Synereo, a Tel-Aviv-based startup developing a decentralized tech stack, has raised over $4.7 million in a funding campaign that concluded last week, selling both equity and AMPs – the platform’s innate cryptocurrency.

After spending years developing a blockchain-based decentralized social media solution, the company recently widened its operations to develop its own blockchain enabled decentralized computation platform, capable of running all forms of decentralized applications, the company’s social network being one such application. Synereo says that its tech-stack incorporates all faculties needed to support decentralized computation without central servers.

The funding campaign was launched shortly after Synereo announced its Blockchain 2.0 architecture, called RChain, which lies at the core of Synereo’s evolved tech stack. The funds will be used to expand its team and ensuring that its RChain-based technology stack can go live towards the end of 2017.

According to Synereo, RChain solves well-known problems of existing blockchains, enabling decentralized systems to be much faster, infinitely scalable and cheaper to maintain. In addition to that, and contrary to existing turing-complete blockchain solutions, Synereo’s platform comes with its own distributed cloud storage, allowing for efficient decentralized hosting of heavy media, as well as a reflective smart-contracting language. With this, Synereo hopes to be the first project to truly disrupt the traditional role of centralized servers.

In addition, Synereo recently announced a sizeable grant project aiming to populate its platform and to ensure fast growth and adaptation. It is inviting developers and entrepreneurs to develop decentralized applications for its platform, to foster the development of a decentralized ecosystem, competing with the current centralized paradigm. 

More recently, the Silicon Valley-based NFX Guild partnered with Synereo and announced that it will include a selected few laureates of Synereo’s grant project in its prestigious Accelerator Program.

Since Synereo first announced its grant project, it has received hundreds of applications from teams eager to develop their applications on top of Synereo’s platform.

“We are now in the final stage of interviews, and will soon be selecting the first projects that will receive AMP grants to build on Synereo’s tech stack. We have 300 applications and it has taken our team a while to go through them and to choose from many amazing development teams and projects. Overall we are very excited at the level of interest to build the future of the decentralized internet with Synereo”, Dor Konforty, Synereo’s CEO, said.

Synereo is now scaling up its operations and expanding the company’s team to refine the developer tools needed to build on its platform and optimize the development effort of Synereo’s 2.0 tech stack.

According to Synereo’s development plan, the company’s anticipated RChain-based architecture will be up and running towards the end of 2017, ready to host Synereo’s social network beta shortly afterward. In the meantime, Synereo is further developing the alpha version of its social network, and invites the public to install its alpha nodes and participate in the test phase of the network. Instructions on how to do that can be found on the company’s Github account, Youtube channel and slack.