Synthetic life is artificial life. Basically synthetic life is a cell created by humans (with computers) from the fundamental molecules and chemicals of life that make DNA.
Synthetic life will change the world. There is no doubt. Everything from new "bio-fuels" to synthetic biological limbs, to synthetic vaccines, to growing building, to growing synthetic people is possible. (No one will probably make synthetic people but it is possible.)
However it does have it dark side, as all technologies do. One can create some very dangerous bio-weapons from this life as well. Also the same type of fear of "Gray Goo", that came with nanotechnology robots can be attributed to this self replicating artificial life. Also what happens if such life mutates.
Take it even further in the future you could terraform planets. The next ten to twenty years is going to be insanely wondrous technologically.
Synthetic life was created by the same man and team (Craig Venter and the J. Craig Venter Institute) that mapped the human genome. They have mapped more of the diverse genetic microbial life of the oceans than anyone else.
This video can explain Synthetic life creation better than I.
Your world has change more than you may know.
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