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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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