Social networks are hot nowadays. Ever since Facebook popped up, the whole concept gained traction, and new approaches are made all the time. They’re not always as interesting as the one before, but now and then, we get to see a new social network that tries…
“With current social networks, you are not the client. You are the product being sold. The value you create by being a part of the network flows upwards immediately, reaching only a select few: those in control of the network. With Synereo, a completely decentralized and distributed network, you are in control. The value you create stays in your hands.”
Synereo aims to be a fully decentralized next-gen social network that keeps you in control of everything. Security and identity are fully yours, and every activity you have on the network can be rewarded. All of this can be done by, and now it gets interesting, developments based on the Bitcoin blockchain. It’s Bitcoin that brought us control over our money. Synereo tries to do the same with the social network.
So what are the perks of using Synereo? Besides the obvious things you can do on a social network, Synereo claims that the network can not be taken down. Due to the very nature of the underlying technology, it would be impossible for governments to restrict access to Synereo. On top of that, the data in the network is encrypted using the same cryptographic principles underlying the Bitcoin technology. Each user can choose his or her level of privacy, impenetrable to anyone.
Sounds too good to be true? As we all know, the Bitcoin community is very critical when it comes to new concepts like this. When the initiative was posted on Reddit, some users immediately noticed the presence of the AMP-system in Synereo. AMPs, Synereo’s tokens, serve as a way to Amplify the flow of information in the network, increasing its ability to propagate to peers. This means that users can amplify their own or their friends’ posts, resulting in greater visibility. The originator of Amplified content will receive a portion of the AMPs invested by his peers. Another small portion will be used for the maintenance of the platform and as rewards. Advertisers can make sponsored stories and use AMPs to get them viewed by more people. This token system is the way Synereo generates revenue, and it’s only fair that Redditors ask questions about this. Synereo’s CEO agrees, and he took the time to write up an answer. Not many CEOs do that so thumbs-up for him.
“Heya. Synereo CEO and ex-IAF guy here.
We are working very closely with a legal team to make sure that selling token for the system before it is up is absolutely legal. We would not risk your money (or prison time) otherwise. Regarding surveillance: I want to echo what citizenpolitician said. I am completely disgusted by the current situation and by how easily it’s become almost unquestionably acceptable. By the fact that all of our private information is open to anyone in a position of power. One of the reasons I got into the world of crypto tech in the first place (well, besides seeing the sci-fi I’ve been reading materialize in front of my eyes) is the issue of personal freedom and privacy.
I can assure you that one of the axioms of the system is that it’s as private as you want it to be. This will be apparent even without seeing the code, just by understanding the nature of the asymmetric cryptography we will employ (and seeing it in action). Either way, the system will not be completely decentralized until it’s open-sourced and forkable, and when that time comes, if you feel like we are doing anything that shakes your confidence, I am sure there will be others who feel like that as well and you’ll be able to start your own Synereo from scratch, implementing whatever changes you like.”
It seems that Synereo has a team behind it who truly believes this network can make a difference. They are still looking for people who can contribute to the project (not just through funding, they’re looking for expertise as well). We are curious to see whether Synereo can live up to the expectations it created. Let’s hope we can witness the first social network that values privacy and security over profits.
Do you think Synereo can accomplish what it aims for and will you use it when it goes live? Let us know in the comments! CNN will soon interview the founder of Synereo.
Images from Synereo and Shutterstock.
Last modified: February 13, 2020 5:05 PM UTC