Sync coin is the first asset-backed, profit-sharing currency and the asset the currency is back by is domain names.
According to a press release, Sync Foundation and SyncFund.com co-founder, Mike Fiol, who has been in the domain industry for many years. is quoted in a press release, that the total supply of Sync is only 1,100 and now they are asset-backed, profit-sharing vehicles.””Sync Coin is more like an investment and member club than a currency like Bitcoin,”
Those assets include other crypto-currencies, $125,000 in cash and the following “premium domain names”
Here is a list of the assets including the domain names are securing the currency:
Current assets include:
- Fiesta.com
- SchoolLoans.com
- CandyCane.com
- ScienceMuseum.com
- TowerofLondon.com
- Thud.com
- Sayonara.com
- Maestoso.com
- Grunge.com
- Peaks.com
- Exhaustion.com
- Arugula.com
- Isla.com
- Lovebus.com
- LaughingGas.com
- Headcase.com
- MyRights.com
- Raking.com
- TaxTool.com
- Towboat.com
- Vermin.com
- Enlargement.com
- AirlineRewards.com
- Sync Stability Fund (see below)
- Sync Miles Inventory (150,000)
“Not only is Sync one of the first crypto-currencies to verifiable asset-base a coin, it will also be the first to offer profit-sharing to holders with the Sync Profits program.
According to the press release, “in essence Sync holders share in multiple commodities, the assets and the coin itself which currently exchanges on the open market.”
Sync Coin is currently trading at $468 with a market cap of $520,000
Bitcoin is currently trading at $483.50
It looks like over the last couple of months the price of Sync Coin has traded higher than Bitcoin, as high as over double its present price reaching a market cap of almost $1.1 million
According to Estibot.com the domain names have a value of around $1.5 million
“The crypto market has embraced Sync but they don’t yet understand the asset value so it is still under-priced,” adds Fiol, whose firm has internally appraised Sync at around $2,000 each. “Investors can diversify and profit by buying Sync before crypto wakes up.”
“Getting paid on asset sales involves enrolling in the profit-sharing program, called Sync Profits.
“To qualify, applicants must own a minimum of three Sync coins. Then whenever a sale is made, a net percentage is paid out to verified members in the program.
“Sync is increasingly rare,” says Fiol. “Current investors understand the value so they’ve been shrinking the available inventory for weeks.”
In other words, he has a bunch of domain names he can’t sell so he is using buzzwords that have nothing to do with the product he is selling to try to create interest.
Bitcoin is a decentralized system that cannot be “backed” by an asset because some entity would need to control the asset so it would no longer be decentralized. Any system that has assets “backing” it is not related to Bitcoin.
I proposed doing the same exact thing in my blog posting from July at http://www.impulsecorp.com/bitcoin_2_making_money . It seems that unknown to me, Sync was already working on setting this up at the time.