Announcing Blockchain-Based Social Overlay

snax.one
snax.one
Nov 9, 2018 · 2 min read

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:

  1. Collect Regular Publisher Rewards
  2. 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

84% of total 100,000,000,000 SNAX supply goes to Block Producers Rewards and 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 16% pre-mine to develop software and ecosystem. To reduce DPOS voting weight of Snax team in the beginning of the mainnet, the most part of pre-mined tokens will be sent to special escrow smart contract, which multiplies our votes, decreasing them.

Main milestones

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 1st quarter of 2019. 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)

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