Israeli Blockchain startup Synereo destroys half of its native cryptocurrency holdings, worth $146 million dollar

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Synereo announced has recently announced that it has destroyed an aggregated amount of 731,108,937 AMPs – the company’s native cryptocurrency (worth close to $146,221,787 on the market) – essentially eliminating half of all AMPs in existence.

The destroyed AMPs have been held in various cryptographic wallets, controlled by Synereo, and were originally intended to be part of Synereo’s long term budgeting strategy.

In a blog-post announcing the move, Dor Konforty, Synereo CEO, explained that since Synereo’s platform will utilize a Proof-of-Stake Blockchain:

“…it would not make sense”  for Synereo to control more than 50% of the its Blockchain’s native currency.”

“This project will not help anyone if Synereo maintains an entrenched, centralized position. That is why we want to distribute AMPs as soon as we can, to begin establishing a truly decentralized economy. […] It was never our intention to be the central bank for our currency. Such centralization goes against the very principles Synereo stands for, but merely standing for principles is not enough,” he added.

Synereo further announced that AMPs remaining under the company’s control will be used to compensate developers as an incentive to build decentralized applications that run on top of Synereo’s platform. Additionally, a large part of Synereo’s AMP holdings will be distributed among “new users joining the network, musicians and other content creators […]”, in order to incentivize them to use Synereo’s system as a content distribution platform.

Synereo’s announcement comes 48 hours before the official start of its second fundraising campaign, on Sept 19th, during which a limited amount of the company’s AMP holdings will be offered for public purchase at a fixed price.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.