2016/09/18 12:00 PM

Distributed app platform Synereo announced that it has destroyed 50% of its native currency, AMP, ahead of a crowdsale, worth roughly $146,221,787 USD on the market.

Also read: FirstBlood: Blockchain-Based ESports Platform Nears Crowdfund

Second Synereo Crowdsale Starting Soon

synereoThe move comes just before Synereo’s second round of fundraising in a three-stage crowdsale starting 19 September.

The Israeli company originally intended to keep the 731,108,937 now-burned AMP tokens as part of its long-term budgeting strategy. In a statement, Synereo CEO Dor Konforty said it was due to the proof-of-stake mechanism that secures the network.

Keeping such a large share in company hands would make the network easier to manipulate, he said.

“This project will not help anyone if Synereo maintains an entrenched, centralized position. That is why we want to distribute AMPs as soon as we can, to begin establishing a truly decentralized…

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