Synereo, which is developing a decentralised tech stack, allowing web applications to exist without centralised servers, has raised over $4.7m (£3.85m) from a funding campaign last week, selling both equity and, their cryptocurrency AMP.
Synereo was initially known for its attempt to create a decentralized social network, but after spending years developing a decentralized social media solution on the basis of existing blockchain technologies, the company announced lately that it had widened its operations considerably in order to develop its own blockchain enabled decentralized computation platform, capable of running all forms of decentralized applications, the company’s social network being one such application.
With this move, Synereo placed itself in the forefront of the heated race towards a so called “World Computer” – a network of personal devices, functioning as a unitary virtual machine, rendering central servers and data centers redundant. This idea was initially proposed by the Ethereum foundation, and has since attracted several additional teams, providing little to no deviance from the original make-up. Synereo’s proposal is the first to introduce a significant improvement to the industry standard, offering a complete tech-stack – incorporating all faculties needed to support decentralized computation without central servers.
The recently concluded funding campaign was launched shortly after Synereo announced its Blockchain 2.0 architecture, called RChain, which lies at the core of Synereo’s evolved tech stack. Synereo stated that funds raised during the campaign would be used to expand its team significantly, ensuring that its RChain-based technology stack can go live towards the end of 2017.
According to Synereo, RChain solves well known problems of existing blockchains, enabling decentralized systems to be much faster, infinitely scalable and cheaper to maintain. In addition to that, and contrary to existing turing-complete blockchain solutions, Synereo’s platform comes with its own distributed cloud storage, allowing for efficient decentralized hosting of heavy media, as well as a reflective smart-contracting language. With this, Synereo hopes to be the first project to truly disrupt the traditional role of centralized servers.
In order to populate its platform, and to ensure fast growth and adaptation, Synereo has recently announced a sizeable grant project, inviting developers and entrepreneurs to develop decentralized applications for its platform, to foster the development of a decentralized ecosystem, competing with the current centralized paradigm.
In a major endorsement of Synereo’s technology, the Silicon Valley-based NFX Guild, partnered up with Synereo, and announced that it will include a selected few laureates of Synereo’s grant project in its prestigious Accelerator Program. James Currier, Managing Partner at NFX, explained the Guild’s decision to choose Synereo’s technology for the project, stating:
“If you do the analysis, Synereo comes out as the superior platform for developing decentralized apps. It runs fully distributed instead of massively replicated. It’s JVM top to bottom rather than Python. It’s forward compatible, vs other platforms anticipating multiple hard- forks. Synereo has the identity layer built in which provides distribution advantages and network effects. Lastly, fine-grained concurrency, vs other platforms’ linearity, provides greater speeds and scalability”
Since Synereo first announced its grant project, the company has received hundreds of applications of teams, eager to develop their applications on top of Synereo’s platform. Dor Konforty, Synereo’s CEO comments:
“We are now in the final stage of interviews, and will soon be selecting the first projects that will receive AMP grants to build on Synereo’s tech stack. We have 300 applications and it has taken our team a while to go through them and to choose from many amazing development teams and projects. Overall we are very excited at the level of interest to build the future of the decentralized internet with Synereo”
Synereo is now significantly scaling up its operations, and expanding the company’s team to refine the developer tools needed to build on its platform, and optimize the development effort of Synereo’s 2.0 tech stack. The company is actively hiring, and states on its blog that:
If you have the relevant experience, and are familiar with Scala, Blockchain technology, smart-contracting languages and decentralized computation in general, and are eager to work with a highly motivated and determined team, we invite you to visit our Job-Offering Page, and apply to one of the open positions.
According to Synereo’s development plan, the company’s anticipated RChain-based architecture will be up and running towards the end of 2017, ready to host Synereo’s social network beta shortly afterwards. In the meantime, Synereo is further developing the alpha version of its social network, and invites the public to install its alpha nodes and participate in the test phase of the network. Instructions on how to do that can be found on the company’s Github account, Youtube channel and slack.
Synereo is a Tel-Aviv based company that develops a decentralized tech stack, allowing web applications to exist without centralized servers.
- Daimler AG Joins Hyperledger Blockchain Consortium as Premier Member - February 21, 2017
- Voatz and Clear Ballot to Explore Blockchain Technology for Remote Voting - February 20, 2017
- New Blockchain Smart Contract Token Developed By GameCredits - February 20, 2017
- Blockchain Could Be a New Operating System for the Planet Says Jeremy Wilson, Vice Chairman of Barclays Corporate Banking - February 20, 2017
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017
- Bitfury Group and Government of Georgia Expand Blockchain Land Titling Project - February 10, 2017
- Expanse Project Announces Launch of the Expanse Bond System (EBS) - February 10, 2017
- WISeKey to Establish IoT Blockchain Center of Excellence in New York - February 10, 2017
- Blockchain Startup Coinfirm Gets $700k Growth Equity Via VC Funding - February 10, 2017
- Blockchain Health Startup Hashed Health Raises Nearly $2 Million in Initial Funding Round - February 10, 2017
- IBM Kicks Off Blockchain Initiative with Dubai Government - February 10, 2017
- Blockchain Pioneer Medici Ventures Invests in Factom, Inc. - February 7, 2017
- Canadian Blockchain Startup Equibit Raises Quarter Million Dollars in Day One of Initial Coin Offering (ICO) - February 5, 2017
- Blockchain-Fuelled Grantcoin Foundation Distributes Universal Basic Income (UBI) Grants To 1,132 People In 79 Countries - February 5, 2017
- Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet - February 3, 2017
- dotBlockchain Music Project Announces Partners - February 2, 2017
- Switzerland Promises to Ease Rules for Fintech and Blockchain Startups - February 2, 2017
- Netherlands’ ING Bank Completes 27 Blockchain POCs - February 2, 2017
- South African Blockchain-Based AR Game nears $1 Million in ICO Funding Goal - February 2, 2017
- The Wall Street Blockchain Alliance Announces New Blockchain Assets Working Group - February 2, 2017
- Tel Aviv’s Colu Launches Local Digital Currency for Liverpool – East London Next - February 2, 2017
- South Africa Mulling Over Blockchain Digital Currency - February 2, 2017
- Nine in Ten Governments Investing in Blockchain by 2018 Says IBM Study - February 2, 2017
- NATO Awards Estonian Blockchain Company Guardtime Contract for Next-Generation Cyber Range - February 2, 2017
- Microsoft and Tierion Collaborate on Attestations and Blockchain Proofs - February 2, 2017
- Irish Funds and Deloitte Trial Blockchain Proof-of-Concept - February 2, 2017
- Cambridge Blockchain Raise $2 Million for Digital Identity Enterprise Software - February 2, 2017
- National Altcoins – a Toy for Market Sharks or Godsend for Local Communities? - February 1, 2017
- TaaS, the First Fully Transparent Closed End Fund dedicated to Blockchain Assets, Announces ICO - February 1, 2017