  1. Founded in 2014, Synergy is about allowing people to collaborate, without any face-to-face interaction, to work towards a mutually beneficial goal.
  2. It doesn't have an active website at present and its CEO/ Founder is unknown to all. Plenty of red flags for potential investors.

 

#2. What are the benefits of Synergy?

  1. Synergy is a Proof of Stake coin, with a block time of 5 minutes, and an apparently unlimited supply of coins that can be generated. During its initial Proof of Work period, a maximum of 250,001 SNRG coins could be mined. The reward for each PoS block is 10 SNRG. The minimum coin age to begin staking is 2 days, with coins being able to be staked for a maximum of 6 days.
  2. SNRG has inbuilt TOR integration into its wallet. This means all transactions occur using the powerful anonymization and decentralisation capabilities of the TOR network. This makes it practically impossible to tracker down a particular transaction or address to a public facing identifier such as an IP address. This provides robust security and privacy features to Synergy.
  3. Public comments can be attached to the Synergy blockchain. This feature allows users to permanently save anything on the blockchain as anonymous, decentralised, and irrefutable records. Unlike transaction comments, public comments need not be attached to any specific transaction. A fee of 0.0001 SNRG is charged per character.
  4. The ‘blockchain notary’ option is a unique feature of the Synergy platform. Using its ability to attach public comments to the SNRG blockchain, a person can establish proof of ownership or existence of any document or media, such as a PDF file or image. This is done using a simple tool called “Exist”, that automatically calculates the SHA256 hash of the file, which can then be published to the blockchain for a fee. This hash can then serve as an irrefutable proof of the existence of the particular file, and can be used for verification purposes down the line.
  5. SNRG uses dual key stealth addresses to protect user privacy, and ensure completely anonymous transaction. The stealth address is a way to cryptographically hide the receiving address of transaction, by using a public address instead. Coins are sent to the public address, which in turn secretly sends the coins to the actual receiving address. However, the receiving address itself is never divulged. Thus, it makes it impossible to track down transactions to particular wallet addresses, despite the public blockchain.

 

#3. How to buy and store Synergy?

How to buy?

  1. In order to buy Synergy or SNRG, you would firstly need to convert your currency into Bitcoin, since that is the only pairing available for the Synergy token, traded on SNRG.
  2. CoinSwitch is an online cryptocurrency trading platform currently supporting over 300 cryptocurrencies and 45,000 pairs for trading, including SNRG.
  3. You can choose any pair you want with your SNRG token, and CoinSwitch will help you decide the best one for you!What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

Synergy Storage

In order to protect your cryptocurrencies from being hacked, it is always advisable to store your coins in a wallet. Synergy does seem have a wallet of its own, but its website is frequently down, which means getting your hands on one can be difficult.

#4. What is the future of Synergy?

Also Read: Complete Analysis of Synergy | Live Synergy (SNRG) Price Charts And Predictions

DATE

OPEN

HIGH

LOW

CLOSE

VOLUME

MARKET CAP

July 01, 2018

0.102197

0.102920

0.100561

0.102169

11

386,057

June 01, 2018

0.082708

0.113654

0.082552

0.113400

9

305,951

May 01, 2018

0.142863

0.143931

0.137066

0.140549

70

516,406

April 01, 2018

1.09

1.11

1.00

1.06

1,860

3,859,300


Trends so far

  1. Synergy has regular ups and downs, and is currently on an apparent downtrend. This may be expected since development on the coin has slowed and is erratic.
  2. As of July 2018 the total coin supply is 3855230 units, and price is $0.115385 USD.

 

#5. How is Synergy different from other cryptocurrencies?

  1. Synergy, was launched with a combination of Proof of Work and Proof of Stake. This combination is fairly unique in the cryptocurrency world as the famous digital currencies like Bitcoin and Ethereum uses only the Proof of Work or Proof of Stake consensus mechanism.
  2. Synergy uses the SHA256 algorithm, which is much more efficient for PoS consensus than other algorithms such as X11. This allows SNRG to have a lean and efficient blockchain network, with block times as little as 5 minutes.
  3. Its unique ability to store public comments on the blockchain, as well as the ‘notary’ feature, allow blockchain technology to be used in new and innovative ways. These features set it apart from other generic altcoins, which more often than not turn out to be rehashes of coins like BTC or ETH.
  4. SNRG is not a ‘privacy-focused’ coin like Monero, but has very robust and secure measures to anonymize its transactions and protect the privacy of its users. Using integrated TOR networks, and stealth addresses, Synergy provides strong cryptographic protection to transaction contents, and identities of the wallets related to any particular transaction.
  5. Synergy also support something similar to ETH’s smart contracts. Contract can be agreed and signed by multiple parties, all using the SNRG wallet. Using multi-signatures, a contract can be authenticated by multiple parties (addresses) which is then stored permanently on the blockchain. This provides an irrefutable, tamper-proof, and secure record of the contract in a manner which can be verified and authenticated at any point of time afterwards.

 

#6. Should you invest in Synergy?

  1. The robust privacy and security features of SNRG make it a very viable coin.
  2. However, recently Synergy has been assumed to be a dead coin. A very low market volume, no working website, and listings on limited exchanges since 2015, lends merit to these suspicions.
  3. If development truly has stalled, and the coin has been abandoned, there may be no foreseeable profit in investing in Synergy for now.
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