After raising 20 million in 24 hours, what is the next step for the social network Synereo?

It is not uncommon to apply blockchain to social networks. Synereo, created by an Israeli team, is one of them. The Synereo social network is based on encryption, decentralization and peer-to-peer network platform. Its core concept is to eliminate centralized communication services and content distribution that cannot guarantee the security of user data.

With Synereo, there is no need for a central server, user information cannot be blocked or stolen, and no centralized entity can monitor user behavior, delete posts, or conduct censorship. Users have full control over their own networks, their connections with each other, and the value they create.

Synereo makes full use of the "attention economy" to rank each user's fame based on their network ranking and content likes, and rewards users who create and manage popular content with system tokens AMP.

Dor Konforty, founder of Synereo, has been involved in the field of Bitcoin and blockchain since 2011. He was trained in the Israeli Air Force Information Technology Department and holds a master's degree in neurobiology from Tel-Aviv University's interdisciplinary research project, neural networks. Chief Technology Officer Greg Meredith was the chief architect of Microsoft and designed the process orchestration of Microsoft's Biztalk project, which triggered multiple industry standards, including WSDL.

Greg Meredith and Dor Konforty started the Synereo project in 2014. There are 11 other core developers and 7 advisors and mentors.

In March 2015, Synereo conducted its first crowdfunding, raising a total of $128,000. On September 20 of this year, Synereo launched its second crowdfunding globally, with a cap of $8 million.

Up to now, the crowdfunding amount has exceeded 3 million US dollars, equivalent to more than 20 million RMB, including nearly 1.5 million AMPs sold by Yunbi Exchange, with a total of more than 170 people participating.

Unlike the first round of crowdfunding, Synereo pays special attention to the Chinese market this time. On the first day of crowdfunding, Synereo founder Dor Konforty held a real-time Q&A session on Babbitt, answering in detail various questions from Chinese community users about Synereo. The following is a summary of the main content:

What have you done from the first round of crowdfunding to now?

Dor: The community behind Synereo, including many people who have gone from enthusiasts to people working on the project, has grown tremendously. We already have 1,300 people in our Slack community, and thousands more on our newsletter and various social media. We have 4 other development teams working on dAPPs on the platform, and over 300 people signed up to work on our scaling efforts, either for the platform or developing their own dAPPs.

Synereo’s founders have presented Synereo’s technology and vision for decentralization and beyond at numerous conferences, trade shows, and blogs. The Synereo team has participated in two very well-known startup accelerators and has received guidance and mentorship from Silicon Valley industry leaders. Greg Meredith, Synereo’s CTO has been working closely with Vlad Zamfir and Vitalik Buterin on Ethereum’s Casper. Both Ethereum and Synereo’s next-generation blockchains will use the POS protocol.

Where did the first crowdfunding funds go?

Dor: Since the first crowdsale in March 2015, more than 60% of the funds raised, including fiat raised and AMPs, have been used for development. This is what made it possible to launch the alpha version of the Synereo social network. As Synereo's technology stack matures and our available software nodes increase, it will enable other teams to develop decentralized applications on our platform. As development moves towards the release of the next version next year, we will show how Synereo's smart contracts are more advanced than Ethereum after we design and create specific parameters for the technology.

We do not expect additional funding rounds, and the Synereo project can maintain and develop the network and technology by charging small fees.

Why does this crowdfunding pay special attention to the Chinese market?

Dor: You mentioned part of the reason (China's social network censorship mechanism and the existence of GFW). In my impression, Chinese people should care more about privacy issues than their Western counterparts.

In addition, we already have a partner (https://www.synereo.com/partners/) who is building his own application using our technology. He also believes that the Chinese market is a good fit for this project, partly for privacy reasons - but also because of the many other benefits our platform provides.

Do you have plans to expand into the global market?

Dor: We hope to establish some groups and organize some meetups around the world, which is why we developed the AMP program and why we distribute AMP rewards to global development teams.

Compared with other social networks such as DECENT and STEEMIT, what are the characteristics and advantages of Synereo?

Dor: The three digital currencies are different in core products, actual technology and supply.

Steemit is not decentralized. It is just an interesting idea, but it relies on the blockchain, and many people think it cannot be considered decentralized (or blockchain) at all. Its power is only in the hands of a few people through the DPOS consensus mechanism. Steemit's goal is to reward those who create high-quality content, but their model is not as robust as Synereo and is susceptible to simple manipulation (such as bot attacks). And it is very easy to be influenced by a large number of coin holders.

DECENT is a new project, unlike Synereo, they don’t have any real code releases or real applications or technologies to use and evaluate, so it’s hard to judge. They are focused on P2P content distribution, which is also the main direction of our platform development for many years. Our CTO created the content distribution capabilities of our network when he was the chief architect of Microsoft, and later he used this technology to start over and re-create a new version in a completely decentralized way after he left.

Other advantages: Synereo is the first and only fully decentralized and distributed social network economy. And able to collaborate with the rest of the world. Our network is a true P2P network that does not require any central processor. Synereo has a top development team in the industry with many years of development experience. Our leader Greg Meredith is a former senior partner of Microsoft and has published many patents and academic papers under his name.

With the Synereo network, no government or other centralized authority can shut down the network, especially in times of crisis when ordinary people need to communicate directly the most. In a completely decentralized space, ideas and content can flow freely on the network. Synereo's node software can be installed by anyone who wants to use our P2P technology.

Our key differences:

• Synereo has been in full-time development for many years.
• We are fully decentralized. Fully functional APP enables complete P2P communication, which was not possible before (ie: not just Torrents/and exchanging data).
• An economically sustainable decentralized and distributed network model based on the flow of information and value on the network being managed through a focus on economics.
• Synereo has a formally regulated high-concurrency blockchain capability to scale to meet the needs of large-scale platforms on the Internet, such as: Facebook, Twitter and WeChat.
• Developed based on mathematical operations and specifically focusing on parallel and distributed computing, Synereo uses canonical computer science methodologies across the technology stack.

What other plans do you have for the future?

Dor: The beta version will be released next year. https://blog.synereo.com/2016/09/15/synereo-dev-timetable-2017-2018/

We have released a roadmap for mobile APP plans. It may take several years for mobile phones to become reliable distributed nodes. We have learned a lot from the WeChat model and plan to provide similar functions. In the future, many related apps will be able to implement chat functions.

Development plan map

Still have questions that need official answers? Synereo discussion area: http://8btc.com/forum-129-1.html