What is SNAX or blockchain overlay?
A blockchain overlay (SNAX) has been introduced with its aim to cover the most popular social media so that an economy can be built which shall be based on people’s interactions. The basic utility token of DPOS blockchain is the SNAX. The value of a public content is allowed to be measured transparently and without pushing the social platforms to change their established business models with the help of this SNAX platform.
Use of SNAX:
This platform allows creating Apps, and also provides instant zero-cost transactions, donation system, and free account registration. Our main focus is on the network effects which are existing and saving accumulated UX. This suggests that one does not need to change their normal way of using their favorite social platforms to be a part of this SNAX economy. The basic thing one needs to do is to just keep on publishing and keep a track of their SNAX balance from time to time.
The two basic ways the user can engage as provided by SNAX are:
- Regular publisher awards need to be collected.
- Not only receive but also send donations.
Social cryptocurrency transaction mechanism is used to realize the above-mentioned cases and this is the key feature of this Blockchain. This method opens up a possibility to send SNAX to every account on a social platform which has been integrated to SNAX. A useful feature of this social transaction mechanism is that one has an opportunity to send tokens to an account whose owner has not been registered on SNAX.
Out of the total 100.000.000.00 SNAX supplies almost around 79% goes to regular publisher rewards. Data is collected permanently from social media sites like for example Twitter and Reddit and in the proportion of their influence and engagement of their content data is collected permanently. To develop their software and the ecosystem SNAX Foundation will make a 21% pre-mine and is not going to raise any money on the ICO.
The main features of the SNAX roadmap are:
- To undergo social transactions over some of the most commonly used social media platforms like Instagram, Twitter, Reddit, YouTube, Facebook etc.
- Non-fungible token support in the donation system.
- A social media marketing platform which is decentralized
- An influencer marketing platform which is decentralized.
In the 4th quarter of 2018, the SNAX main net is supposed to get launched. An airdrop of 50 SNAX will be received by every new SNAX user who binds their Twitter account to try the service.
This Airdrop account is liable to changes in the future and the Airdrop fund is limited to 0.5 bn of SNAX. The main aim of SNAX is the building of an economy together.
Keeping in mind the increase and superiority of the blockchain, researchers have come to believe that the new social networks which will be built on this technology might have the capability to answer the glitches of the previous generation social networks.