Announcing Blockchain-Based Social Overlay
We are introducing Snax: a blockchain overlay aimed to cover the most popular social media to build an economy of people’s interactions.
SNAX is the basic utility token of own DPOS blockchain. Snax platform allows to measure the value of a public content transparently and reward publishers without pushing social platforms to change established business models. Snax provides free accounts registration, instant zero-cost transactions, donation system and the possibility to create dApps.
Why Snax is different
We are focused on saving accumulated UX and existing network effects. It means that you don’t need to change the usual way of using favourite social platforms to participate in Snax economy. Just keep publishing and check your Snax balance sometimes.
For any user Snax provides two basic ways to engage:
- Collect Regular Publisher Rewards
- Receive and send donations
Both use cases are realized through Social Transactions mechanism, which is a key feature of the Snax blockchain. Social Transactions provide a possibility to send SNAX to any account on a social platform, integrated into Snax. A significant part of Social Transactions mechanism is an opportunity to send tokens to an account whose owner has not registered on Snax yet.
Tokens distribution to social influencers instead of the ICO
79% of total 100,000,000,000 SNAX supply goes to Regular Publisher Rewards. Snax permanently collects data from social media such as Twitter and Reddit and pays rewards to users in the proportion of their influence and engagement of their content.
Snax Foundation is not going to raise money on the ICO but will make a 21% pre-mine to develop software and ecosystem. Snax will be switching to full DPOS democracy when tokens, held on accounts not affiliated with Snax Foundation, exceed the amount of 15,000,000,000 SNAX.
The Snax roadmap includes the following main features:
- Social Transactions over the most popular platforms: Twitter, Reddit, YouTube, Instagram, Facebook etc.
- Donation system with Non-fungible (collectable) tokens support
- Decentralized social media marketing platform
- Decentralized influencer marketing platform
The Snax mainnet will be launched in the 4th quarter of 2018. Every new Snax user, who bind their Twitter account, will receive an airdrop of 50 SNAX to try the service. Let’s build a new social economy together!
(Airdrop fund is limited to 0.5 bn of SNAX, and airdrop amount can be changed in the future. If you are seeking more information, you can read the Snax whitepaper at https://snax.one/whitepaper.pdf)