How Blockchain technology Based Social Overlay

by Technology 29 November 2018

Blockchain technology

For last decade and a half, we all have witnessed the real booming and domination of various social networking sites like Facebook, Reddit, and Twitter in the web world which is undoubtedly a remarkable milestone for internet world of communication. Nowadays it has turned into a real tool in our day to day lifestyle be it communication, leisure, business or just to get entertained. Also in the past, we have seen social networks in news headlines due to its dark sides also. As obvious it also has two sides- one is bright other is dark but considering the fact that most these social network giants gaining a huge amount of revenue; It proves that Social media is not going to fade out from our daily life so easily.

Also considering the three most important aspect of Block-chain technology – immutability, provenance & distributed consensus and obviously the recent real booming of the block-chain technology, experts believe that new social networks platforms incorporated with block-chain technology or based on this technology could be the answer to all pitfalls or shortcomings of the previous generation social networks.

As we know the cryptocurrencies are also blocked chain technology based, but the payment in exchange of digital tokens or in form of various digital coins is very easy and also hassle-free. These social network users can create an exclusive digital token based economy for themselves that can be exchanged in value for goods and as well as services for them.

What makes Snax mechanism so different than other applications? This application mainly gives emphasis on already existing or registered user network effects & saving accumulated UX, actually, it means a user like you need not to worry about the sudden change of normal flow of using their social network sites to participate or join in Snax economy. Only you just need to keep publishing & keep checking your or user’s Snax account balance at times.

Snax application provides mainly two basic ways to make indulge into it to its user:

One is- Collection of Rewards for Regular Publisher and second is- Send and receive donations.

Both of these conclusions actually come through real Social Transactions mechanism, which is one of the key characteristics of the Snax block-chain application mechanism. Social Transactions process provides an opportunity to send SNAX to any user account on any social media platform incorporated with Snax. The most vital and important aspect of this Social Transactions mechanism is that it provides an opportunity to send tokens to an not registered account or an individual account who has not registered a user on Snax yet. SNAX Tokens distribution to social influencers instead of the Initial Coin Offerings (ICO). Almost seventy-nine percent of total hundred millions of SNAX airdrop supply delivered as rewards to the regular publisher user. Snax application gathers data from various social media platforms, such as Facebook, Reddit or Twitter and pays rewards to users according to their content’s influence and engagement capacity.

Snax Foundation application is not going to collect or more precisely raise money on the Initial Coin Offerings ( ICO) but will make a twenty-one percent pre-mine to develop ecosystem & software. Snax will be turning into full DPOS democracy system when all tokens, held on accounts which are actually unregistered or not affiliated with Snax Foundation or which are exceeding the amount of hundred fifty crores of SNAX.

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Ariana Smith is a blogger who loves to write about anything that is related to business and marketing, She also has interest in entrepreneurship & Digital marketing world including social media & advertising.

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