Synereo Secures Major Deal; Win Over Ethereum
Synereo, a blockchain 2.0 network designed to function as the core platform of a decentralized economy, has secured a major deal with prominent startup accelerator NFX Guild to develop an ecosystem for decentralized applications.
NFX Guild, a Palo Alto-based startup accelerator program backed by reputable venture capital firms including Greylock Partners and CRV, officially selected the Synereo blockchain 2.0 platform to operate as the foundation for its new accelerator program, in which three teams will develop and launch innovative decentralized applications using Synereo’s tech stack.
The prestigious NFX Guild program, which is only accessible by a restricted number of invited startups, provides $120,000 in funding to accepted startups and teams to present and develop applications on Synereo.
NFX Managing Partner James Currier stated that Synereo was the ideal choice of a decentralized network for the Guild program due to its technical superiority over other networks like Ethereum. Currier emphasized that the Java Virtual Machine (JVM)-based infrastructure of Synereo grants sophisticated identity layers and better compatibility with a wider range of applications.
The decentralized tech stack developed by Synereo allows web applications to exist without centralized servers, where it was initially built to support a social network but has matured into a generic decentralized computation and storage platform.
“It’s JVM top to bottom rather than Python. It’s forward compatible, vs other platforms anticipating multiple hard-forks. Synereo has the identity layer built in which provides distribution advantages and network effects. Lastly, fine-grained concurrency, vs other platforms’ linearity, provides greater speeds and scalability,” explained Currier.
Furthermore, NFX Guild is founded and managed by some of the world’s top technology experts and veterans. Currier notes that most of the executives and partners of NFX Guild have looked into the blockchain technology and decentralized economy for over a decade.
“The Synereo team has that balanced perspective, and we’re looking for practical, growth oriented founding teams with the same approach to build apps on the Synereo platform,” added Currier.
Both NFX Guild and the Synereo development team are looking forward to the emergence of decentralized applications that can contribute to the establishment of a secure and reliable decentralized economy. The partnership will see a deployment of applications that will offer functionalities that are crucial to the creation of a decentralized economy.
NFX Guild founding partner Gigi Levy-Weiss believes that the depth of the Synereo team’s understanding of developer requirements and the economical standpoint of startups will best benefit the developers and teams participating in the NFX Guild accelerator program.
Levy-Weiss further noted that the partnership will lead the adoption of blockchain technology.
“We found the Synereo team to have a unique combination of cryptocurrency and modern digital finance understanding alongside a real understanding of developer requirements and the know-how of how to build strong developer tools,” stated Levy-Weiss.
“We strongly believe this combination puts Synereo in a great position to be the leader in the adoption of blockchain tech into the everyday world.”
One of the major reasons behind the selection of Synereo over other dominant blockchain networks like Ethereum has been the focus of the development teams of alternative blockchain networks in executing hard forks and diving into the politics involved in cryptocurrency networks.
The NFX Guild team believes that Synereo focused on bringing the ideal ecosystem for developers and applications, instead of planning economic and technological changes into its network.