We reexamine the general synchrotron model for GRBs' prompt emission and determine the regime in the parameter phase space in which it is viable. We characterize a typical GRB pulse in terms of its peak energy, peak flux and duration and use the latest Fermi observations to constrain the high energy part of the spectrum. We solve for the intrinsic parameters at the emission region and find the possible parameter phase space for synchrotron emission. Our approach is general and it does not depend on a specific energy dissipation mechanism. Reasonable synchrotron solutions are found with energy ratios of 10 −4 < B / e < 10, bulk Lorentz factor values of 300 < Γ < 3000, typical electrons' Lorentz factor values of 3 × 10 3 < γ e < 10 5 and emission radii of the order 10 15 cm < R < 10 17 cm. Most remarkable among those are the rather large values of the emission radius and the electron's Lorentz factor. We find that soft (with peak energy less than 100KeV) but luminous (isotropic luminosity of 1.5 × 10 53 ) pulses are inefficient. This may explain the lack of strong soft bursts. In cases when most of the energy is carried out by the kinetic energy of the flow, such as in the internal shocks, the synchrotron solution requires that only a small fraction of the electrons are accelerated to relativistic velocities by the shocks. We show that future observations of very high energy photons from GRBs by CTA, could possibly determine all parameters of the synchrotron model or rule it out altogether. situation concerning the prompt emission is more complicated.We characterize the conditions within the emitting region by six parameters: the co-moving magnetic field strength, B, the number of relativistic emitters, N e , the ratio between the magnetic energy and the internal energy of the electrons, ≡ B / e , the bulk Lorentz factor of the emitting region, Γ, the minimal electrons' Lorentz factor in the source frame, γ m and the ratio between the shell crossing time and the angular timescale, k. We then characterize a single, "typical", GRB pulse, which is the building block of the GRB lightcurve, by three basic quantities: the peak (sub-MeV) frequency, the peak flux and the duration. We compare the first two, the observed peak (sub-MeV) frequency and the peak flux with the predictions of the synchrotron model and we use the observed duration of the pulse to limit the angular time scale (Sari and Piran 1997a). The synchrotron solution is incomplete without a determination of the accompanying synchrotron self-Compton (SSC) emission, which influences the efficiency of the synchrotron emission. Furthermore, the observations of the high energy SSC emission poses additional constraints on the emitting region. We describe, therefore, a self-consistent synchrotron self-Compton solution.Three additional constraints should be taken into account (see also Daigne et al. 2011). First, energy considerations pose a strong lower limit on the efficiency. The energy of the observed sub-MeV flux, is huge and already highly constraining astrophy...