The announcement reads:
“Synereo’s decentralized, open-source social network will move into alpha this September, being the first fully decentralized network based on principles of the attention economy. Synereo’s alpha is built on top of the company’s unique distributed tech stack, which utilizes novel Blockchain technology to enable a peer-to-peer internet.”
How this model will compete with already existing centralised platforms like Facebook and Twitter remains to be seen.
What is decentralised social network?
He says that eventually if not one service like Synereo, a collective of decentralized social networks will start chipping away at services like Facebook. However, Sengbe expresses his reservations about the nomenclature of Synereo. “I don’t know who’s going to be able to spell that,” he notes.
“Nevertheless, decentralized social networks are going to become the norm, based on the reward incentives they will work. Think about it, at some point a generation grew up without myspace we our generation was thinking myspace is the coolest thing ever. A generation is starting that may never use facebook because they can’t understand the concept of feel good likes over monetary likes.”
Decentralisation and user privacy
Synereo claims that its blockchain-based social network will revolutionize the concept of social media by placing control over content, personal information and monetization in the hands of users.
It also says that contrary to incumbent social media providers, its social network cannot record or store personal information of any kind, and does not sell it to third parties, or target users with marketing messages.
Instead, all network transactions and relations are encrypted on a distributed ledger and accessible to permitted parties only.
Ability to adapt with the industry
Dor Konforty, CEO of Synereo, while speaking to Cointelegraph adds that due to how dynamic the social media industry has become, his company have already mapped out plans to improve their creation as time goes on.
He mentions the aspects that accommodate innovation along the way such as the open source nature of the model which would increase the number of people reviewing & working on it.
Also he notes that the decentralized/distributed characteristic means that information coming from the leading edges of the network has a more direct connection to the decision making process.
“We have a roadmap for the development of the social layer in place, and many new features planned, designs created, and new elements of the attention economy modeled and in research.”