How Jonas Simanavicius Went from J.P. Morgan to Revolutionizing Web3 with Synternet

29 Apr 2024

Join us for an enlightening conversation with Jonas Simanavicius, co-founder and CTO of Synternet, as he shares his journey from working at J.P. Morgan to establishing a leading blockchain technology company.

Ishan Pandey: Hi Jonas, it's great to have you with us. Can you share a bit about your journey from J.P. Morgan to co-founding Synternet?

Jonas Simanavicius: Hi Ishan, thanks for having me here on Hackernoon! Absolutely! My transition from J.P. Morgan to co-founding Synternet was driven by a combination of deep financial expertise and a keen interest in technology. During my three years at J.P. Morgan as an Associate Applications Developer, I developed a strong foundation in both domains, which prepared me for my role as a CTO.

Synternet originated in Lithuania as a startup aimed at addressing the inefficiencies of the existing internet infrastructure, which was limiting user experiences. Together with friends, we envisioned a new framework that would be more secure, programmable, and user-centric.

By mid-2023, we shifted our focus to the blockchain and Web3 ecosystems, particularly to enhance data access, leveraging our tech expertise to meet increasing market demands. Our work in the Cosmos ecosystem and in AI, DePIN, and DeFi has positioned us as key players. As we prepare for our mainnet launch, there's significant interest from various businesses eager to join Synternet.

Ishan Pandey: Synternet recently transitioned to a new brand identity. What prompted this change, and how does it align with your strategic goals?

Jonas Simanavicius: The decision to transition to a new brand identity as Synternet was driven by a need to better reflect our evolving vision and strategic goals. Our core mission has expanded beyond our initial focus, evolving to address broader, more impactful challenges across the Web3 and blockchain landscapes.

We recognized that the future of the internet and Web3 hinges on permissionless, interoperable data. This realization prompted us to redefine our brand to align more closely with the role we aspire to play in this future. Synternet is not just a name but a statement of our commitment to providing a modular, interoperable data infrastructure that spans all major blockchain networks.

This new brand identity aligns perfectly with our strategic objectives by emphasizing our commitment to openness, accessibility, and innovation. It serves as a foundation for our efforts to enable more robust and versatile data interactions across the ecosystem, thereby fostering a more connected and efficient digital world. By doing so, we aim to empower developers, businesses, and end-users with the tools they need to create novel solutions that leverage the full potential of decentralized data.

Ishan Pandey: As the first On-Chain Streaming Oracle for Web3, could you elaborate on how Synternet's technology is transforming blockchain data access?

Jonas Simanavicius: At Synternet, we're driven by the conviction that permissionless, interoperable data will serve as the foundational building blocks not just for Web3, but for the future of the internet itself. It's our mission to transform this vision into reality.

By providing modular, interoperable data infrastructure solutions that enable universal access to real-time data from any blockchain, we're making centralized data services obsolete. With the introduction of AEAs (Autonomous Economic Agents) that empower developers to create composable, use-case-specific applications, Synternet is poised to unlock unprecedented opportunities for innovation and set new standards for interoperability.

Ishan Pandey: Synternet's ecosystem is quite dynamic. Can you discuss the roles of publishers, subscribers, and brokers within this ecosystem?

Jonas Simanavicius: The Synternet ecosystem operates through a dynamic network orchestrated by our Data Layer, designed to ensure efficient access to blockchain data. This network comprises publishers, subscribers, brokers, and observers, each playing a crucial role in the ecosystem's functionality and security.

Publishers are the cornerstone of our network, responsible for generating and streaming data to the broker network. Each stream they publish is identified by a subject, which allows for a diverse range of data to be freely contributed and accessed.

Subscribers form the demand side of the market, paying to access the data provided by publishers. They negotiate the price of data through on-chain agreements facilitated by our developer portal, ensuring transparency and fairness in transactions.

Brokers are key to the data delivery process, acting as intermediaries who facilitate the flow of data from publishers to subscribers. To participate, brokers must register and deposit NOIA tokens, which helps to ensure their commitment to the network and deter freeloaders.

Observers also play a vital role by overseeing the accuracy of the proofs submitted by brokers, adding an additional layer of integrity and trust to the ecosystem. They, too, must register and deposit NOIA tokens as a commitment to their responsibilities.

Together, this structured framework not only enhances the reliability of our blockchain data infrastructure but also supports our goal of democratizing access to blockchain data, thereby fostering a rich and innovative ecosystem for all participants.

Ishan Pandey: Security and trust are crucial in data services. How does Synternet ensure the reliability and security of its on-chain data streams?

Jonas Simanavicius: Excellent question! Security is a topic I am particularly passionate about. At Synternet, ensuring the security and trustworthiness of our on-chain data streams is paramount, and we've implemented several key mechanisms to maintain these standards.

Our Data Layer operates on a decentralized publish-subscribe framework, which significantly minimizes centralization risks. This allows for direct data streaming to applications and smart contracts, circumventing the computational bottlenecks and security vulnerabilities typically associated with traditional oracle systems.

At the core of our security measures is the Synternet blockchain, a scalable Layer 1 solution optimized for efficient cross-chain data delivery. We bolster the security of this system through NOIA tokens, which participants must stake to operate network nodes. This staking mechanism ensures that all parties involved have a vested interest in maintaining the network's integrity and security.

Furthermore, we continuously monitor our network for any vulnerabilities and swiftly implement updates and patches. This approach is crucial in ensuring that our infrastructure remains resilient against emerging threats.

Through these comprehensive measures, we ensure that our data streams are not only secure and reliable but also uphold the high trust standards necessary for effective blockchain data services.

Ishan Pandey: Given Synternet's recent initiatives, what key milestones do you aim to achieve in the near future?

Jonas Simanavicius: As Synternet approaches a series of crucial milestones, our focus remains sharp on advancing our technology and broadening our ecosystem impact. In the near future, we are set to achieve several significant goals.

A major development on our horizon is the mainnet launch of the Synternet blockchain. This pivotal move will activate our infrastructure to fully support real-time, cross-chain data streams, significantly enhancing the robustness and capabilities of our data services. Alongside this, we are preparing to introduce a fully operational token bridge that will connect the Ethereum and Cosmos ecosystems. This bridge is designed to facilitate seamless value transfers between these networks, expanding our reach and improving integration with existing blockchain infrastructures.

Additionally, we are committed to enhancing the experience for both publishers and developers who interact with our platforms. Upcoming enhancements will simplify processes, improve access to data streams, and upgrade overall user interactions. Concurrently, we are focused on increasing the liquidity of the NOIA token through additional exchange listings, a move that is vital for improving the token’s accessibility across broader markets.

Moreover, we are strengthening our ecosystem through strategic partnerships, which are crucial for scaling our solutions and extending our market presence. Looking ahead, we are finalizing the details of our roadmap for the remainder of the year and beyond. We are excited to soon share more updates and insights that will outline the future trajectory of our initiatives.

Ishan Pandey: Lastly, how do you envision Synternet influencing the broader landscape of Web3 and decentralized technology?

Jonas Simanavicius: As the CTO of Synternet, I envision the Data Layer protocol as a transformative force in the Web3 landscape. We are dedicated to enhancing interoperability across blockchain networks, ensuring real-time data access, and improving developer tools to facilitate easy integration and innovation. Our goal is to establish Synternet as a leading data infrastructure ecosystem widely used for various applications across DeFi, AI, DePIN, NFTs, and governance. The potential use cases are vast and impactful, and I encourage everyone to go out there and start building!

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