The Daily Chain: SynQ Interview with Co-Founder David Hoverman
I sat down with David Hoverman, Co-Founder, to talk about the platform in more detail.
Can you briefly summarise SynQ in your own words? What is your mission and what problem are you trying to solve?
SynQ is the first crypto forecasting application built for the retail cryptocurrency trading market. Simply put, it is a data analytics application that deciphers large amounts of consumer, sentiment, and market data to deliver predictive analytics that help consumers understand when/where cryptocurrency price action may occur. It also visually displays important correlations within the market to help paint a picture of probable price action. By utilizing data currently available, and deciphering it through business intelligence methodologies, we are able to create consumer models, asset and consumer classifications, and asset health scores that factor into creating highly accurate predictive analytics for the retail market, as well as interested enterprise customers.
Our mission is to bring complex predictive analytics to the masses in an easy-to-use, and understanding way that both empowers the consumer, and invigorates the market. The problem we are trying to solve is access, at scale, to predictive analytics and data analytics software for the retail cryptocurrency market. Institutional grade products are scarce, and we want to flip the market on its head and offer these services to those who need it: the retail market.
You recently announced a partnership with BKCoin Capital – a digital asset hedge fund based in NY. Can you talk about the significance of this partnership and what it means for your platform moving forward?
We think Carlos, one of the founding Principles of BK Coin Capital, said it best:
“Our team believes that cryptocurrency markets are increasingly influenced by investor’s emotions. Today, retail investors make up a significantly large portion of cryptocurrency market participants. Unlike traditional markets where a company’s financial information is readily available, cryptocurrency market participants lack reliable financial information because most crypto-companies are currently in the early growth phase of the business life cycle. By using SynQ’s innovative predictive analytics solution we expect to have real-time signals that will help us understand cryptocurrency market participant’s behaviors and sentiment. ” – Carlos Betancourt, Founding Principal at BKCoin Capital.
This partnership is a huge win for us in multiple ways. We gain a trusted and skilled partner to utilize our data and to work with us going forward, as well as planting a flag in the market that lets consumers know that they can trust our data and our forecasting. The guys at BK Coin Capital are ahead of the curve when it comes to innovation in trading, especially in the cryptocurrency market, and we are excited to help them gain an edge in the market and see higher returns.
You state on your website that you have a strong commitment to community. How do you plan on bringing the community together to share ideas and collaborate?
Our ethos is “of the community”. Our commitment to the community is why we created SynQ UP, SynQ TEAM, and SynQ EDU. They encompasses the very core of communication and open-forum knowledge sharing at all levels of consumer adoption. Showing consumers how their content consumption can mold the future of their interests is the ultimate end-goal for SynQ.
To get more involved with us directly, our SynQ UP community is available to access at io.synq.tech. SynQ UP is completely free to use, and we custom built it to solve all of our crypto-focused community needs. Community is a huge part of what we do, so we want to give people the tools to build better, stronger, more educated communities going forward.
How can the average retail trader or investor best utilise the platform for the most effective results?
For starters, we have a SynQ Free Weekend going on from Aug 16 – 19 in which anyone and everyone can sign up to use a SynQ PRO account ($500/mo value) for all four days. Our goal here is to give traders a taste of what SynQ has to offer and dispel the naysayers.
The cool thing about SynQ is there are many ways to use it. The price projections are split into two different charts. You have “long form projections” that can be anywhere from 3 hours to 48 hours in the future, and you have short term “entry and exit projections” that can be anywhere from 30 minutes to 2 hours in the future. The long form projections are great for setting trade targets a few days ahead, and the entry and exit projections are great for short term scalps and/or finding entries and exits for positions you would like to take.
We also have a treasure trove of helpful data visualizations to help paint a picture of probable price action. Buy and Sell Pressure can show you exactly where the order book pressure is pushing price action, Social Influence serves as an index for consumer outlook towards a certain cryptocurrency, and Order Distribution helps you see where hidden buys and sells are, which usually aren’t that obvious on the order books. Plus we have news, price alerts, volume and price information, with more being added every week.
Is it simple for users to sign up and can they trial any of the tools for free?
After the free weekend that we mentioned above, we will be opening up retail access for anyone to sign up. There will be a 3 day trial period for every user so they can get a feel for the product before they start paying. It may be important to note that after the free weekend, we will be reserving sign ups at price levels below the $500/mo price point for savvy and eager customers. So, for anyone curious, signing up early means a cheaper price for your early months.
Are there any exciting updates around the corner?
We just implemented some major updates and have more on the way every week.
Our recent upgrades include upgrading databases to allow for faster data output and service speeds and adding new data visualizations to help interpret projections.
Other than the free weekend from Aug 16 – 19, we are adding in more crypto pairings beyond USDT, such as BTC and other stablecoins, more exchanges beyond Binance (Coinbase Pro, Kraken, etc), and have some other fun updates in the works for our community app SynQ UP that is a game changer for crypto communication, and community management for free and paid groups.
What is the ultimate SynQ vision?
The vision for the SynQ, beyond being the one true leader in crypto forecasting, is to create the very first instance of Utility Media: online sharing and consumption of media with the expressed purpose of learning from the communities and influencers within. SynQ is just the tip of the iceberg for us, and the other apps within the SynQ Suite allow us to combine data analytics, social communication, project management, and education, all under one roof. Combining shareable data with community focused applications, all under one profile, allows for a new shift in how people engage with others online. We want to expand the access of market, sentiment, and block-level data in a unique way that puts an emphasis on community and collaboration.
I thank David for this time.
As a Daily Chain Special Offer you can get $100 off your first month using this link if you sign up after the free trial.