According to a press release we just received from the The Sync Foundation, the Domain-Backed CryptoCurrency has recorded it first sale.
The domain name SchoolLoans.com was sold in Private Transaction, a first for the organization which backs a cryptocurrency called Sync Coin with these domain assets.
“We call it ‘Proof of Concept’,” says Sync Foundation co-founder Mike Fiol.
“Premium domain names sell – it was simply a matter of patience and timing.”
The name sold was SchoolLoans.com and while the amount is being held private at the buyer’s request, Fiol notes that “it sold for more than most folk make in a year…or even two.”
As per an agreement with the previous owner of SchoolLoans.com, the Foundation was pledged a percentage of the sale – which will be used to support and grow Sync, a rare digital currency with only 1,175 coins in circulation.
Additional domains which are pledged to the Sync Foundation include Fiesta.com, Isla.com, CandyCane.com and more – twenty-four names in all.
“They’ll continue to sell,” adds Fiol, a world-renown ‘domainer’ himself with 17 years’ experience. “And this means a very bright future indeed for Sync.”
It was back in September we first covered Sync Coin which you can read more about here.
aren’t all transactions public available on the currency protocol?
Yes, but you can’t tie the transactions to the person unless you have more information. I would not take this story seriously. Nobody would sell a premium domain for a PoS coin. PoS stands for “Proof of Stake” which means the mining and rewards is based on how much you have rather than how much computer power you have. It gives most of the value and power to control the system to those that got involved first. In any case the SEC is contacting the people who start investment programs using these crypto coins so since this coin is supposedly “backed” by domains they will most likely need to register with the SEC.
It’s a shame how much scam coins there are. I hope Sync doesn’t pull out.