Israeli cryptocurrency co Synereo raises $4.7m

Startups

The Tel Aviv startup is developing a decentralized computation platform to run all forms of decentralized applications including a social network.

Israeli crypto currency company Synereohas raised over $4.7 million in a crowdfunding campaign, which sold both equity and their cryptocurrency AMP. The Tel Aviv based company has developed a decentralized tech stack, allowing web applications to exist without centralized servers

Synereo had initially tried to create a decentralized social network, on the basis of existing blockchain technologies. But the company recently expanded operations to develop its own blockchain enabled decentralized computation platform to run all forms of decentralized applications including a social network.

This put Synereo in the forefront of the race towards the much coveted “World Computer” - a global network of personal devices, functioning as a unitary virtual machine, rendering central servers and data centers redundant.

Synereo recently unveiled its Blockchain 2.0 architecture, called RChain, which lies at the core of the company's tech stack. Synereo will use the funds raised during the campaign to expand its team so that RChain can go live during 2017.

Synereo says that RChain solves the problems plaguing existing blockchains, enabling decentralized systems to be much faster, infinitely scalable and cheaper to maintain.

Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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