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Synereo Beating Technical Issues

Despite a hiccup in distribution of AMPs from crowdsale, things are clearly ramping up over at Synereo. With more attention headed their way interested parties seem to be coming out of the woodwork.

Synereo saw the end of their crowdsale two weeks ago, and as of today all AMPs are now distributed to their proper wallets. A total of $126,023 was raised during the sale, and the AMPs are now tradable via MasterXchange. There was a hiccup in the beginning of distribution which caused some changes to be made on the fly.

“Due to technical issues, a few AMP transmissions were carried out twice during the distribution. The nature of the Bitcoin protocol is that transactions are irreversible, and these tokens could not have been retrieved.”
— – Nicola Minichiello, VP of Marketing Communications for Synereo

Rather than reaching out to those who received a doubled total of AMPs and hope they would be returned in good faith, Synereo has opted to issue additional AMPs across the board, doubling the total circulation to 2,000,000,000 rather than the initial 1,000,000,000. Any crowdsale participant who did not accidentally receive twice the AMPs during distribution will now also have their totals multiplied by two, keeping everything balanced and fair throughout.

Craig Sellars, Co-founder and CTO of Tether and Technologist for Omni, is in charge of issuing AMPs over at Omni and is a trustee for Synereo. “All crowdsale participants have received what amounts to 2x the number of Synereo AMPs than originally purchased, each valued at half the dollar price,” he explains. “All other wallets have been allocated 2x their original number as well, maintaining similar value across the board.”

“I believe that the course of action chosen represents the best interests of the crowdsale participants – alleviating the problem caused by the technical error.”
— – Craig Sellars, Co-founder and CTO of Tether and Technologist for Omni

All remaining unsold AMPs from the crowdsale have been destroyed as planned. Synereo appears to have been very transparent throughout this whole process, remaining available to answer any questions regarding the situation. More information can be found in their most recent blog post.

Synereo partners with Factom

Much has happened during the crowdsale in terms of partnerships with Synereo. First they partnered with Splicious, finding a perfect match for peer-to-peer network technology. Shortly after doing so they announced a partnership with Factom, making good use of their data publishing and verification via blockchain.

“[We] will be integrating Factom’s time stamped immutable ledger into Synereo’s decentralized social network platform,” Minichiello announces. President of Factom Peter Kirby recognizes the innovation, “Synereo is building a fascinating smart social networking platform.” The two companies have found a match in each other, and both are excited about what lies ahead.

“This is a great opportunity to use Factom’s blockchain technology to build identity and reputation tools and explore new ways of looking at the attention economy.”
— – Peter Kirby, President of Factom

The permanence of data stored using Factom will provide a way to verify reputations of users on the decentralized social network. “Synereo’s social contracts will benefit greatly from Factom, allowing users on the network to establish global reputations of different kinds,” explains Synereo CEO Dor Konforty. “Parties can publish contracts set up through Synereo to Factom, followed by their execution traces, and eventually update their global reputation scores upon the successful completion of the contract.” This method of undeniable proof will be very important to the validity of relationships on their network.

“It is easy to imagine a time when a reputation built on this kind of mechanism is the only way to do business.”
— – Dor Konforty, CEO of Synereo

With such large goals being targeted by Synereo, partnerships such as this are important to have. Each partnership has added strength to the company and will only continue to do so as they move forward. More information on the partnership can be found on the Synereo blog.

LivelyGig to Build Atop Synereo Tech

Splicious and Factom aren’t the only ones who have seen value in Synereo during the crowdsale. LivelyGig is an early-stage startup that is building a decentralized employment market with visions of providing an improved communication experience between freelancers and employers.

“When the LivelyGig team researched the available technology stacks which it might leverage to realize this vision, we found Synereo – a fully decentralized and distributed social platform,” explains Ed Eykholt, Founder and CEO of LivelyGig. “I was immediately impressed by the parallels in terms of each system’s social interactions.”

Each interaction between employers and the employed builds a relationship and reputation, with past work being easily verifiable on both sides. This transforms freelance work into a painless process for all parties involved, as no one has to worry about being scammed.

“Once integrated with LivelyGig’s distributed and decentralized service and API, providers of task management and freelance job sites will be better connected and have incentives to optimize how they share and best connect gigs with talented workers.”
— – Ed Eykholt, Founder and CEO of LivelyGig

Things are clearly ramping up over at Synereo, and with more attention headed their way interested parties seem to be coming out of the woodwork. The chance of their network changing social interactions on a grand scale is very real, and it will certainly be amazing to watch as it evolves. More information about LivelyGig can be found here.


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