SnaPay Token Economy

SnaPay has an opportunity to greatly transform the way we view financial tools in the future by developing a system for individualized banking. By providing several options to the customer, an individual can customize their experience and can generate growth at a far more advanced rate than has ever been offered through the traditional banking system.

There are three separate protocols being implemented for this network:

SnaPay Dollars

The first is a stablecoin which shall be backed by the global reserve currency. At present, this is the United States Dollar. Therefore, every SnaPay dollar issued shall be tied to its equivalent in USD. A smart contract will be implemented to create and destroy SnaPay dollars in direct relationship to holdings in a partnering bank which will be audited regularly by independed organizations. These audits will be made available to the public at all times to ensure transparency. Since no dollar can be unaccounted for, the transactional fees on the network will be facilitated using a cryptocurrency.

Snaps

This cryptocurrency (which we will nickname “Snaps”) shall have a finite amount and be capped at 100,000,000 coins. The nature of this currency shall be to provide an immediate and direct exchange for SnaPay dollars at the current rate of exchange. This will be done through the use of the lightning network and a tool called atomic swaps. There will also be an incentive to place most of ones holdings in Snaps for three reasons:

1. As a finite resource one may look at this similar to an interest bearing savings account which shall accrue interest based on the increased value of Snaps over time due to their limited nature.
2. By implementing a master node program, users are incentivized to validate transactions on the network by staking their coins providing both security and authentication to the SnaPay dollars protocol, as well as decreasing available supply allowing for further adoption of the Snaps network.
3. All transactions using the stablecoin shall be processed in Snaps (meaning transaction fees, gas, dividends) overall the cost and profit to run the entire network. This means that there will be a real utility for this currency which will provide a baseline of demand.

Einsteinium

The final protocol shall be Einsteinium (EMC2). This is a currency similar to Bitcoin and Litecoin, however EMC2 is unique because it has a focus on transparency, making it an ideal ledger for use by charitable and political organizations. A small share of revenue generated through transactions and premium services will be exchanged for EMC2 and sent to the Einsteinium Foundation’s custodial wallet. These funds are then given as grants to worthy scientific causes, such as advancements in medicine and technology.

Through the use of these three protocols, banking is transformed to benefit the indivudial and not the institution. Furthermore, the entire organization benefits from the great PR created by donating a portion of profits to important causes.

• Cash transactions can be performed almost instantaneously for far less than current payment settlement systems.
• Merchants have a better tool for accepting payments at a substantially reduced rate. More premium features can also be offered, such as a merchant’s ability to create rewards tokens which track the spending habits of the customers who opt in, offering them bonuses and discounts, enhancing the relationship.
• Additionally, “savings” accounts will produce substantially more interest than has ever been offered through traditional banking. The rewards for staking those coins shall be even greater.

Other features can be implemented into the core of the stablecoin as well such as dispute resolutions and escrowed services for more complex transactions. Premium features can be offered to individuals, but will mainly serve corportations/businesses or for institutional banking such as a large fund.