Synereo

 

The Team

Creator Dor Konforty, Andy McCutcheon
Creation Date March 2015
Headquarters Tel Aviv

 

What is Synereo?

Synereo may well be the oldest social media crypto project. The project was started in 2014 – which makes it old by crypto standards – with the aim of creating a decentralized social platform where creators are rewarded fairly for their content. It defines itself as an ‘attention economy tool’ whereby creators are fairly rewarded the more attention their content gets. Synereo is powered by AMP – the token used to reward content on the platform.

WildSpark is the first- and so far – only – project to be created by Synereo. WildSpark works on top of Youtube and other content platforms, and allows content creators and promoters of good content to be fairly rewarded, on the blockchain.

There have been problems and dissatisfaction recently around Youtube, due to its heavy centralized governance. Some creators have not getting fairly rewarded for their content, and some content is being banned altogether. Wild Spark is a way of allowing all creators to be fairly rewarded based on the quality or popularity of their content- in a decentralized system rather than limited by the heavily centralized Youtube. A lot of content that goes viral is bot or marketing driven- rather than going viral purely as a result of its quality or popularity. WildSpark gives more power and incentive to users to promote content and could thus lead to content going viral more naturally.

The WildSpark platform doesn’t contain any new content – it’s a website with YouTube videos, shared either by their creators, or by people who think the video is worth sharing. The platform also supports Medium and Imgur, with plans to add more supported sites in the future. The platform allows both creators and sharers to get rewarded for the content they create, or share, as well as allowing you as a user a way of rewarding your favorite creator, or the person who shared that content.

There has however been a lot of mistrust around Synereo – there are many accusations that it’s a scam and many ICO investors feel cheated that the platform raised $4.7m (in their second ICO in 2016) and then never did anything with that money- many are still wanting their money back. There have obviously been huge tensions within the team, with a 2016 video release showing the deteriorating relationship between the CEO and CTO, with this division in the team preventing a lot of work happening on the project, which has further raised suspicions and mistrust in the project. This also caused divisions between investors who had previously been loyal to the project – with some supporting the vision for the RChain blockchain, and others wanting work to progress on the Synereo social network. CTO Greg Meredith left/ was ousted from Synereo in 2016 as he wanted to spend Synereo funds on his next project, Rchain.

How does WildSpark work?

  • AMP holders can create videos, upload them to YouTube, and share the link over the WildSpark website.
  • That video can be viewed on the WildSpark website. You are still watching the video over YouTube, WildSpark does not host the content.
  • After watching the video, other AMP holders can send AMPs to the video creator by using a browser extension. The extension supports all major browsers, but works only on the WildSpark website.
  • The extension is basically a floating button. When you click on it, a small screen appears and you just specify the amount of AMP you are going to send.
  • The content creator gets rewarded AMPs in his wallet automatically. Also- anyone sharing content made by someone else can also be rewarded with AMPs.
  • If you like a video and want to reward it with AMP tokens- of these, 1/3 go to the creator, 1/3 go to the person who shared that content with you, and 1/3 to the ‘fractal reserve’ fund. If the people you share the link with like it and want to reward it, 1/3 of their tokens they reward it with would go to you, as the person who shared it with them.
  • After sending AMPs, you receive a personal referral link and become a “curator”. You can share this link with your friends- if they decide to reward the creator of the link, you would also get 1/3 of the tokens they award.

Issues with Synereo

The developers reserved 61% of all the coin supply for funding purposes- claiming that they will only release these for bringing more users to the platform. This has however been the cause for some controversy- and does show how far the project is from being decentralized at this stage.

Initially the team had planned to create a whole new, fully scalable blockchain – they eventually realized this would take longer and wanted to get their attention economy products out as soon as possible. This caused a divide in the team, with Greg Meredith and others leaving, to eventually found Rchain. Synereo are only just releasing their first products and are working on finding a suitable blockchain to partner with to make the project fully centralized – they now plan to move over to Ethereum in Q2 2018. A problem they are currently facing, is slow and expensive transactions on the Synereo blockchain – which has sparked its move to Ethereum.

They raised $5 million during the crowdfunding campaign and announced a product called “Qrator” in April 2016. For almost a year, no new developments were announced. In July 2017, they re- branded the product, started to call it “WildSpark” and became more active on social media. Neither of the founders had any prior experience in crypto – Mr. Konforty is a soldier and a neurobiologist and Mr. McCutcheon is a casino games developer. Whilst this project isn’t anywhere near as known as it could be, it is being mentioned across crypto-youtube and seems to have a loyal fan base- it would be one worth keeping an eye on.

The Coin

Coin/Token Name AMP
ICO Date / ICO Price September 18, 2016 / 1 AMP = 0.28 USD
Is The Coin/Token Live? Yes
Total Supply 949.291.063
Current Value (Total) $ 22.381.864
Mineable No

 

The Future

Available In Can be used only on its own platform / can be traded into other crypto-currencies and Fiat currencies via exchanges
Can Be Traded In Bittrex, Poloniex, UpBit, Cryptopia, HitBTC
Can You Buy It With Fiat Money? Yes

 

The roadmap of the project is:

  • Q1 2019: Product X – the beta of the decentralized platform of Synereo starts
  • Q4 2019: Platform fully launches