Almost two-thirds of people around the globe share their lives on social media networks. Its safe to assume that these numbers are constantly on a rise. However, the number of sites that garner to this large population is relatively small and amongst that small chunk of platforms, Facebook and YouTube generate a staggering amount of traffic.
These two social media giants came into our lives offering rather simple things; Facebook offered connection and YouTube offered video content on our fingertips. But have you ever noticed while you are scrolling through, minding your own business, ads are thrown at you out of nowhere? And ads specifically designed for you. It could be about a new phone you were talking about earlier or something as simple as kitchen supplies. Your feed starts showing you very specific ads for a reason.
User data – personal and private information, including browsing history – is a big business. With the majority of social networks avidly participating in this business, it is highly likely that a sizeable chunk of your online identity is being bought and sold right now. With money being made solely on your presence, you might as well be an unpaid worker for the platforms rather than a user. Users retain little control or benefit from this business and often aren’t even aware of what they are signing up for. Terms & Conditions are extensively lengthy; that a quick scroll followed by ‘ACCEPT’ seems to be the best way to go about it.
Hence, it is evident that the exponential growth of digital content requires a platform that is credible and gives due credit and compensation to the creators and curators, as well. Enter Synereo, a blockchain-powered company that provides a solution to break the monopoly that Facebook, YouTube, and other content hubs, have over the market. The San Francisco- based company was formed in 2014 with a mission to offer complete authority over content to its creator.
The AMP Token
Synereo aims to incentivize the participation on its platform via its native cryptocurrency, AMP. It supports the functionality in Synereo’s network spanning all the Attention Economy products. The platform also incentivizes users to reward each other and support the creation of value directly on the network, without leaving any room for intermediaries or fees.
Benefits of Synereo
Wild Spark is the first tool to be released by Synereo. It basically works as a distributed meta-layer on top of existing media hubs and social networks, where users are incentivized to reward both creators and curators directly with AMP, without the media hub, social network – or Synereo – taking a cut.
The Liberated Attention Economy Layer
In order to decentralize the publishing, distribution, and monetization of the user-generated content, Synereo uses Liberated Attention Economy Layer. The Attention Economy works on the basis of three main participants,
- The Creators
- The Curators
- The Consumers
To break it down, with this layer active, curators have the ability to invest AMP on content that has potential. Then they can direct this content from one location, let’s say YouTube, to their distribution destination. In turn when users share this particular link they too receive a share of AMP along with the users who were first to share the link. This way the content’s reach is amplified to a wider audience. WildSpark lets the users participate in the amplification process. They can earn AMP coins by either creating content or by curating it.
A Link Between the Creator and the User
Synereo establishes a constant tether between the creator and the amplifiers in the sense that, every time a user amplifies content, the creator automatically receives one-third of the AMO invested in it. As the number of amplifiers increases, the share received by the creator and the amplifier also increases.
Peer-to-Peer Network: The peer-to-peer network allows gives creators the power to integrate multiple apps to the platform thus widening the reach of their content.
Smart Network: The platform functions on smart network, which means that it identifies the user’s content and links it with similar interests and audiences.
Bot-Resistance: Considering the outbreak of recent bot epidemics, Synereo’s protocol diminishes the impact created by bots. It is thus secure from any presence of a bot network.
Reward System: The users receive rewards for content creation and curation through their AMP investments.
Special K: It is a blockchain-based storage system, that uses blockchain 2.0 tech. The safety is thoroughly maintained through it as it stores files in the form of multiple encrypted pieces.
Some of the major team members of Synereo are shown below. The remaining can be found on its official website.
Read Synereo’s whitepaper here.