Synereo, Decentralized Social Network Crowdsale

Project Introduction

Synereo is a decentralized application platform which has just announced the launch of its first alpha release, scheduled for September 2016. Although the platform itself will be capable of running a wide variety of decentralized apps (dApps) built by independent developers, the flagship application is a fully decentralized and distributed social network built by the team themselves. This Peer-to-Peer network guarantees private, uninterrupted communications.

The Synereo network operates entirely without central servers or data centers. Instead, the network compensates users for contributions of storage and computation power when they support the distributed network with their personal devices. Additionally, the startup means for the social network itself to adhere to the principles of the attention economy, providing users with monetary rewards for creating and curating content that people like.

Synereo alpha will include the ability to post simple text and images, #hashtags and a decentralized search. Additionally, users will be able to promote content by charging their posts with the test network’s native cryptocurrency (called test AMPs). Accordingly, users will be compensated with said AMPs when viewing promoted content.

There are a few developer teams building on the Synereo platform already, and many more signed up to work with the Synereo team to create their dApps and receive grants from them.

AMP Distribution Mechanism

The total supply of AMP is: 20,000,000,000.

The AMP distribution logic is designed to facilitate the development and growth of the Synereo social network through years to come.

18.5% (369,600,000 AMPs), were sold in the initial crowdsale.

10% (200,000,000 AMPs), will be used to compensate users as they join the network, invite others, and contribute to it.

7.5% (150,000,000 AMPs), will be awarded to content creators who begin operating on the network. We already have a few major musicians waiting to join and distribute their art on Synereo!

10% (200,000,000 AMPs),are awarded to the founders of Synereo, vested over a period of 30 months.

11.5% (230,000,000 AMPs),are kept for bounties, awarded to contributors and developers.

42.5% (850,400,000 AMPs),will be kept for future funding rounds.

The First ICO

Date: 2015-05-10,

Price: 1 USD = 350 AMPs,

Money Raised: $ 128,023,

AMPs Distributed: 45,792,921 AMPs,

AMPs Burned: 319,600,000 AMPs.

Detail: https://blog.synereo.com/2015/05/10/amp-distribution-complete-2/

Money Spent: https://docs.google.com/spreadsheets/d/1r1G-ROS4vgHK84qfn1CBIxuXZQCCvIicCTQSxW1T_mo/edit#gid=1550473693

This Crowdsale

For the duration of the fundraising campaign, AMPs will be offered on BnkToTheFuture.com, synereo.com/sale and YUNBI at a fixed price, starting at 33000 satoshi per AMP. The price will progressively increase in three steps, and include a bonus phase of 24 hours.

The Bonus Phase: First 24 hours AMPs will be offered at 33000 satoshis per AMP and include an extra bonus of 1 million AMPs for the first 24 hours of the sale, distributed among all AMP buyers in proportion to their purchase amount during that period.

For example: If Alice buys 10,000 AMPs, and the total number sold during the first day was 10,000,000 AMPs, Alice will receive an additional 10,000/10,000,000 * 1,000,000 = 1,000 AMPs.

Stage One (Day 01-14)

AMPs will be offered at 33000 satoshis per AMP

Stage Two (Day 15-21)

AMPs will be offered at 36500 satoshis per AMP

Stage Three (Day 22-30

AMPs will be offered at 40000 satoshis per AMP

Additionally, the sale offers bonus AMPs based on the amount purchased:

For example: If Bob sends 40 BTC, he will be rewarded with 121212 AMPs. With the 9% bonus, his total would amount to 30 / 0.00033000 * 1.09 = 132121 AMPs.

The overall bonus will be calculated after the crowdsale.

There are about 730 million AMPs been distroied by Synereo team.

The distribution of AMPs are as follows:

Use of Funds

Synereo’s full year one financial reports can be seen here, as well as a record of all AMP transactions made by Synereo to date.https://docs.google.com/spreadsheets/d/1r1G-ROS4vgHK84qfn1CBIxuXZQCCvIicCTQSxW1T_mo/edit#gid=1806209. What other teams promise, Synereo can already show; more than 60% of all funds, both fiat raised and AMPs, went towards development.

As Synereo goes forward, and with the proportion of overhead decreasing as they scale up the operation, they intend to continue investing the vast majority of our resources in creating the technology and applications underlying and serving the decentralized economy.

Development Roadmap

Funds raised during this campaign will be used to scale up Synereo’s operations, expand the team, refine the developer tools needed to build on their platform, and optimize the development effort of Synereo’s 2.0 tech stack. The next evolution of Synereo’s architecture will allow Synereo-powered dApps to match high-end industry requirements and be competitive with centralized computing platforms.

Special Notice: Please be aware of the AMPs you purchase during this crowdsale will be frozen until the end of the crowdsale.