Synereo (part 2): a longer version
Synereo is part of the decentralization movement. They are raising awareness that something is wrong with the Internet. Content creators are not being rewarded for their work. Most bloggers and photographers get nothing but “Likes.” Meanwhile, large data centers are gathering the results of our web searches and selling it to advertisers.
One problem is the contracts are not fair and clear. They are a heavy handed, “take it or leave it” type of deals. One side of the exchange has no choice but to sign the agreement, or else they can not participate in the game. When new users join a social media service they check a box indicating that they have read and understood the legal terms and conditions, but no one bothers to read this.
An analogy can be made with the NCAA. College basketball and football games generate significant revenue, but the high level athletes involved receive no compensation for their work and sacrifice. There is only a slight hope for making it to the pros, and a vague promise that a job will be given to them after their playing days are over.
This is not the right way to make a contract.
Since the Internet began, the exchange of information has been relayed through central servers. All our content, writings, images, and even personal data is stored on a large company’s servers.
The traditional internet is a hub and spoke model. Synereo is building a decentralized network that is going to take on a shape of its own.
On Synereo’s network, the peer to peer exchanges will not be recorded or even seen by a central server. User content will be kept private and only shared by consent in return for compensation. As CEO Dor Konforty explains, “compensation will also be decentralized.”
In what many consider a strong sign they are getting the nod, Synereo formed a partnership with Silicon Valley-based NFX Guild to develop decentralized applications (dApps) on top of their 2.0 platform.