Synereo, the startup behind its namesake decentralized blockchain-based social network has burnt half its holdings of pre-mined AMPs, its native token cryptocurrency.
Half of all existing AMPs have been destroyed by Tel-Aviv based blockchain startup Synereo in a move to relinquish its control of over half of the blockchain’s native currency.
An aggregated amount of 731,108,937 AMPs were destroyed on Saturday, September 17th. They were held in several cryptographic wallets controlled by Synereo. A majority of those destroyed – nearly 400 million AMPs – belonged to the the company’s Future Funding Wallet which provides funds for future phases of the project.
Synereo founder and CEO Dor Konforty revealed the company’s original outlook was contingent on selling more AMPs than they did, as well as distributing the token sooner to its users.