Blockchain-powered social network challenges Facebook and Twitter

Synereo, a Tel Aviv-based startup that has developed a decentralized open source social network, has revealed that its product will enter alpha in September this year. Synereo's alpha version is a smart contract application built on the company's distributed technology stack, which uses the blockchain network to form a peer-to-peer network.

Synereo's blockchain-based social network disrupts the current social networking model, returning control of content, personal information and monetization to users. In addition, unlike existing social networks such as Facebook and Twitter, the Synereo social network cannot record or store any type of personal information, nor will it be sold to third parties or advertised to users. Instead, all network transactions and relationships are encrypted on a distributed ledger and only accessible to the parties involved.

The Synereo network operates without any central servers or data centers. Instead, the network compensates users for their contribution of storage and computing power when they support this distributed network through their personal devices. In addition, the startup intends to adhere to the principles of the attention economy and provide financial rewards to users who create and curate content that people like.

The alpha version of Synereo will include features such as posting simple messages and images, #hashtags and decentralized search. In addition, users will be able to promote content by charging for their posts using the test network's native cryptocurrency (called AMP). In turn, if users view the promoted content, they will receive a certain amount of AMP as compensation.