Silicon Valley Selects Synereo Over Ethereum As Blockchain Platform
Synereo scored a big win this week when NFX announced a major deal with Synereo. The two will be working together to build the decentralized web on top of Synereo’s Blockchain 2.0 platform. NFX Guild has chosen Synereo over other blockchain platforms such as Ethereum and Lisk to build the decentralized economy.
The partnership which was announced on Friday September 30 means that three teams selected for the next class of the NFX Guild accelerator program will be actively building their dApps using Synereo’s tech stack.
Silicon Valley has been following closely the evolution of the blockchain platforms. NFX is now making a bold move selecting Synereo over Ethereum that many consider the leader in the blockchain protocols to build decentralized applications. With this recent partnership Synereo is likely to catapult in the blockchain discussion and attract many of the top dApp developers.
James Currier, Managing Partner at NFX, explained the Guild’s decision to choose Synereo’s technology for the project, stating:
“If you do the analysis, Synereo comes out as the superior platform for developing decentralized apps. It runs fully distributed instead of massively replicated. 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”
Synereo recently graduated from the NFX Guild’s unique accelerator program where it received significant investments and enjoyed the wisdom of these tech industry veterans.
Now, it is working with NFX Guild to invite developers to participate in a hackathon where they will be able to present and develop their ideas for Synereo-powered decentralized applications.
Winners of the hackathon, as well as handpicked Project 11 laureates, will be invited to apply to the NFX Accelerator Program for which accepted teams will receive $120,000 in investment funds from NFX and an AMP grant from Synereo.
To this end, NFX Founding Partner, Gigi Levy-Weiss, said: “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. 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.”
NFX is an invite-only guild for digital networks and marketplaces. It runs a three month program in the Bay Area twice per year for 15 to 20 companies. Companies in the program can be post Series A, post Seed, or pre Seed.
The mentorship-driven startup accelerator founded by long-term tech investors James Currier, Gigi Levy-Weiss, and Stan Chudnovsky selects portfolio companies through scouts instead of using an open application process.
The organization focuses on businesses that rely on network effects, and holds two annual programs for startups in Silicon Valley.
Managing Partner of NFX, James Currier, explained that his team has been looking for a practical group that wants to build applications, be about the users experience of something great – not just about the technology and the math – and the Synereo team has that balanced perspective.
“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.”
NFX which seeks to help companies get access to the inside tactics and approaches that make networks and marketplaces win their markets, recognizes that Synereo is a major player in the decentralized economy, focusing heavily on creating opportunities for network effects for new applications in the decentralized paradigms, and, perhaps more importantly, between decentralized applications.