Synereo, a next generation decentralized and distributed social network, will commence its crowdsale of AMPS on March 23, 2015 at 8:00 PM GMT.
The AMP is Synereo’s information flow currency, and its purpose is to “AMPlify” the ability of a user’s content to spread throughout their network and increase the chances of it being seen by more users. This is done by increasing its so-called “Current”, a measure of the power of messages flowing through the network.
There will be 1,000,000,000 AMPs initially created for the crowdsale. 18.5% or 185,000,000 AMPs will be sold. After the initial 1,000,000,000 AMPs are created, 5% will be created annually to reward people as a Proof of Social Contribution (POSC) mechanism. This can be found in the Asset Policies document here.
The Synereo crowdsale is supervised by the Omni Foundation. The Omni Foundation has access to all transactional information, with their executives serving in the role of trustees for the AMP tokens. Synereo has no access to these funds without their approval. See Synereo's Asset Policies document for more information.
Synereo has been working on their distributed tech stack for over four years and has embarked on this crowdsale to create their next-gen social networking application on top of it. Since the social network is fully decentralized and distributed, anyone should be able to run a full Synereo node. This is no simple task, as a Synereo node is much more complex than a standard cryptocurrency wallet.
CEO of Synereo, Dor Konforty says:
“This isn’t just about security. It’s very easy to break a service you use locally. It has to be tight. You don’t have Uncle Google taking care of things in the background.”
Being a social network the proceeds of the sale will also be used to build UI & UX in order to make the “user experience as friendly, responsive and compelling as possible.” Buying AMPs will allow you to invest in the Synereo team and its technology. Additionally, Synereo is will publish their final roadmap to the community after the crowdsale finishes.
The crowdsale will go live at https://crowdsale.synereo.com. You’ll be able to send any amount of BTC and wire transfer fiat at sums equaling US$100 or more.
Currencies used will be measured against USD at the time of transfer to determine how many AMPs have been purchased. 1 USD will buy 154 AMPs and this number will remain the same throughout the entire crowdsale, which will last 30 days or until the cap is reached.
Below is how the AMPs will be distributed according to Synereo:
The AMP distribution logic is designed to facilitate the development and growth of the Synereo social network through years to come.
- 18.5% are sold in the initial crowdsale
- 10% will be used to compensate users as they join the network, invite others, and contribute to it
- 7.5% will be awarded to content creators who begin operating on the network. (Synereo already has a few major musicians waiting to join and distribute their art on the platform)
- 10% are awarded to the founders of Synereo, vested over a period of 30 months
- 11.5% are kept for bounties, awarded to contributors and developers
- 42.5% will be kept for future funding rounds.
With regards to the latter, Synero expects to have two more rounds, spaced 1-1.5 years apart, each providing the necessary funds for the next leg of the project.
To protect the market, AMPs awarded to people who join the network and to content creators will be distributed over a long period of time. This will allow those who are interested in using them on Synereo to easily enjoy their benefits while preventing quick dumps.
In order to participate in the sale, you need to sign up with your email to receive a BTC address where you will be able to send bitcoin. Once the sale is over, you will receive AMPs to that address.
“Make sure that you’re sending BTC from an address under your direct control; no exchanges, no Coinbase, no Circle. (Blockchain.info is fine, but you’ll have to know how to export your wallet!” notes Synereo.
Did you enjoy this article? You may also be interested in reading these ones:
- Dor Konforty: Synereo is the ‘Natural Next Step’ After Facebook
- Synereo Pioneers Attention Economy and Distributed Cloud to Deliver Next-Generation Social Networks
- 950,000 Reddit Notes Set to Be Given Away in the Fall of 2015