Blockchain startup, Synereo, has initiated an attempt to break the monopoly of Ethereum as the only major platform that hosts distributed applications.
“Synereo surely is a strong contender, with its new smart contracting language, Rholang. Rholang promises easy and faster smart contract programming, with fewer bugs which could be well received amongst the DAPP developer community.” says Baljeet Dogra, a Blockchain consultant.
Synereo was initially known for its attempt to create a decentralized social network, but with its recent announcement, the company has widened its operations considerably in order to develop its own Blockchain enabled decentralized computation platform, capable of running all forms of decentralized applications, the company’s social network being one such application.
The Tel-Aviv-based startup claims to have raised more than $4.7 mln in a recently concluded fundraising process, selling both equity and AMPs - the platform’s innate cryptocurrency.
Too early to call
The CTO of ProofOfYou, Asse Sauga recognises the existence of Synereo’s RChain as being in the state of early development. He also identifies the many benefits in the development road map for Synereo as the fact that they employ produced and tested codes on the Blockchain scene.
Despite Ethereum’s relative stability so far, Sauga thinks that there is enough room for both entities to thrive within the Blockchain ecosystem.
“Ethereum is quite ahead with the development roadmap, business-cases community and partnership. However, there will be a lot of room for both in the market. Much depends on particular use cases. Synereo can be more social economy oriented, with the content management and large transaction volumes. Ethereum can be more high-end, business oriented platform with a different security level and different currencies. They both can successfully support each other as well, as they are now collaborating on Casper.”
More than just money
Beyond funds, Sauga explains to Cointelegraph that the ability for Synereo to achieve its set goals depends on how effective they can deal with potential challenges, how they operate as a team and how much they can actively involve the community. He agrees that the goals, ideas and technical proposals of Synereo are great, and now they just need to accomplish them.
“They have accomplished a lot up to this date with very little funding, so it looks positive,” says Sauga.
Sauga also affirms to Cointelegraph that Synereo’s new development will be a welcome scenario for creators of DApps. He observes that it will automatically imply the availability of various options for developers to choose from.
“Another player in the market is always welcome and adds effort into the whole ecosystem. DApp developers will have better options to choose the right platform for them. Synereo will definitely not be the last Blockchain computational software platform. But it may have some unique features,” he says.
However, Dogra’s opinion is that Synereo is already strategically placed to become relevant within the industry. He notes that the real world applications of Blockchain require smart contracts, and with Synereo’s user friendly integrated development environment and test framework, it is strategically positioned within the market.
He also tells Cointelegraph why he thinks that Synereo could become a potential threat within the industry. Dogra says:
“Synereo had some of the top brains involved, including Vitalik Buterin and Vlad Zamfir, during the initial phases and you can expect this collaboration to come out with a cutting edge decentralization technology. With $4.7 mln raised, they are certainly well positioned to appear as threat to other Blockchain platforms.”
Already on a roll
However, the CEO of Synereo, Dor Konforty claims that his company has received several applications already wanting to build on the company’s tech stack. This is as a result of the grant offered by Synereo to developers.
“We are now in the final stage of interviews, and will soon be selecting the first projects that will receive AMP grants to build on Synereo’s tech stack. We have 300 applications and it has taken our team a while to go through them and to choose from many amazing development teams and projects. Overall we are very excited at the level of interest to build the future of the decentralized internet with Synereo.”