Snapparazzi and Blockchain Technology: Here is how it Works
Snapparazzi is the new platform based on blockchain technologies that will tackle the current media tribulations. It is the latest decentralized platform that gives the power of news gathering to the people.
Blockchain technology has become the latest technology helping people, businesses, and governments to address issues facing them. Snapparazzi has adopted the blockchain technology to redefine the entire media landscape. This revolution has finally begun.
A closer look at blockchain technology
Blockchain is a technology whose application became explicit with the launch of Bitcoin in 2009 by Satoshi Nakamoto. The technology targets removing third-party entities in different niches so that users can operate directly on a peer2peer basis.
Nakamoto targeted to remove financial operators such as banks so that people could send funds directly. Now, newer applications are targeting different areas. For example, Snapparazzi is focused on the media industry.
The application of blockchain technology involves capturing transaction details of the respective network and adjoining them in a progressively growing public ledger. The blocks are arranged in a chronological order. Note that the confirmation is done by nodes (users) spread in the network.
The nodes follow back every user’s public address (identifier code) to confirm that he/she has ample coins to spend or meets the pre-set conditions. Once the requirements tick positive, the transaction is completed, details added to the next block, and stacked in the public ledger. Here are the main benefits of blockchain technology.
o The transactions are completed almost instantly
o The cost of transactions is very small because the use of intermediary parties have been eliminated
o You have the freedom to send funds anywhere across the globe in the day or night.
o The technology is transparent and automatic so that there is no bias in the application of various transactions.
o As a decentralized system, it implies that all the nodes are responsible for operations on the platform. There is no single point of failure.
Snapparazzi, the decentralized platform to address the media coverage gap
A) What exactly is media gap? How did it happen?
Over the last couple of decades, the media industry has been under severe decline. In one of his posts on The Sydney Morning Herald, Lucy Battersby reported that the media is under ‘severe duress.’ Even with a cut on the license fee, the media companies are still struggling to operate profitably. But is not just in Australia where the media is under pressure.
In 2017, the advertising revenue of the giant New York Times went down with $20 million. The editorial budget of Vanity Fair is facing a 30% pay cut as more companies continue laying off staff in early 2018. Every media company is threatened. Why the decline? Is there a way out?
✓ The problem of the media stems from its operational design. Because the media companies cannot plant journalists everywhere, many are the events that go unreported. Even when the reports finally get to the television or print media, they are late and no longer news.
✓ Maintaining journalists is very expensive. Take a situation like the recently completed World Cup where media companies had to cater for journalists travel, accommodation, insurance, and even equipment. This contributes to the fast- growing cost of operations.
As media companies find it harder to cover every event because of the high cost of maintaining journalists and equipment, any new model with a solution for it is welcome.
— — This is the opportunity that Snapparazzi has identified, created, and extended to everyone with a smartphone — —
B) Snapparazzi uses a decentralized approach and smart contracts to address the media gap
Snapparazzi is a decentralized platform that utilizes smart contracts to facilitate transparent and unbiased news gathering. The project aims to involve people with smartphones by transforming them into revered citizen journalists.
By the close of 2017, there were more than 2.3 billion smartphones across the globe.
Now, the platform targets providing the smartphone users with an opportunity to earn cash by selling the footages they take. It is a decentralized platform for fairer revenue sharing in the media industry.
Using your smartphone, you are required to start by downloading the Snapparazzi app. Then, capture newsworthy footages of political, economic, or even social events. Finally, share the footage on the Snapparazzi platform to earn from it. This model implies three things.
❖ The Snapparazzi network decentralizes the entire landscape by shifting news sources to all people with smartphones.
❖ The media companies now have a reliable source of news from every part of the world without having to send journalists there. They only need to visit the Snapparazzi platform to sample the available footages and place their bids.
❖ The news sources (people with newsworthy footages) and buyers (media companies) interact in a transparent and automatic system run through blockchain smart contracts.
❖ The smart contract ensures that once your footage is uploaded and bought, you get paid instantly in SnapCoins. It is the best example of payment without borders.
The blockchain system at Snapparazzi will help users to earn more
Snapparazzi has provided the media industry with an opportunity to reinvent itself.
It provides for the transparent transfer of information and copyright protection. It is simply the best model that the media industry has ever witnessed. But this is not all. You can also earn more using the platform.
✓ Targeted advertisements for reward in SnapCoin. Whether you are in the US, Europe, Africa, South America, Middle East or Asia, your smartphone can help you to make some extra cash. It is the best-decentralized platform for fairer revenue sharing between the news sources and buyers/ media companies.
✓ The Snapparazzi innovative auction helps with selling breaking news to the highest bidders for better pay.
✓ Become a media moderator to help users obtain exclusive and authentic footage. Moderators are ranked by the Snapparazzi platform and rewarded with SnapCoin.
The final take
Snapparazzi has demonstrated to be a reliable, transparent, and inviolable platform that could finally help to liberate the media industry.
Its unique structure, that ensures all players are included and promotes fairer sharing of revenue, has given a new meaning to the industry. You only need to have a smartphone and the Snapparazzi app.
Do not be left behind as the industry leaps forward. Come and be part of it.