Snax + Steem
What is Snax?
Snax is an overlay solution that rewards tokens based on your popularity on existing platforms. Currently, Twitter and Steem are supported, with Reddit and YouTube planned later in 2019.
Snax is entirely complementary to Steem, you can continue posting on Steem as usual; you'll continue to receive Snax tokens.
How do I get Snax tokens?
You need to create a Snax wallet and link your Steem account. You can do this by downloading the Chrome extension. Once you've linked your Steem account, you'll automatically receive Snax tokens based on your activites on Steem.
How many tokens will I receive?
Unlike on Steem, Snax scores an Attention Rate based on the engagement your post receives, rather than which whales vote for it. So, your post may have $1 reward, but if it has much greater comments and upvotes, you may end up with greater Snax tokens than a bidbotter with a $100 pending payout.
Yes, of course, this method is flawed. But it's much more accurate than Steem's allocation.
The evidence is in the Attention Rate list and comparing it to the Steemit Trending page. On the Trending page here today, I see random posts from people I've never heard of, who got there only because of buying votes. I mean, there's not even a single known account in the top 10. The Snax AR list, however, has people I recognise and popular community members of Steem that drive organic engagement, such as @firepower, @kingscrown, @exyle, @papa-pepper, @kevinwong, etc. So, yes, it's flawed, but evidently it's a lot better than Steem's reward algorithm.
How much are Snax tokens worth?
They are worthless. Snax is a new protocol with only 1,500 users and not currently listed on any exchange. Due to the economics, it's not going to be worth a lot for the next couple of years (apart from bull market speculation). The way inflation works is it will ramp up only as Snax gains adoption. The advantage is that early users won't be exponentially rewarded. I was an early-ish user on Steem. I had several posts earn $1,000+, and one even made it to $10,000 (6,000 Steem at the time). That was obviously a broken model, so Snax is trying to fix that so while the platform is small, so are the rewards. The disadvantage is no one is going to get rich quick. The platform will reward patience. Wait, that may be an advantage in the long run...
That said, once you link your Snax account, you have nothing to lose. You'll keep earning tokens for your work on Steem. HODL them till they are worth something. You can also, of course, transact with other Steem users with Snax, tip them etc.
What's the future potential?
I don't know. Snax is a passionate but small team. In the roadmap is a decentralised SMM and influencer marketing platform. If that works out, it could be a central hub where advertisers can directly transact with social media users, whichever platform they may be on. It sounds promising, but it's scheduled for 2020, so we don't know much. That said, kudos to the team for offering a realistic roadmap - at least they're not claiming in April 2017 that Communities will be ready by end of Q2 2017.
Snax is built on the EOSIO codebase, which allows for a variety of dApps. By bringing the Twitter, Steem, Reddit and YouTube ecosystems (with more possible in the future) together offers an interesting platform for dApp developers.
Is it safe?
Why are you shilling Snax?
I'm a block producer on Snax, and have advised the team on a bunch of things. I like the people there, and feel my opinion is valued. If it wasn't clear, this is an experiment and I do not know if anything will come of it. However, the risk is very low, so I'm interested in seeing how a new platform and a new idea comes to fruition, even if it fails.
PS: The extension also works on Brave, Opera, beta Edge, and other Chromium based browsers.
tokens have value based on faucets and sinks
You have an interesting faucet, but I see literally zero sinks and only inflation. What's the actual utility of these besides getting them?
You're totally right, but tokens can still have effects even if they have no monetary value. Maybe they'll be focusing on this rather than trying to create a lot of (potentially questionable) utilities.
Posted using Partiko Android
I already have a Snax wallet, but nevertheless it's good to know that trustworthy people like you are on board there. As you said, if it fails, I don't lose anything, so it is worth a try.
Good to hear! You have earned 38.5 SNAX for your Steem activity yesterday.
Good post, I am very glad that you are member of our community and support Snax. We really appreciate opinion of active members of Steem community.
Cheers!
Snax doesn't sound awful, and your post intrigued me. I had a look at downloading and installing the extension, but was stopped in my tracks when I read the permissions Chrome extensions require. That will preclude my participation in what otherwise seems a wholesome and good project.
I don't know how you feel about any of that, but I thought to mention it to you. Google is a virus, and I want as little of it as I can.
Thanks!
You need not use Chrome. You can use the open-source Chromium browser, or its many forks such as Brave.
I can use the extension. That is not my difficulty.
That is my difficulty. I won't use Chrome extensions that permit the extension to access unrelated functions and data of my browser, and that means I can't use the extension.
I hope you can find a way to create an extension that obviates this problem.
Thanks!
Fair enough. Though in reality, the only permission it requires is being able to copy keys to the clipboard. The extension is also open-sourced, so you can verify that.
Also, like I said above, you can use Brave instead, if you don't like Chrome.
I'm using Brave and all is working smoothly!
Seems interesting, will try it. Thanks for sharing
Could you have SNAX chrome extension evaluate by an independent party to testify it is safe ?
just check the permissions they get when you install the extension.... no comment.
Posted using Partiko Android
Thank you