Synereo is a Tel-Aviv based blockchain startup developing a decentralized, open-source social network. The lead developers have started the second round of their multi-phased fundraising strategy on the 19th of September. They disclosed their attractive multi-phase funding strategy prior to the company’s first sale in 2015. The open fundraising will last 30 days until the 18th of October. The launch happened 48 hours after Synereo announced the destruction of half of its AMP (its native cryptocurrency) holdings. The net worth of which is estimated to be around $146 million dollars. This was described as a move to relinquish its control of over half of the blockchain’s native currency. Synereo founder and CEO, Dor Konforty, revealed the company’s original outlook was contingent on selling more AMPs than they did. They also are planning to distribute the token sooner to its users.
For the second phase, Synereo is planning to offer AMPs at a fixed price. The purchasing bonuses are marked up to 15% on acquisition price. During the course of the funding campaign, the offering price will increase in three tiers. It also includes a bonus phase during the first 24 hours, during which additional benefits are available. The firm explains that the funds raised during this campaign are planned for significantly scaling up Synereo’s operations.
This majorly includes the following tasks:
- Expand the company’s team
- Optimize the development effort of Synereo’s 2.0 tech stack – the company’s decentralized computation platform
- Be able to run decentralized applications without central servers
- Refine the developer tools needed to build apps on top of it
Along with its fundraising efforts, Synereo releases the alpha version of its social network. According to the company’s development plan, this will maintain under continuous development until Q4/2017. That is the beta version’s launch on Synereo’s RChain-based, next-gen tech-stack. The funding is taking place at BnkToTheFuture, Synereo’s own campaign page. Synereo has already raised over $1.8 million in the first 24 hours and more funds are expected to flow in.