8.1 Motivation
Last updated
Last updated
This section describes Kanon Exchange.
Kanon Exchange’s long-term vision is to become the NFT based data marketplace for the masses, not just for scientists and professionals.
Kanon, the data token for Synesis One, is much like a share of a REIT (Real Estate Investment Trust) except it’s purely digital and fun to collect. It is akin to a royalty-earning contract like the copyright of a book that appreciates in value over time. Therefore, Synesis One’s team considers data an asset class that deserves dedicated decentralized marketplace or exchange (DEX) for active trading. Kanon Exchange is the physical representation of that ideation and will evolve into a diversified NFT-based digital asset trading platform.
Initially, Kanon Exchange will be the native marketplace for Kanon in the Web3 environment. Kanon will also be available on other popular NFT marketplaces for trading, creating a robust secondary market. Correspondingly, Kanon Exchange will also trade other datatokens over time. All trades of Kanon on Kanon Exchange will incur a discounted trading fee collected by Synesis One’s treasury. The process of minting a Kanon is done via a Smart Contract during the Kanon Token Generation Event designed to distribute Kanon to the widest possible community of potential Kanon holders. A newly minted Kanon will be put into a mystery box with the 24-hour time lock so that its holder will not know the content until it’s fully unlocked for secondary trading.
