Blockchain technology kid you not as it continues to disrupt our traditional system with outrageous inventions. One of this invention is the Snax platform. Snax is a decentralized blockchain-based social overlay. The platform was borne out of the need to combine social currency, reward bloggers with a large audience, and an avenue for developers to build dApps on it. Social influencers will benefit greatly from this platform as they will get rewarded for their content (e.g. tweets). Developers aren't exempted from this benefit also, Snax will provide on-chain access to clients from the most trendy social platform.
At the time of this writing, the team behind Snax is unidentified. The reason behind their anonymous policy is considering the fact that most firms and trendy social platforms have a thing for cryptocurrency. One thing is certain, regardless of the fact that the team behind this platform remains unidentified, the team members sure do have a solid background in cryptocurrency and web development.
What really is social overlay?
Snax's social overlay is a decentralized digital ledger with DPos consensus while owning a basic token known as SNAX token. One amazing prospect about Snax is their ability to work with the most trendy existing social networks (e.g twitter and Instagram).
That being said, the key to Snax is the social transactions mechanism (STM), this tool allows for the transfer of SNAX tokens directly by clients account in social networks such as; Instagram, Twitter. Also, social transactions can be used for fast donations which in a way, economize the ordinary social network users.
The most well known social cryptocurrency at the moment is Reddcoin. It has a big community, but entry threshold is too high for average Internet user (UI\UX are complicated and you must buy RDD first to create Reddcoin account). Even so, new users are still coming to Reddcoin and it has about 40 million dollars market cap, which is a good signal of adoption. On the side of publishers reward system we can look at Brave browser, which also grows its adoption. Also the team saw that there’s a free niche of decentralized applications aimed at the average Internet user, which is the main target of Snax platform in the long term.
Snax's natural system
Interestingly, Snax blockchain has quite the same DPoS BFT consensus as EOS, sadly Snax has no ICO. In replacement of ICO, Snax will provide a 21% pre-mine. Some parts of this pre-mine go directly to staking for free user accounts creation. That being said, Snax will also provide swift zero-cost transactions between snax accounts.
Interested users can register Snax's account via web-wallet as well as browser-extension. The idea of using web-wallet and browser-extension is to provide secure storage for your private keys. In the coming months, Snax will build a mobile app where users can download from play store and app store. Sna'x users can create smart-contracts via Snax blockchain in C++ language.
Roadmap
Recently, Snax released a testnet. While Beta version of Snax is available on Github. A few weeks ago, they released the mainnet, which will allow users or anyone with a Twitter account to quickly sign up to Snax completely free and get Regular Publisher Rewards.
Thereafter, the team will be a social transactions release for Reddit and Twitter. It is to be hoped for that Snax will add Facebook, Instagram, YouTube, in the last quarter of 2019.
any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.***
References: 1