Project Overview

Mine Worldz in the gamification platform for SynComm, a decentralized exchange and a platform for generation, funding and validation of synthetic assets and their chains of supply. The protocol is designed in a way that allows real-world asset owners to generate new and innovative income streams and also exposes users without real-world assets to these underlying assets via synths, without having to hold the underlying asset. The platform allows users to autonomously trade and exchange synths.
The platform allows users to autonomously trade and exchange synthetic assets. It also has a staking pool where holders can stake their SYC tokens and are rewarded with a share of the transaction fees on the SynComm Exchange.
The platform tracks the underlying assets using smart contract off chain price delivery protocols or in-bound price oracles. SynComm allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators.
In addition to access to fungible synthetic assets such as commodities and other crypto assets SynComm is also designed to be a self-service platform for anyone looking to create a synthetic asset, for any non-fungible class of assets that can then be fractionalize, financed, refinanced, insured, traded, and exchanged. The asset owner decides what percentage of the NFT they want to sell at what price “Offer Price”. The NFT is custodied in an (audited) smart contract and ERC20 fractions are issued for it. For a set period the “Offer Period”, buyers can come in and buy fractions at that price. Once all fractions are sold or the “Offer Period” expires, buyers receive the Synth raised from the percentage of the NFT sold, and the buyer gets their respective fractions. The fractions are then listed on a token exchange like Binance or a DEX platform like Uniswap or an Open Sea storefront.
The platform also tracks the underlying NFT assets using inbound off-chain hardware oracles or SHO’s (SynComm Hardware Oracles) that provide trustless data streams to smart contracts.
SNY tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SYC tokens are locked up in a smart contract.
Mine Worldz Other real-world miners can join mine world by buying a NFT avatar of their mining rig (CPU, GPU, ASIC) connecting an Oracle hub hardware oracle and start mining in the Mine World virtual world. This will also move to Wi-Fi mining using routers (helium) and storage mining using storage devices SSD etc (File coin, STORJ etc).
The volume of NFT’s that are available will be dependent on the volume of real-world assets that exist, so the volume changes as new assets are put online, and old assets retired.
The Mine World network hash rates and therefore mining success rates will be different to the real-world network hash rates as not all real-world miners will have Mine World NFT’s, and join the crypto resource rush, so early miners will have the best returns as did early bitcoin, Ethereum etc real world miners.
Mining in mine world requires a staked oracle in SYC tokens attached to your real world miner (GPU, ASIC etc.), the hash rate/mining rate for each mining asset class from CPU to ASIC devices will be derived from their power consumption in the real-world, but their success rate will be different because the total miners in the two worlds may differ, refer explanation above.
Additionally miners may upgrade their virtual assets by purchasing options that increase their power and therefore their chance of mining the next reward.
If I have a GPU with a hash rate of 20 Mh/s then I will find the same amount of virtual Ethereum in Mine World that my actual GPUs mine in the real world, with the same network hash rate, in effect you will be mining with 2021 mining equipment in a world with a 2017 network hash rate, 7 TH/s v 744 TH/s unbelievable.
In order to mine you will need to purchase a mining lease these will come up in NFT marketplace auctions. The amount of resources on each land parcel will be randomly determined and there is no way of knowing this when buying the land, you can sub lease your land for other miners to mine and collect a portion of their mining rewards.
All mining rewards will be paid in SYC and converted at the time the resource is mined, if you mine 0.5 virtual eth in Mine World using your virtual NVIDA RTX 3090 GPU miner at 8.00 AEST on 08/10/20201 then you will be paid the equivalent SYC at market rates through a oracle hub price oracle.
Mine World hardware oracles confirm the exitance of real world assets and establishes connections between real-world production and virtual world consumption. Mine Worldz will be run entirely on real world generated renewable energy, all virtual and real-world miners are required to buy energy from a number of renewable energy plants that are scattered across the Mine World ecosystem, the mining asset (GPU etc) in Mine World uses the same amount of electricity that it does in the real world, so before you start mining you will need to negotiate a Power Purchasing Agreement (PPA) or buy directly from the grid, as it is all green there is no need to worry about carbon emissions.
Virtual world miners are required to buy/lease land to run their mining operations which will require renewable energy with Oracle Hub hardware oracles installed from of Wind, Solar and Hydro, etc. the Oracle Hub hardware oracles confirm the existence and location of these assets and the production figures.
If miners have their own roof top solar,wind, etc, then they can use these facilities Virtual Watts (VW's) to run their virtual miners and if they don’t have a real-world renewable energy assets then they will nee to buy VW's from owners of hardware oracle certified real-world renewable assets, thereby giving these asset owners an additional income stream.
To mine in Mine World you need to have land in the form of a mining lease, you then need mining equipment which you can buy or lease from the owners (GPU’s/ASIC etc) you then need to purchase electricity on the at spot rates or on a long term PPA and then you can commence mining.
If you are a mining equipment owner and do not have a mining lease, then you can lease or sell your equipment to a mining lease land holder or sub-lease a portion of his land to do your own mining on.
Last modified 11mo ago