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Monday, May 10, 2021
Home News Israeli Blockchain startup Synereo destroys half of its native cryptocurrency holdings, worth...

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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