Tag: decentralization

What makes Blockchain the future of Databases

Posted on | by [email protected]

Bitcoin is a form of digital currency designed to replace the existing monetary system. Owing to the low transaction fee, non-requirement of a third party and ease of transaction it is being looked as a really good alternative for fiat currencies. It is powered by ledger based technology that depends on high computing power to enable transparency, speed and decentralization.  While the fate of the currency is still in question, the underlying technology has received wide reception for its applications. Technology enthusiasts were quick enough to understand the disruptive nature of Blockchain and immediately hunted for real time applications. Let’s look into the characteristics that make Blockchain so disruptive:

Decentralization:

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On a holistic level, Blockchain technology can be termed as a collection of databases. The only difference in this network is that unlike traditional databases, each database can be operated by different entities. To be more specific, independent nodes can access this network and operate on it. Traditional databases have few limited users who have complete control over the database.  Blockchain network is completely decentralized with the operations requiring approval from each node, making it transparent and democratic at the same time.

Few variations of the same ledger based technology find numerous applications in the field of financial services, ecommerce, supply chain and wholesale industries. With right constraints and access Blockchain is sure to revolutionize many fields in the near future.

Immutability:

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Blockchain has gained quick reputation for applications in Finance owing to its immutability. Data written to a Blockchain is literally data etched in stone. Owing to this immutable or irreversible property, Blockchain can be used to track transactions of an account, products in supply chain and land registries in real estate.

Exchange of Assets:

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A decentralized network that is immutable certainly forms a strong foundation for the development of an exchange platform. That is how Blockchain has served with Bitcoin and it can be extrapolated to serve as an exchange means for other digital assets. Most of the major banks are looking into this aspect to enable quick cross border transactions and trade settlements.

Synereo’s Second Fundraising Campaign Raises Over $3M #HOT

Posted on | by [email protected]

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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.

Synereo has decided to destroy $146 million worth AMP
Synereo has decided to destroy $146 million worth AMP

Returns Planned:

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:

  1. Expand the company’s team
  2. Optimize the development effort of Synereo’s 2.0 tech stack – the company’s decentralized computation platform
  3. Be able to run decentralized applications without central servers
  4. 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.

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