Snax. Social transaction and why sharing is caring.
A few years ago we have asked ourselves, how can we integrate blockchain into the everyday lives of people to enable widespread adoption of this amazing technology? After a lot of discussions and brainstorming, we decided that the best way to achieve that would be to provide people with an opportunity to transfer tokens without leaving favorite social media. The idea of Snax was born.
Snax is a public blockchain based on the EOS engine. Snax chain will provide people with an ability to create social transactions. Social transactions can be used in many ways — you can donate money to your favorite Hearthstone streamer or support a blog that you like on Twitter, advertisers can pay to social influencers for marketing campaigns, Youtubers can exert their influence using Snax tokens to promote smaller channels or to help bring attention to any issue they deem important.
Snax works as an overlay solution over already established social networks (e.g. Twitter, Reddit, Instagram). With Snax you can transfer tokens to any user of social networks integrated into our platform — the beneficiary of the transaction doesn’t even need to be registered on Snax network, once they will log in for the first time they will be able to claim all of the tokens sent to them.
To use Snax you simply need to verify your identity as an owner of the social media account and you can instantly begin to enjoy the benefits of our system. You can send transactions using just the social network account name — it is as simple as sending a message on Facebook or Twitter! One of the largest barriers in using tokens for most people is the relative complexity of getting and sending them. With Snax, we have simplified the process to the limit — with our browser extension you can begin using Snax with just a few clicks. If you are using Twitter you will be able to record your twit together with sending a token simply by tagging our bot in the message.
Don’t be a Smaug and send some Snax to your friend!
Snax tokens are free to send, so we encourage users to spend them on each other, to create a digital economy of social interactions. Be creative with your use of Snax and do not treat them as a treasure that you have to keep to yourself. We are giving everyone the opportunity to receive Snax for simply having a Twitter account, and we want our users to have fun with our gift. Send some funny gif to your friend together with Snax token and have it recorded on the blockchain, or try to see how many people you can gather to send Ryan Reynolds a gif of Pikachu.
The economy of Snax is built on a very simple principle, the more people are using Snax tokens, the more value it generates. That is why we give everyone a chance to get free airdrop, and a simple way to earn tokens. There is an underlying network effect called a Metcalfe’s law that our blockchain is using. The law states that the value of any social network is proportional to the square of the number of participants; In simpler terms, it means that doubling the number of people using our blockchain would more than double overall value of the chain leading to an increase in the value of an individual token.
Early internet Metcalfe’s law effect
Don’t be afraid to send your tokens to people who are not yet familiar with the network — once they are authorized with our system they will get the Snax you have sent them while increasing the number of users in the network and contributing to the Metcalfe’s law effect. Now, if for some reason they do not want to claim their tokens, that is also fine, as that would eliminate these token from circulation gradually increasing the value of the remaining tokens.