Synereo raises over $3 million to kill Spotify

Original Post : https://ihb.io/2016-09-21/news/synereo-raises-over-3-million-to-kill-spotify-28850

Synereo just had a highly interesting “secondary offering” that was very unusual in the crypto world. Usually in traditional equities markets, secondary offerings are carefully managed by a consortium of investment bankers and priced a little below the NYSE or NASDAQ spot price. To see this in a secondary token crowdsale proves the innovative technology of decentralized social networks like Synereo are just the start of something big.

I mean it’s going to be a much greater I think then the shift from the pre-internet times to today. – Dor Konforty, CEO and Co Founder of Synereo
It is important to Dor, the Israeli developer hard at work on Synereo and blockchain technology to create the best set of tools for the creation of any application or network in a completely decentralized and distributed way. Synereo is more than a social network it’s a way of organizing people and information and its decentralized structure loosely mimics the human brain.

From a leading Crypto Markets Newsletter

Two-thirds of all internet users communicate and share their lives on social networks. The number of sites that garner the most attention is surprisingly small compared to the massive number of users, and the traffic they generate is truly staggering. For instance – 1 of every 5 page views in the United States occurs on Facebook.

Tel-Aviv based blockchain startup Synereo is building a network owned by users and controlled by no one. Users connect directly to one another, via secure cryptographic channels that prevent governments, spooks, and marketing agencies from eavesdropping without your consent.

Synereo’s cryptocurrency, the AMP, compensates users for storage, computation, and bandwidth to the network; fueling the underlying decentralized servers.

Up until recently, Synereo LTD and its founders governed $300,000,000 worth of AMPs. But in a move to gravitate towards decentralization, the team have decided to burn about half of all AMPs held in Synereo’s wallets, including the “Founder and Future Funding wallets, effectively destroying over 731,108,937 AMPs worth close to $146,221,787 USD, based on recent market prices.