What Is Snip Cryptocurrency?

The way in which news is disseminated to the public these days is highly biased. This is because mass media is under the control of a few conglomerates which have exclusive control as to what information is worthy of printing and publishing. As a result, we now live in a world that is replete with click-bait and tinted articles.

Snip is an all-new decentralized news platform that is powered exclusively by its community of supporters and users. Anyone can use the service and publish news stories and articles that matter to them. Contributors are duly rewarded with native currency tokens depending upon the popularity of their posts and comments.

In short, one can think of Snip as a community-based news site which covers stories ranging from breaking news headlines to entertainment—  as well as everything in between.

Also worth mentioning is the fact that all of the content published on the platform is personalized for each user through the use of an open-source newsfeed algorithm. As a result, readers will have the option to customize their content based on their habits and preferences regarding:

  • Short news articles
  • Long form news media
  • Visual news pieces

Overview of Snip

  • Owing to its transparent and decentralized design, Snip prevents any one party or individual from becoming an arbiter of truth.
  • The platform presents news that is unfiltered and not colored by the biased lens of mainstream media channels.
  • Platform users have the freedom to view whatever content they see fit without any intrusion or third-party governance.
  • Any legal content meeting basic community standards is allowed to stay on Snip.

Key Features

One of the core aspects that really sets Snip apart from similar services is its decentralized setup. Owing to the fact that the platform has no editor, fair and free content can be distributed without the need for a singular authority figure.

Additionally, Snip covers a diverse domain of interesting subjects such as:

  • Politics — both national and international
  • Technology — unbiased coverage of digital developments taking place all across the globe
  • Sports — soccer, football, basketball, cricket
  • Other areas of interest — art, philosophy, etc.

Envisioned roadmap (according to the official whitepaper)

Also worth mentioning is the fact that writers may publish articles of any length. Readers can select the type of content that they would like to read.

The platform is powered by the community, with members writing stories and participating in constructive activities such as voting on the best stories, engaging in discussions, and rewarding contributors with tokens.

Lastly, owing to the important role of community feedback, authors are given an incentive to create high-quality material. The voting mechanism intrinsic to the system assists in personalizing content for users, thereby creating a news feed that is tailored to one’s custom requirements.

How Snip works

To publish content on Snip, potential news stories need to be original and possess a certain level of insight. According to the company’s whitepaper, plagiarized material remains on the IPFS network but is not allowed to be displayed on the core interface. The writer is duly notified and if the situation demands, he or she is asked to amend the piece and incorporate pertinent references.

If a piece borrows heavily from a previously published news article, writers are required to decide on the percentage they want to share with the referenced publisher — with a 10% minimum base standard.

Owing to this unique revenue sharing model, original journalism is incentivized, thus allowing writers, content creators, and freelancers to earn a decent living.

Lastly, to assist developers, Snip provides accredited parties with an API and publishes sample datasets to allow independent backend strategists to test their own algorithms. Some of the main features that will be accessible to devs include:

  • The date on which a particular post was published
  • Article keywords, titles, lengths, etc.
  • User reactions including Likes and Dislikes
  • The ability to comment on various published posts
  • A list of the user’s followed contributors
  • Metadata including a user’s number of followers, region of operation, and preferred language

Token Details

All internal transactions taking place within this platform are governed through the use of a currency called SnipCoin.

Allocation schemes employed by Snip

This token is intrinsic to the ecosystem and is used for reimbursing content contributors as well as rewarding the creators of various native service modules.

In all, there will be a total of 10,000,000,000 (ten billion) SnipCoins minted. An initial pool of 2,100,000,000 SnipCoins have been designated for sale during the ICO phase. According to the whitepaper, a large portion of the platform’s revenue (in SnipCoins) will be added to the pool, and a small cut of the revenue will be passed on to the parent company.

About the service

Ran Reichman is the CEO and founder of Snip. According to his LinkedIn profile, Ran is an alumnus of Talpiot College and has vast experience in specialized sectors such as:

  • Software development
  • Product management
  • Team leading

Rani Horev is in charge of all technical operations for the company. In addition to his strong background in digital R&D, Rani has also worked within other niches such as data sciences and research management.

Lastly, Ofir Avigad is the company’s marketing head. Prior to joining Snip, he co-founded Credex and served as Director of Growth at Jolt.us.

Final Thoughts

In this age of biased media coverage and rampant institutional bias, Snip aims to provide global media consumers with a platform that is transparent and delivers news that has not been filtered or manipulated in any way.

If you would like to start investing in Snip, details in regards to the ICO can be obtained by visiting the official company website.