Synereo to Burn $100,000,000 Worth of AMP
As our long-time followers remember, Synereo concluded its first crowdsale on April 23, 2015. Unlike all other projects in the space at the time, which focused on quick cash injections, Synereo’s long term vision required careful financial planning, leading us to allocate a sizeable amount of AMPs to wallets to be used throughout the development towards our ambitious goals.
Since then, two major things have happened.
1. AMP has dramatically appreciated in price.
When first issued, AMP was sold and traded at less than %1 of its price today. The incredible rise increased the value of our war-chest beyond what we would conceivably need to reach the next significant leg of the project, also prompting the last major AMP burn.
As the price has grown and stabilized at an ever higher price, we are happy to repeat the process; Synereo has no intention of holding more AMPs than it needs to assure the development of its products and growth of the networks they underlie.
Whenever stabilizing at a higher price, we will again burn our reserves to match our needs and no more.
2. We’ve built a strong team that has delivered on the dot.
Time and time again, our team, now 15-strong in Tel-Aviv only and with other members around the world, has delivered on our roadmap without fail. We’ve managed to keep our burn-rate low and our success-rate high, and so have had less of a need for large AMP bounties for developers.
As well, with the increase in value of our BTC reserves and the prudent management of our finances, we do not anticipate a need for any more crowdsales in the foreseeable future. Most AMPs will therefore be burned from our Future Funding Wallet, leaving most AMPs meant to facilitate network effects untouched.
This is what is allowing us to burn $100m worth of AMP, representing 33% of the tokens Synereo holds.
During 2017, we’ve released 8 versions of WildSpark, all delivered right on time:
March: WildSpark, then named Qrator, was first released as alpha to a few dozens of our long term community members.
June 30: WildSpark’s Beta, Synereo’s first full stab at democratizing the flow of value online, was released. This version included all the core features needed to start rewarding content creators with cryptocurrency, as well as rewarding our users for curating and spreading high quality content to others.
July 5: WildSpark 2.0.4: Aktay was released, introducing the minimized WildSpark widget and fixing various design and usability bugs.
August 10: WildSpark moved to Open Beta. With more fixes and improvements to the UI, we were ready to open the floodgates.
September 09: WildSpark v2.1.1: Brazos was released, adding the notification counter to the Chrome extension to conveniently see and act on new relevant activity. The site’s design was updated to be more user-friendly and various improvements were made to the back office, enabling Synereo to provide better service to its users.
September 29: WildSpark v2.2.1: Chindwin was released, introducing significantly faster loading times, and a new Trending algorithm which gave fresh Amplifications a better chance of making it to the top of the list. Significant advancements were made to our fraud detection abilities, making it safer for Synereo to continue issuing AMP incentives to users using AMPs to support the growth of the new network and its economy.
November 8: WildSpark v2.3: Danube was released, introducing the categorization and content discovery features, taking WildSpark beyond the singular running feed stage. Users could then explore the content that caters to their interests instead of relying on the algorithm to serve up what’s trending. More categories will be added soon!
December 5: WildSpark v2.4: Eno was released, again significantly improving loading times and laying the foundation for the major February release — our most significant release to date, which was as well launched on time.
The burn is scheduled to take place in March, and the updated numbers can already be seen in Synereo’s fully-transparent finances doc.
The remaining AMPs will continue being used as means to acquire more users, incentivize them to use the platform, drive growth, and facilitate networks effects. As detailed in Synereo’s asset policies doc, AMPs are only given out as part of Referral Programs, rewards for skilled use of the platform, and as part of Creator and Curator Programs encouraging high-value users to migrate to the platform and use it as their main venue.
Synereo is committed to creating a flourishing and sustainable economy around AMP.
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Originally published at blog.synereo.com on March 18, 620.