Blockchain startup Synereo attempts to break Ethereum’s monopoly on the supply of major DAPPs

Blockchain startup Synereo has begun trying to break Ethereum’s monopoly as the only major provider of distributed applications.

Blockchain consultant Baljeet Dogra said:

“Synereo is a strong contender with its new smart protocol language Rholang. Rholang is simple to use, can be used for faster programming, and will also have much fewer bugs, which is well accepted by the decentralized application (DAPP) development community.”

Synereo was originally known for its desire to create a decentralized media network, but according to its recent announcement, the company seems to be going all out with its own blockchain-based decentralized computing platform, which will be able to run all kinds of decentralized applications, of which the aforementioned decentralized social network is just one.

Tel Aviv-based Synereo announced that it raised $4.7 million in a previous crowdsale through the sale of shares and platform tokens AMPs.

premature

Asse Sauga, CTO of ProofOfYou, recognized Synereo’s Rchain (a blockchain based on the technology stack), which is currently in the early stages of development. He also confirmed that if Rchain completes the deployment and code testing in the blockchain scenario, then the benefits promised by Synereo in the development roadmap will be realized.

Although Ethereum is developing relatively steadily at present, there is still enough room for both parties to thrive in the blockchain ecosystem.

Sauga states:

“Ethereum is definitely ahead in terms of roadmap development, community business case adoption, and teamwork. But there is still a lot of room for both parties to grow in the market. It depends on the specific use case. Synereo focuses on socio-economic orientation, content management, and high transaction volume. Ethereum focuses on high-end, business-oriented platforms with different security levels and cryptocurrencies. They can complement each other very well, as shown by their current collaboration on Casper, a bond-based economic incentive consensus protocol.”

Funding is not the key

Beyond funding, Sauga explained that Synereo’s ability to achieve its goals depends on how effectively they handle potential issues, how well their team operates, and whether they can actively develop around the community. He believes that Synereo’s goals, ideas, and technology are very good, and now they just need to realize them.

Sauga said:

"Today, they have accomplished so much with so little money, which is a great achievement."

Sauga asserted that Synereo’s new developments will be warmly welcomed by decentralized application developers. He said it means there will be a greater variety of options for developers to choose from.

“The emergence of competitors in the market is always welcome and it will bring vitality to the ecosystem. Decentralized application developers will have better options to choose the platform that suits them. Synereo will definitely not be the last blockchain computer software platform. But it has some unique features.”

However, Dogra’s view is that Synereo has strategically reached a relevant level, but real-world blockchain applications will require smart protocols, Synereo’s user-friendly development environment, and testing framework.

He also told Cointelegraph why he believes Synereo is a potential threat in the industry. Dogra said:

“Synereo has some top talent involved, including Vitalik Buterin and Vlad Zamfir, and you can expect their collaboration to spark more cutting-edge ideas in the early stages. With Synereo having raised $4.7 million, they will be able to develop better and pose a threat to other blockchain platforms.”

Smooth development

However, Dor Konforty, CEO of Synereo, claimed that his company has received several applications that have tried to build on the company’s technology stack. This is the help that Synereo provides to developers.

Konforty says

“We are now in the final stages of interviewing and will soon select the first projects to receive AMP funding to build out Synereo’s technology stack. We have 300 applications and our team has spent a long time acquiring and selecting from many top development teams and projects. Overall, we are very excited to build the future of Synereo’s decentralized internet.”