It's a EOS chain clone, meaning it runs on PoS. The chain is maintained by 21 block producers, who were invited by the developers (BPs are NOT part of the dev team, they are independent players, chosen by some criteria that may include reputation, level of technical expertise, tolerance to risk and to losing money by providing infrastructure for a project that may or may not succeed). The token is "disbursed" following an attention rate algorithm, which you may see in the white paper.

For me, the incentive is to understand how "decoupling" a social network from a specific blockchain can impact performance and revenue. "Decoupling" means you don't have to create another account on another social media site and grow another followership there, but to play in your familiar "playground" (SNAX supports now Twitter and Steemit) and get some rewards while focusing on doing what you want.

It may or may not succeed, and a big part of the answer to this question is "the utility of this token", but that's something that is yet to be determined. If people will start building dApps on top of the SNAX chain, like they started to do on top of EOS, then we may be on to something. If not, I supported a project for a few months and learned some stuff. It's a win-win, for me.