Synereo, the Tel-Aviv based attention-economy company, announced the migration of its cryptocurrency, AMP, to the Ethereum blockchain will take place in the second quarter of this year.
WildSpark, Synereo’s content monetization and distribution app, will move to Ethereum to bring full decentralization to its network. It was Synereo’s first product to provide direct monetization of content posted anywhere on the internet. WildSpark’s rapid growth dramatically increased the transaction volume in its network, growth which was hampered by the drastic increase in fees and slow transaction speeds of the Bitcoin blockchain. To keep up with demand, Synereo will migrate to the lower cost, faster Ethereum blockchain. It will also begin utilizing the chain’s smart contract capabilities and decentralized environment.
“Synereo is committed to the path of decentralization,” said Dor Konforty, Synereo co-founder and CEO. “After researching the many available options, we’ve determined the Ethereum platform offers the best current and future feature set, with the most active and involved community, to support the expansion of our offerings.”
Synereo’s existing and upcoming products, facilitating novel economies, rely on smart contracts designed by the communities they host. Synereo hopes many new ideas, social structures, and other features developed for Ethereum become integrated into Synereo’s open-source environments to the benefit of both communities.
The exchange of AMPs will take place on Synereo’s live platform at WildSpark.me. Users with an existing AMP balance on their WildSpark accounts, or new users depositing AMPs at any time after the switch, will be credited with the new ERC20 AMP tokens and be able to withdraw them to standard Ethereum wallets.