The Snax blockchain platform launches an innovative blockchain Social Overlay Cryptocurrency system, which will help you earn tokens for your social activities like tweets.
What is Snax?
Snax is a blockchain-based social overlay. Snax blockchain is created as a combination of social currency, publishers reward system and dApps development platform. For social influencers, Snax is a way to get rewards and donations for their content (e.g. tweets). For developers, Snax provides on-chain access to users of the most popular social networks.
The Snax team is anonymous at the moment. They decided to launch Snax anonymously because of uncertain position of the most regulators about crypto industry. All the Snax team members have solid background in crypto and web development. Find out more in this Article.
What is Social Overlay?
Snax’s Social Overlay is a blockchain with DPoS consensus and own basic token called SNAX. Snax works over the most popular existing social networks (e.g. Twitter). The key feature of Snax is the Social Transactions mechanism, which allows to transfer SNAX tokens directly by user’s account name in some social networks (e.g. twitter-id). Social transactions can be used for easy donations or in dApps, which can economically interact with ordinary social networks 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. Find out more from the Whitepaper.
The Snax Ecosystem
Snax blockchain has the same DPoS BFT consensus as EOS, but Snax has no ICO. Instead of ICO, Snax will make a 21% pre-mine. Part of this pre-mine goes to staking for free user accounts creation. Snax also provides instant (blocktime is 0.5 sec) zero-cost transactions between Snax accounts. You can easy register Snax account using web-wallet and browser-extension, which provides security storage for your private key (like Metamask). In the future we plan to make a mobile application, so anyone can instantly send SNAX tokens to anyone by their account name in the social platform they like. Also users can develop smart-contracts on Snax blockchain in C++ language. Concept of smart-contracts functioning are same as in EOS.
The SNAX Utility token.
79% of SNAX tokens will be issued as a reward for users activity in social media (Regular Publisher Rewards). Such kind of distribution helps us to make it more fair and smooth. Any user, that publish popular content in social media can be rewarded (in the start of mainnet only Twitter accounts will be supported for Regular Publisher Rewards). If you have SNAX tokens, you can stake them for resources of Snax network (NET and CPU) and buy RAM. Resources are needed for you to make free direct transactions and smart-contracts using. Some SNAX tokens will be staked for you for free when you create an account, that allows you to make about 100 free direct transactions per 24 hours. If you need to run a smart-contract or to make more transactions, you need to stake more SNAX tokens for yourself.
Also if you have SNAX tokens, you can vote for block producers of Snax network (DPoS model). In the beginning, Snax Foundation will hold the most votes because of pre-mine, but after circulating tokens supply growed up to 35% of total supply, Snax network will be switched to democracy.
The Snax Roadmap.
This week Snax released a testnet. Beta version of Snax node is already on Github. Mainnet launch date is set to December 20. Once mainnet is alive, anyone who has Twitter account, can sign up to Snax for free and receive Regular Publisher Rewards. The next step from the team will be a Social Transactions release for Twitter and Reddit. Also they plan to add Facebook, Instagram, YouTube and VK support and add SNAX token to exchange in the 1st quarter of 2019. You can see the roadmap here https://snax.one/roadmap.
The Snax team is unto a great blockchain platform with potentials, If you wish to support the Snax project, visit the website, connect with the community. The platform is going to be an innovative user-friendly blockchain system without an ICO. It is very important to run really useful blockchain products against a lot of scam in crypto world this year.
For more information, visit : https://snax.one/.
Follow Snax on Twitter: https://twitter.com/SnaxTeam
Join the Telegram Community: https://t.me/snaxone