Synereo, the startup that is building a social network on the blockchain, has unveiled the prototype of its node software and changed the rules of its ongoing crowdsale of native coin AMP.
In January, the teams behind Synereo and Splicious, another crowdfunded blockchain-based distributed social platform, announced that the projects were merging under the Synereo brand. The merger incorporates Splicious’ more developed tech stack with Synereo’s attention economy model.
On Friday, the joint project revealed a prototype and a tech demo of the decentralized node software that will be a part of the social network.
Dor Konforty, Synereo’s CEO blogged:
It took us over 4 years to develop the P2P technology stack that powers Synereo.
Today, we are proud to announce that we have a working prototype of node software that handles all types of Internet communications without relying on any central server.
Synereo is selecting hackers to build the first features of the blockchain-based social network through a bounty program.
Konforty added regarding developer contributions:
We’re going to set up many types of bounties for more than just coding and hope to see involvement from all of our supporters. For this purpose, we’ve set up a new Slack channel, allowing everyone who’s interested to engage with us directly.
We want people to start getting a feel of Synereo – play with the bits, contribute their ideas, and provide us with their feedback as we develop the next-gen of social networking.
Through this process, we’re also looking to find paid Synereo developers and developer community leaders who will help us take Synereo to the next level.
We are very happy to have you with us on this day. A working prototype of a decentralized social network is a major step to making Synereo a mainstream reality.
Synereo Tech Demo
All communications on Synereo are encrypted and transmitted peer to peer. There is no way to any entity external to the interaction to look in on it.
Information flow in scenario is governed by our attention model designed to bring the best experience possible around the things you love and experience.
AMP Token Crowdsale Rule Changes
The prototype unveiling has occured in the midst of Synereo’s crowdsale of its AMP token, a cryptocurrency deployed as a meta-coin on top of the bitcoin blockchain, using the Omni-Layer (formerly Mastercoin). Launched on 23 March, the Synereo crowdsale is being audited by the Omni Foundation. Synereo also issued AMPs to those investors who took part in the crowdfunding of Splicious in 2014.
Last week, Synereo announced that it was being forced to change the rules of the AMP token crowdsale as a result of insufficient demand. Synereo did not have a presale and initially its founders declared that the USD/AMP rate would remain the same for all backers in the crowdsale.
This has changed, as Konforty explained:
Although we have received contributions from over 100 backers in less than two days, we are hearing from many, many more that they are sitting on the fence waiting to see if others go in first. It seems that the crypto-community is accustomed to the sliding rate mechanism by now, and it’s hard to break the habit: people are – and who can blame them? – trying to get as much information as possible before making a decision about what to do with their money.
And so, to sweeten the pot a little, we’ve decided to establish the following mechanism:
Each AMP sold in our crowdsale will be more expensive than the one preceding it. Each dollar contributed will purchase fewer AMPs.
This means that people who believe in Synereo and who choose to support it sooner will enjoy a greater AMP reward.
This is how the price of the AMP tokens will change through the crowdsale:
- The first dollar contributed is worth 185 AMPs.
- The six hundred thousand and first (600,001) dollar, the middle point of the sale, will be worth 154 AMPs.
- The last dollar contributed in the crowdsale will be worth 123 AMPs.
- The second dollar is worth 185 – (185-154)/600,000 AMPs, or 184.99994833 AMPs.
- The one hundred thousandth dollar is going to be worth 179.8333 AMPs.
- And so on.
The other major change to the AMP crowdsale is that all coins allocated and not sold will be destroyed rather than returned to their wallet pool.
According to Konforty:
This means that the total value of coins out there will be lower if we don’t reach our sale cap, giving our supporters another hedge against their early contribution: with a lower cryptocurrency marketcap valuation, there will be more room for growth for their AMPs, and their relative stake of the overall AMP pool will be higher.