Symblox is a protocol built on Blockchain Candles with the aim of bringing synthetic assets to users around the world, eliminating restrictions and high entry requirements to these services in a transparent and decentralized way through blockchain technology. Gold, oil, market indices like S&P 500 are some examples, but also fiat currencies like EUR or USD, stocks like AAPL or TESLA and other cryptocurrencies like Bitcoin and Ethereum.
Layer 2 solution for Ethereum
Symblox’s solution to the congestion and scalability issues affecting Ethereum is to execute the Symblox smart contract on the Velas blockchain and use a cross-chain bridge for interoperability with Ethereum. In this way, Ethereum users will benefit from almost non-existent fees and high performance. Symblox has optimized its UI / UX to make interoperability between the two networks as easy as possible for users.
Symblox structure and DeFi services
The Symblox protocol consists of a reservation pool and three applications named syFarming, syMinting Y syTrading.Users with assets deposited in syFarming will expand the reserve pool and earn SYX tokens as a reward. The larger the reserve pool, the more synthetic assets can be issued by users and more SYX tokens can be awarded as a reward. More assets can be awarded. Synthetics also generate higher exchange volumes, which in turn generates more commissions for those exchanges.
Symblox hot spots: speed, interoperability, and near zero fees
It implements the TokenBridge protocol, which allows omnidirectional transfers of Ethereum and ERC-20 tokens. Transaction fees close to $ 0 thanks to its construction in Blockchain Candles. Ultra-fast transactions and immediate user interface response. 100% governance in the hands of the Users through the token (SYX), any SYX holder can participate in the governance process Compatible with multiple platforms: Android, IOS and Desktop Open Source code audited by Peckshield, a leading company in the industry responsible for auditing projects such as NEO , EOS, AAVE or Huobi.
Powered by Blockchain Candles
Symblox as a DeFi application uses the Velas blockchain. This blockchain is powered by artificial intuition, which resembles human psychological intuition. This system ensures to correct errors automatically without re-updating much system configuration.
The Velas blockchain is also much faster than the Ethereum blockchain, thanks to the AI-powered delegated proof-of-stake (AIDPoS) consensus. This consensus algorithm allows up to 50,000 transactions per second, this allows Symblox to offer unprecedented performance in DeFi applications in an environment that can connect with Ethereum but without sacrificing speed and reducing transaction costs to almost zero.