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Synereo gets a push from a Silicon Valley company for its technology that allows for the building of decentralised applications.
The idea of a decentralized web platform by an Israeli startup, which says it created the first prototype of a decentralized “World Computer” as initially foretold by the Ethereum pioneers, has been pushed a little further with the interest shown in its project by a Silicon Valley company.
NFX Guild, a mentorship-driven startup accelerator that seeks to help companies get access to the inside tactics and approaches that make networks and marketplaces win their markets, is partnering with Synereo.
The platform of the latter will allow the building of a new emerging technology field called ‘Decentralised Applications’ that are deployable on its RChain, Blockchain 2.0 prototype based on the potential for network effects. These network effects will exist when the value of the system depends on the number of users to protect valuable markets in terms of financial value.
The partnership which is coming as the platform announced it met its funding goal and raised more than $4.7 mln for its decentralized Internet and populating its initial dApp ecosystem will see developers being invited to present and develop their ideas for Synereo-powered decentralized applications.
Winners get invited to apply to the NFX program which is a 3-month program run twice per year to help companies with network effects grow, enabling a situation where every new user makes the product work better for all users and digital technology companies are made to grow to scale.
Each new DApp in the ecosystem means more functionality and more users in the decentralized economy, creating value for all participants and for each new application developer.
“If you do the analysis, Synereo comes out as the superior platform for developing decentralized apps. It runs fully distributed instead of massively replicated,” says James Currier, NFX Guild’s managing partner, on the choice of working with the Israeli startup. “It's JVM top to bottom rather than Python. It's forward compatible, vs. other platforms anticipating multiple hard-forks. Synereo has the identity layer built in which provides distribution advantages and network effects. Lastly, fine-grained concurrency, vs other platforms' linearity, provides greater speeds and scalability.”
Tagged the world’s first concurrent and compositional Blockchain, the platform says its RChain is capable of solving well known problems of classical Blockchains that has been troubling the crypto industry for years, as well as enables Blockchain based systems to be much faster, infinitely scalable and cheaper to maintain.
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