Synexcoin ICO

SynexCoin is a new cryptocurrency that offers a unique profit-sharing model. The currency is not connected to any platform or product, but entitles its owners to a quarterly share of profits from an investment pool that the company will fund with the proceeds from its ICO.

While the company presents an interesting idea that could very well earn handsome profits, a few factors on the website suggest that the ICO is an amateur effort.

SynexCoin's Team

SynexCoin was founded by two men, Richard Walter and Dave Fontana. Walter is a self-proclaimed “crypto-expert” and Fontana claims to have a degree in human resource management from a Swiss university; these claims cannot be verified online. The group's website also notes that there are other team members, but they are freelancers.

The company does not state where it is based, but the strange punctuation and word choices in both its website and whitepaper suggest that English is not the team's first language.

Synex Coin has gained an impressive following on social media, with over 6,000 followers on Twitter after only a month of membership and 10,000 group members on Telegram. The company is also listed on dozens of sites devoted to rating ICOs, and has a high ranking on most of them.

Synex Coin's Technology

SynexCoin's sole product is its namesake cryptocurrency, abbreviated SYC. Unlike the currencies released in many contemporary ICOs, the SYC token is not integrated into any platform or “ecosystem”; it simply entitles owners to a share of profits earned by an investment pool.

After the SynexCoin's ICO, 48% of the revenue will be released back to investors over the course of one year; the company will issue 12 payments, one on the first day of each month, in order to compel owners to hold the currency and stabilize its value. The repayment rate will be fixed: 0.00004 Ethereum per month per SYC token.

The remaining 52% of ICO revenue will be invested in a portfolio that contains “the top 20 market cap coins”; it will be updated every quarter to ensure it contains only the market's leaders, and will always be publicly visible. Token owners' shares will be paid out quarterly, except in the event of a loss, in which case payments will be delayed for one quarter.

Oddly, neither the company's website nor its whitepaper mention anything about the actual technology behind its currency. Since it requires uses to have an Ethereum-compatible wallet to receive their share of payments, it seems likely that the currency is ERC-20 compliant, but it's very strange that the company doesn't explicitly state this. This suggests that many investors are not interested in the technology behind cryptocurrencies, only the profit potential.

Synexcoin ICO Details

A total of 8 million SYC tokens will be created, with 80% of these being released to the public; 12% will be held for marketing and exchange listing fees, and 8% will be kept by the founders. The ICO will begin on March 14, 2018, and will go on for four phases that will last until the end of April. The price will start at 0.0007 Ethereum per SYC during the first phase, then increase by 0.0001 for each of the following three.

During the pre-sale, customers may only purchase between 0.1 and 50 Ethereum worth of SYC. While prices are listed in Ethereum, the company notes that it will also accept Bitcoins and “many altcoins” during the ICO. The tokens will be listed on the HitBTC and BitTrex exchanges immediately after the ICO, and Binance a few months later.

The company is also offering a bounty program, allowing users who recruit new investors to earn free SYC tokens.

The Synexcoin ICO Verdict

While the company's idea is ostensibly strong, several factors suggest that it's the work of amateurs: its English-language resources are poorly written, it explicitly states that the token will make investors millionaires, and it neglects to describe the currency itself despite the fact that it's their sole product. Investors interested in earning profits from the top 20 currencies would be better off simply buying them for themselves.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

eleven + one =