Synereo Raised Over $4.7m for Decentralized Computation Blockchain

The funds raised will be used to expand Synereo's team, ensuring its technology stack can go live towards the end

Synereo, a company developing a decentralized tech stack (allowing web applications to exist without centralized servers) got a major boost lately for its plan to “fundamentally redesign the way the internet works”. The Tel-Aviv-based startup concluded a successful funding campaign last week, raising more than $4.7 million, selling both equity and AMPs – the platform’s own cryptocurrency.

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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 recently announced 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, with the company’s social network being just one such application.

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With this move, Synereo placed itself in the race towards a so-called ‘World Computer’ – a network of personal devices, functioning as a unitary virtual machine, initially proposed by the Ethereum foundation. Synereo stated that funds raised during the campaign will be used to expand its team significantly, ensuring that its RChain-based technology stack can go live towards the end of 2017.

Growing the ecosystem

In order to populate its platform, and to ensure fast growth and adaptation, Synereo has also announced a 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.

Silicon Valley-based NFX Guild, which partnered up with Synereo, announced that it will include a selected few laureates of Synereo’s grant project in its Accelerator Program. James Currier, Managing Partner at NFX, states: “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.”

Dor Konforty, Synereo’s CEO, adds: “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.”

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