What is Snapshot?
Snapshot is a mobile application for iOS and Android devices which allows users to take photos, send messages, and battle it out for the highest ranking pictures of the week for sweet Snap token prizes.
More than this, it prevents user’s from loosing the Snapshots of their lives through built in “Keeping” capabilities.
How does Snapshot work?
Snapshot is implemented in a two layer process. Layer one is a native Snapshot blockchain hosted by our nodes utilized as a record database which tags stored photographs with public addresses corresponding to a Snapshot account or “Wallet”. This allows retrieval on the Snapshot website and acts as owner authentication for the Snapshot ranking page.
Layer two is an Ethereum ERC20 token dubbed “Snap” which serves as payment in the instance a Snapshot user looses his or her device and wants to download the photographs they have no other means to retrieve. Snap tokens also act as payment for Custom UI skins and photograph stickers, an avenue for large earnings in the Asian market.
When a user takes a photo with the Snapshot application, they have the option to either ‘Save’ or ‘Take another’. If a user chooses to save, one more dialog box appears, asking if the user would like to “Keep”. If yes is chosen Snapshot will generate a new blockchain address and tag it to the photograph prior to upload on our servers.
If a user decides to submit their “Keeped” photographs for the weekly ranking board and they land in a high placing, other users can be assured that the photo was indeed taken with the users own skills due to the blockchain addresses tagged to each photo. Even better, no one will be able to pass off a winners shots as their own thanks to blockchains inherent immutable nature.
Upon user account registration each device will be generated a Snapshot wallet behind the scenes. This wallet accessed though E-mail and password identification serves as both record keeper and record retriever. When a user logs onto the Snapshot website to retrieve photos they are entering their Snapshot wallet which serves as gatekeeper to access photographs tagged with their wallet’s addresses.
A second wallet containing ERC20 Snap tokens will be running visibly in an application tab, accessible only by a 4 digit pin number created during registration. This is where users can purchase tokens for skins and stickers as well as photo retrieval. Gas payments will be covered by Snapshot until 2018 Q2 to aid adoption.
1. Only paying to retrieve your photos when you require them as opposed to paying for a set amount of storage is favorable for many reasons. We have done sample surveys and analyzed several case studies which suggest this format breaks potential adoption walls that a subscription based service tends to have.
2. The Snapshot ranking system gives users the chance to prove they have real photography chops, and Snap token prizes for winners will make sure our app has higher user adoption and retention statistics than other similar products.
3. The Snapshot messaging service will make sure users are always connected, and custom UI’s and stickers allow each user to express their own individuality
4. ERC20 Snaptokens are a real representation of Snapshot revenue, this means when we make money, users do as well.
5. Users are able to invite up to two friends to Snapshot and receive 10% payouts every time their invitee’s win Snap tokens.
But its more than the sum of its parts, this is a combination that will make Snapshot a killer in the mobile app market, providing a loop complimentary services that will further and further encourage the use our app and make sure users get their friends in on the Snapshot experience.
Why use ERC20 tokens?
In order to tag photos a Snapshot blockchain is needed, but also using the Snapshot blockchain as a payment for these services poses serious security risks.
If the native Snapshot blockchain serves as both record keeper and monetary payment we would run into the problem of users putting their money at risk every time they chose to access their photos on Snapshot’s website. The same is applicable when they make a payment on the application itself. This would prevent users from secure storage of coins.
An ease of use problem also arises in a one blockchain application. If Snapshot were to use a proof of work coin for both records and payment while still being secure it would require a form of two factor authentication. This would mean in order to use Snapshot as a record log and photo storage, secondary authentication would have to be used every time a user “Keeps” a photo. This greatly detracts from Snapshots ease of use, something that must be one of the primary concerns of any professional company making products for mobile applications
Instead, we opted for an ERC20 token. This poses very clear befits lacking in the former option. If Snapshot tokens as a payment method are decoupled from the Snapshot blockchain as immutable record keeping and photo authentication, then the likelihood of users tokens being vulnerable to theft is largely negated. ERC20 tokens will also allow us to formulate a clear plan for promotional uses and establish a proper fee structure from the moment of product release which will both aid in adoption.
What give Snap tokens their value?
For The User:
The value of Snap tokens are derived from a few key components. Snap tokens will be used as a form of payment for users to retrieve their photos from the Snapshot website, this ties the value of Snap tokens to people’s desire to get back the memories they have no other way to access. This combined with token payments in order to access exclusive filters, UI skins and photograph stickers provides a real, tangible need for users.
For The Investor:
Snap tokens represent 35% of Snapshot’s yearly revenue. Fiat deposits will be made into Snapshot accounts in accordance with the percentage of their token holdings. Payouts will happen twice a year. These bi annual deposits will be made at the end of Q1 and Q3.
Users may also opt for a check or bank wiring if they set up all relevant information inside the Snapshot app. Yearly revenue will be published on the Snapshot website and will be accessible to all token holders for review.
The Short and sweet of it
This combination provides a need for tokens on the user side as well as a healthy benefit for investors which encourages company growth. This also means that users themselves are eligible for yearly Fiat distribution, which offers even more incentive to use our application in comparison to competitors.
What are the token fees?
Accessing of stored photos on Snapshots website : 30 Snap Tokens
Custom camera filters and image stickers : 1~10 Snap Tokens
If the value of Snap tokens rise couldn’t users be priced out?
As the value of Snap tokens grow so does the cost of our services, and that does provides potential issues.
Thus we have settled on reducing the amount of Snap tokens required for in app purchases and photo retrieval in conjunction with every 10% increase of our Snap token market cap. This means the cost of Snapshot fees will never see more than a 10% increase from date of inception and will slide on a continual scale.
Having the amount of snap token required for payment moving on a sliding scale will prevent users being priced out of photo retrieval and application extras without effecting investor and Snapshot profits.
Can you give me some info on your ICO?
Initial Coin Offering:
July 30th , 2017, 1:00PM PDT ~ August 10th, 2017, 1:00PM PDT
Snap Tokens In circulation: 16,000,000
Snap Tokens sold during ICO 12,000,000
Snap Tokens to be held by The Snapshot foundation: 4,000,000
Total Investment Limit: Ethereum equivalent of two million USD
Purchasing tokens during the Initial coin offering is only available via Ethereum. Once funding reaches the set limit or the initial coin offering ends due to timing out, no further Ethereum will be accepted and we will move forward with the distribution of all Snap tokens. All coins deposited during the ICO will be frozen to the price of Etherem based on coinbase.com at 1:00PM PDT.
We capped investment at two million USD as this provides exponential room for growth to ICO investors; it may be unconventional, but we feel raising more capital than is needed has the capability to be a detriment to Snapshot during its infancy. This amount provides enough for settling the legal framework of our application in relevant countries while still leaving a healthy amount for marketing and development.
Since we will not peg our token value to Ethereum the Initial coin offering will be based on the percentage of Ethereum supplied in contrast to other investors, and all tokens will be distributed in this manner.
We found this to be the fairest way to operate as it ensures investors receive the exact amount of Snap tokens deserved while at the same time preventing over funding.