Cryptocurrencies

SynQ launches its secure crypto communication platform to beat scams

CryptoSyndicate has announced the release of its alpha mobile version of SynQ, a next-generation communications platform designed specifically for the crypto community that resolves the scams and spams issues associated with some similar services.

The US-based firm, which has gone from being a crypto discussion group to a software as a service (SaaS) startup, claims in a newsletter that its new messaging platform model makes key improvements for crypto users and will challenge existing platforms such as Slack, Discord and Telegram.

“With SynQ, we’re addressing the failures of applications currently used by the crypto community,” said CryptoSyndicate CEO Enrique Gutierrez.

“They’ve been designed for people other than crypto users, and it shows. They can introduce all the integrations they want. It doesn’t change the fact that these platforms aren’t secure against scammers, don’t allow for easily threaded conversations, and can become incredibly expensive if the community grows too large.”

The platform offers users public, private and premium channels and provides community moderators with the ability to create read-only channels that auto-populate comments into message threads. It also allows moderators to deactivate, ban, and mute users for specified periods of time.

SynQ addresses spam and scams

The firm says SynQ is also designed to address the current issues of crypto spam and scams. The firm cites a report that detected about 15,000 Twitter bots created exclusively to scam users out of cryptocurrency. In July, cybersecurity firm Kaspersky claimed users lost millions of dollars in Ethereum (ETH) to crypto scams in 2017.

CryptoSyndicate COO Nick Mancini says that “one of the biggest complaints we’ve heard is crypto moderators don’t have the tools to develop their communities securely. SynQ uses a closed API system that keeps scammers from creating bots and spam scripts that run phishing scams”.