Sylo
Crypto Overview
Purpose and Utility
Sylo is a decentralized communication protocol and platform that aims to provide secure messaging, digital asset storage, and Web3 services. The SYLO token serves as the native utility token of the Sylo Network, used for incentivizing node operators, accessing premium features, and participating in network governance.
Business Model
The platform's business model focuses on providing decentralized communication infrastructure and Web3 services. The core functionalities include encrypted messaging, digital wallet services, and decentralized storage, all of which align with halal principles as they provide clear utility and don't involve prohibited activities.
Real-World Adoption
The Sylo Smart Wallet has seen adoption with over 300,000 users. The platform has established partnerships with various blockchain projects and continues to expand its ecosystem through integrations with other Web3 services.
Development Activity
The project maintains active development with regular updates to its core protocol and wallet application. The team consistently releases new features and improvements, demonstrating ongoing commitment to the project's development.
Token Distribution
The total supply of SYLO tokens is 10 billion, with a distribution model that includes allocations for ecosystem development, team incentives, and community rewards. The team's tokens are subject to vesting periods, indicating a long-term commitment to the project.
Crypto Impact
To assign a comfort level investing in Sylo from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Sylo.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.