Snx token | BTCC Knowledge

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What are SNX tokens and how do they work?

SNX tokens are used as collateral when you want to create synths, which are synthetic assets that you can trade with other protocol users. In this way, you don’t actually hold the underlying asset, but rather trade with what it’s worth. This dynamic makes the whole platform quite similar to traditional binary options.

What is SynthetiX (SNX)?

Synthetix (SNX) is one of the top Decentralised Finance (DeFi) platforms in existence. According to Coinmarketcap their native token $SNX ranks no.7 in terms of market capitalisation compared to other DeFi tokens. Synthetix itself is primarily a decentralized exchange but also a synthetic asset issuance platform.

What is token-based authentication?

Token-based authentication is different from traditional password-based or server-based authentication techniques. Tokens offer a second layer of security, and administrators have detailed control over each action and transaction. But using tokens requires a bit of coding know-how.

How do tokens work?

After verification, the server issues a token and passes it to the user. Storage: The token sits within the user's browser while work continues. If the user attempts to visit a different part of the server, the token communicates with the server again. Access is granted or denied based on the token. Administrators set limits on tokens.