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The Snax The blockchain platform launches an innovative Social Overlay system of cryptocurrency blockchain, which will help you to earn tokens for your social activities such as tweets.
What is Snax?
Snax is a blockchain-based social overlay. The 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 (such as tweets). For developers, Snax provides on-chain access to users of the most popular social networks.
The Snax's team is anonymous at the moment. They decided to launch Snax anonymously due to the uncertain position of multiple regulators on the cryptography industry. All members of the Snax team have a solid background in the development of crypto and web. Find out more in this article.
What is the social overlay?
The Snax social overlay is a blockchain with DPoS consent and its own basic token called SNAX. Snax works on the most popular social networks (eg Twitter). The fundamental characteristic of Snax is the mechanism of social transactions, which allows SNAX token transfers directly from the user's account name in some social networks (for example, twitter-id). Social transactions can be used for easy donations or in dApp, which can interact economically with users of normal social networks.
The most known social cryptocurrency at the moment is Reddcoin. It has a large community, but the access threshold is too high for the average Internet user (UI UX is complicated and you must first purchase RDD to create the Reddcoin account). Even so, the new users are still coming to Reddcoin and have a capitalization of about 40 million dollars, which is a good sign of adoption. As for the publisher reward system, we can look at the Brave browser, which also increases its adoption. In addition, the team saw a free niche of decentralized applications targeting the average Internet user, which is the main goal of the long-term Snax platform. Find out more from the white paper.
The Snax ecosystem
The Snax blockchain has the same approval of DPoS BFT as EOS, but Snax has no ICO. Instead of ICO, Snax will produce a 21% pre-mine. Part of this pre-mine goes to aim for the creation of free user accounts. Snax also provides instant cost-free transactions (0.5-second lock time) between Snax accounts. You can easily register your Snax account using your web wallet and browser extension, which provides security archiving for your private key (such as Metamask). In the future we plan to create a mobile application, so that anyone can instantly send SNAX tokens to anyone based on the name of the account in the social platform of their choice. In addition, users can develop intelligent contracts on Snax blockchain in C ++ language. The concept of functioning of smart contracts is the same as EOS.
The SNAX Utility token.
79% of SNAX tokens will be issued as a reward for user activity in social media (Regular Publisher Rewards). This type of distribution helps us to make it fairer and more regular. Any user who publishes popular content in social media can be rewarded (at the start of mainnet, only Twitter accounts will be supported for regular publisher prizes). If you have SNAX tokens, you can apply them to the resources of the Snax network (NET and CPU) and purchase RAM. The resources are necessary to allow the execution of free direct transactions and smart contracts. Some SNAX tokens will be assigned to you for free when you create an account, which allows you to make approximately 100 free direct transactions every 24 hours. If you need to run a smart-contract or make multiple transactions, you need to put multiple SNAX tokens for yourself.
In addition, if you have SNAX tokens, you can vote for the block manufacturers of the Snax network (DPoS model). In the beginning, the Snax Foundation will hold the highest number of votes due to pre-mine, but after the token offer has grown up to 35% of the total offer, the Snax network will pass to democracy.
The Snax roadmap.
Snax released a testnet this week. The Beta version of the Snax node is already on Github. The Mainnet launch date is set for December 20th. Once mainnet is active, anyone with a Twitter account can sign up for Snax for free and receive regular prizes for publishers. The next step from the team will be a version of Social Transactions for Twitter and Reddit. They also plan to add support for Facebook, Instagram, YouTube and VK and add SNAX token for exchange in the first quarter of 2019. You can see the roadmap here https://snax.one/roadmap.
Conclusion.
The Snax team is a great blockchain platform with potentials, If you want to support the Snax project, visit the website, connect with the community. The platform will be an innovative user-friendly blockchain system without an ICO. It is very important to launch really useful blockchain products against a lot of scams in the encrypted 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
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