On Sunday Sept 4th, the cryptocurrency known as Syndicate (SYNX) released a Beta previewing the functionality of its first major update, scheduled to release later this year. SyndicateLabs launched their premier cryptocurrency in June, 2016 and was distributed through a 30 day mining period, before transitioning to 100% PoS blockchain. Since then, the team has focused on building a strong foundation upon which to build its Business Management Platform.
Syndicate was founded by an anonymous developer who works on the project on a voluntary basis. There was no ICO or pre-mine involved at launch and the software will be open-source and freely available for all to you.
The platform was launched in June and has its own native currency called SYNX, with the current supply hovering around 7,741,320. The blockchain runs on an X11 algorithm with a static PoS mining reward totalling 10 SYNX per block. Masternodes receive 50% of the PoS rewards and require 5000 coins to run one. SYNX ranks at #145 with a market capitalization of $295,805 and is traded primarily on Bittrex exchange.
The Beta released last Sunday is intended to demo the functionality of the soon to be released “My Employees” tab along with an “Employee Time Clock” feature. The aforementioned “My Employees” tab gives businesses the ability to store and manage sensitive employee information, which, in the full release, will be secured via AES encryption.
The “Time Clock” feature aims at giving employers the ability to track employees time spent on the job through a simple, cost effective Clock in/out feature, which helps alleviate some of the difficulties companies can face when processing their payroll. By offering a system to easily track time schedules, while also storing and securing sensitive information, Syndicate is taking its first steps on the path to creating the first, fully decentralized Business Management Platform.