Blockchain Startup Synereo Migrates To Ethereumbr>
Tel-Aviv-based blockchain startup Synereo has announced its migration plans to the ethereum blockchain.
Synereo issued its native cryptocurrency AMP in early 2015. It powers Synereo’s network of liberated attention economy products, where it incentivizes users to reward each other for value-creation acts directly. The company’s first product, WildSpark, provides content creators and curators with control over the value and monetization of their online content.
The company said the migration of its AMP token and WildSpark app to the ethereum blockchain will take place in the second quarter of 2018. According to the company, WildSpark’s growth dramatically increased the transaction volume in its network. It was hampered by the drastic increase in fees and slow transaction speeds of the bitcoin blockchain. Synereo will migrate to the lower-cost, faster ethereum blockchain to keep up with demand. It will also begin utilizing ethereum’s smart contract capabilities and decentralized environment.
Once the migration to ethereum is complete, AMP tokens will be translated at WildSpark.me. The company said users with existing AMP balances on WildSpark — as well as new users depositing AMP after the switch — will receive the new ERC20 tokens. Users will be able to withdraw these tokens to standard ethereum wallets.
“Synereo is committed to the path of decentralization,” said Dor Konforty, Synereo co-founder and CEO. “After researching the many available options, we’ve determined the ethereum platform offers the best current and future feature set, with the most active and involved community, to support the expansion of our offerings.”