Review on Synthetix Network Token by Gabriel Medina
Cryptocurrency for synthetic assets
Synthetix Network Token (SNX) is a cryptocurrency that works together with the decentralized Synthetix protocol that will allow us to create and trade synthetic asset tokens, independently without any problem. These synthetic assets are called "Synths", and are backed by the SNX token of the Synthetix network.
In general, this decentralized payment network is designed to allow daily purchases of cryptocurrencies, the network uses a double token system to reduce price volatility, the transaction fees within the system are used to guarantee the network and the guarantee is secured by the blockchain that enables the creation of a new asset-backed stablecoin, each transaction will generate fees that are paid to token holders and as the volume of transactions grows, the value of the platform will increase and active participants are rewarded with higher transaction fees, this low-cost, no-pay, stable payment network will allow anyone, anywhere to transact worldwide.
Pros
- The SNX token price is excellent.
- The SNX token is found on a wide variety of popular exchanges.
- They have an exchange where we can buy, sell and trade the tokens.
- Users will be able to bet on a variety of assets in the form of ERC20 tokens.
Cons
- It is still in development and there are risks with the system.
- Ethereum dependency and centralization.
