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, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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