Snax : Decentralized Social Media Overlay
Snax is a blockchain-based social overlay that rewards content creators on popular social platforms such as Twitter and Instagram, with the aim of creating an economy of people’s social interactions.
The social interactions can be used to donate money to content creators or bloggers, pay social influencers for marketing campaigns they market, and use the Snax tokens to draw attention to issues they find important.
The Snax blockchain platform also enables its users to make instant and free micropayments without having to leave their favorite social platform. Additionally, Snax provides developers with access to the Snax blockchain that they can use to create decentralized social applications.
An overlay solution
Snax works as an overlay solution for social networks that are already established like Twitter, Reddit, and Instagram. Snax provides users with ability to transfer their tokens to users of any social media network integrated on the platform.
The recipient of the tokens doesn’t have to be registered on the platform since once they login on the platform, they can claim the tokens sent to them.
How does Snax work?
To begin using Snax users are required to verify their identity as the owner of the social media account so that they can enjoy the benefits of the Snax system. Sending transactions using Snax is as simple as sending a message on Facebook or Twitter, since only the social network account name is required.
The Snax economy is built on the principle whereby more value is generated when there are more people using the Snax tokens. Therefore, the more people using the Snax blockchain, the more the value of the chain will increase, which subsequently results in the individual tokens increasing in value.
Snax also has a browser extension that allows users to send the tokens with just a few clicks. With this simplified process, more people will adopt cryptocurrencies due to the reduced complexity of sending and using them.
Users can earn Snax tokens by becoming block producers on the platform or by monetizing the activities on the social media networks through the publisher rewards.
Publisher rewards on the Snax ecosystem are determined by the popularity of the users who upvoted the post, the number of likes or retweets the post receives, and the number of followers one has on the social networks.
Benefits of the Snax Blockchain
Fair and transparent rewards
Snax has a balanced rewards structure whereby accounts with high social relevance are the only ones that receive rewards.
For instance, an account with millions of followers but without any content interaction will receive close to zero Snax tokens while an account with less followers who are actively retweeting and liking the content will receive a substantial amount of Snax tokens.
Advanced features
The Snax blockchain features free registration of accounts, a donation system, and the possibility to create decentralized applications as well as instant transactions that aren’t charged any fees. Additionally, Snax utilizes advanced blockchain engines that enable the Snax platform to process over 1500 transactions per second.
Easy access
With the Snax blockchain, users can send Snax tokens to anyone as long as they have a social media account regardless of whether they are on the Snax network, which makes Snax a great donation tool.