Buy SNS

Digital Currency Exchanges (DCEs) allow customers to purchase and trade crypto assets like SNS.

What is a DCE?

A Digital Currency Exchange is an online business that allows customers to exchange fiat for crypto currencies (and vice versa) for a commission. Some exchanges are centralized and custodial (CEXs) while others are Decentralized and non-custodial (DEXs). There are advantage and disadvantages to each.

CEXs are typically more user friendly, operate under tighter regulatory oversight, and (usually) offer greater consumer protections than DEXs. But they typically require users to comply with KYC (know your customer) and AML (anti-money laundering) policies, which can be difficult for those without passports, drivers licenses or other government documents to prove their identity. Examples of CEXs include Coinbase, Binance, Kraken, and Huobi.

Since DEXs are non-custodial, they don't act as financial intermediaries like CEXs, and thus aren't subject to the same KYC and AML requirements. Instead, they use automated market maker protocols to set prices of digital assets. Examples of DEXs include Uniswap, Raydium, and DYDX.

The difference between CEXs and DEXs boils down to whether you want to hold your own crypto or trust a third party to do so on your behalf. Bear in mind that some governments have banned or restricted crypto currency, so be sure to check the legal status of crypto in your country before transacting.

SOL and SNS

To participate in train2earn, you need SOL (the native currency of the Solana blockchain) to pay the transaction fees (sometimes called 'gas') for the microtasks you complete on the Synesis One AI training platform. These fees provide compensation to the validator network to cover the costs of CPU / GPU resources needed to process transactions. The fees also discourage network 'spam' by introducing real costs on transactions. Fortunately, the fees are really small (.00025 per transaction) so a little SOL goes a long way on the Synesis platform. In addition to SOL, you need SNS for staking to get started.

How to get crypto

You can purchase SOL on many exchanges including Coinbase and Binance. SNS is currently available on Huobi, Raydium and Bitmart. For illustration purposes, we'll look at how to buy SOL on Huobi, but its the same process for SNS. One of the advantages of using Huobi is that the platform is available to customers all over the world (unlike Coinbase or Binance), and they don't require burdensome KYC / AML checks for small deposits (under $1000) and transactions (up to .06 BTC / day).

Huobi Exchange

To use Huobi, go to huobi.com and click the 'sign up' button to create an account. You will be prompted to register a new account (with email or phone). Enter the verification code they send you to proceed. Once you have an account, you can buy or sell cryptocurrency. Huobi offers dozens of payment solutions, including credit and debit card or bank transfers and country-specific payment solutions. If you don't have a credit card or a bank account, you can use Huobi's Peer-to-Peer (P2P) trading platform.

What is P2P?

A Peer-to-Peer trading platform allows you to convert Fiat currencies into Cryptos and vice versa. Just select the crypto you wish to buy (let's say USDT, stable coin) and the fiat currency you wish to use to pay. The platform will generate a list of sellers with USDT available (at various prices) and forms of payment they accept. For example, a seller in India might sell USDT in exchange for Rupees through payment services like UPI, Paytm, PhonePe, or IMPS. To buy SOL, first purchase USDT and then you can swap for SOL.

Using Peer-to-Peer marketplace on Huobi

Send crypto to your Wallet

To send SOL to your wallet, log in to your Huobi account. Copy your wallet address. You can do this by clicking on the wallet extension in your browser (for desktop) or clicking the account name in your mobile wallet.

Now click on assets on the top right navigation menu of the Huobi site. Select 'spot' from the drop down menu under assets. Click withdraw and paste your wallet address into the box under 'withdraw details'. Select SOL for the token to withdraw and select SOL for the chain (not HECO). Select the amount of SOL you wish to withdraw and push the withdraw button. The tokens will then appear in your wallet.

Withdrawing Sol from Huobi Exchange

Convert Crypto to Fiat

Once you've earned some SNS through train2own, you can cash out into your local fiat through Exchanges. You can swap SNS for USDT on the Kanon Exchange. Connect your wallet to the Kanon Exchange, convert SNS into USDT, and then use Huboi's Peer-to-Peer trading platform to turn USDT tokens into local fiat (by bank transfer, Paypal, and various country specific solutions.) You can also use your SNS tokens to buy additional Kanon NFTs, stake SNS in liquidity pools for yield, or cash out SNS for fiat (through DCEs). We'll show you how to cash out into fiat or invest your crypto in the Building Wealth module below.

Now you're ready to start training AI!