Snip.network promises to be the future of news on the blockchain. Find out how it works today in our review.
What Is Snip?
Snip, found online at Snip.network, is a blockchain-based news website. The key feature of the website – and the feature that distinguishes it from the millions of other news websites – is that your news is delivered in “snips” delivered through blockchain technology. Snips are short, easy-to-read sentences, or snippets, that quickly summarize important news stories.
Snip’s news is created by a community of writers. You get a personalized feed full of snippets, which means you never miss a story you care about again.
Snip launched in 2016. The platform was originally built on centralized servers. Now, with Snip 2.0, the developers aim to combine the platform with blockchain technology. Snip already has 25,000 active users, 1,000 paying subscribers, and about 2,000 news snippets. You can browse the platform at snip.today.
The SnipCoin ICO begins on September 29.
Overall, Snip describes itself as “the future of news on the blockchain.” With that in mind, let’s take a closer look at how Snip works.
How Does Snip Work?
Snip’s ecosystem revolves around SnipCoin, an ERC20-complaint token. Here are the three basic parties involved in the SnipCoin ecosystem:
- Advertisers will buy advertising space using SnipCoins
- Readers can tip writers with SnipCoin, or pay for premium Snip services – like an ad-free browsing experience, personalized audio podcasts, and professional content
- Writers are rewarded with SnipCoin when they produce good snippets
The Snip platform itself is a decentralized, user-generated news platform. Anyone can write a new story – a Snip or snippet – about a topic of their choice. Users can also browse existing stories about issues they care about.
Snip has no editor that decides what’s fit to print. The decision on which content to view is made by the community of users.
Using Snip, you can stay up-to-date on a variety of topics, including everything from politics to tech, sports, art, philosophy, and more. It’s the internet, and virtually anything goes.
The stories are presented to readers as an algorithmic feed. The open-source Snip algorithm determines each user’s interests.
Most of the content on Snip has a short length. They’re designed to be quick reads that present the most important information about a particular issue. However, writers are free to post content of any length they choose.
Obviously, sites like Reddit and Twitter already exist to provide a curated news feed of short snippets delivered to users. What makes Snip different? Here are some of the features and benefits of the platform as outlined in the Snip whitepaper:
Freedom Of Speech:
The Snip community will enjoy freedom of speech with no centralized authority. Snip will never censor content on the platform, and users will never be banned or shadow banned. The integrity of all online content will be ensured by storing all posts and comments in the Interplanetary File System, or IPFS, which provides decentralized file storage. However, Snip does retain the right to redact content according to local law – say, if the content violates copyright or violently threatens someone.
Snip rewards stories that provide unique insight into a topic. Stories that copy content from an existing news story (without the consent of the creator) will remain on the IPFS network, but they won’t appear on the Snip platform. The writer receives a notification, and content contributors are asked to provide references to stories. If the writer chooses to do so, they can share revenue with a reference source.
Personalization And Content Filtering:
Users can use Snip to see what they want to see. Snip’s personal feed comes complete with customized content thanks to the Snip algorithm. The algorithm is designed to ensure that the feed contains a large percentage of articles that interest the reader. Snip provides an API and publishes sample datasets to allow developers to test their own algorithms based on things like likes, post publish dates, comments, and more.
Snip believes that “users need to feel safe when using the Snip platform.” To ensure user safety, the company will allow users to add their own rules to filter out content they prefer not to see. “For example, users may choose not to view content they believe to be fake news, or content deemed to be of poor quality by community members they trust.” Users can block posts, block specific words or word groups, or choose a pre-built spam filter.
Snip will use categories to help the algorithm sort through relevant news stories. Some of the sample categories include Breaking News, Science and Technology News, Politics Op/Ed, and Live Sports.
The end result is that Snip will encourage diverse, high-quality content while allowing users to participate in a safe, censorship free environment. It’s like a better version of Reddit, Twitter, and other similar social platforms.
The Snip Token Sale (SnipCoin)
SnipCoin is the exclusive token for the Snip platform. The token can be used to reward content contributors and to reward various services.
There’s a total supply of 10,000,000,000 SnipCoins. The coins will be minted in advance. Snip will reward contributors with SnipCoins from two sources, including:
- An initial pool of 1.5 billion SnipCoins designated in the token sale
- The platform’s revenue, which will be added to the pool in SnipCoins, with a small cut of the revenue passed to the Snip company
The company is seeking to raise $8 million USD (hard cap) through the crowdsale, with a minimum goal of $0.8 million USD (soft cap). The sale will last no more than 30 days. 80% of the total supply of 10 billion SnipCoins (SNP) are designated to the community and contributors. 30% will be available through the crowdsale.
30% will be sold in a future token sale and will be locked for 3 years. 20% is reserved for the initial pool of contributor rewards, which is kept in a time-locked vault and released every month, and 19.5% is designated for the Snip company to be used internally. The remaining 0.5% is designated for bounties.
The current exchange rate is 1 ETH = 310,000 SNP tokens.
The SnipCoin crowdsale starts on September 29 at 23:00 UTC.
Who’s Behind Snip?
Snip is led by CEO Ran Reichman, CTO Rani Horev, and Marketing Lead Ofir Avigad.
Snip is a social platform built on the blockchain. It aims to provide an effective news source for users through personalized feeds, censorship-free systems, and transparent blockchain technology. The ecosystem circulates SnipCoins, which can be used for tipping or buying advertising slots on the platform.
The Snip ICO launches on September 29 and will last no more than 30 days. To learn more about Snip, or to visit the platform in action today, visit Snip.network.