ULOG #26: My Thoughts on SNAX Integration with STEEM

This is my participation in SNAX's STEEM bounty program. Read their announcement for details.

I've read some other great reviews of the decentralized application (dApp) particularly from taskmaster4450 and from ankarlie. So this is my contribution to its sea of discussions.

As written by @ankarlie, this is not the first time I saw other crypto communities give incentives to integrate with STEEM. The first I can remember was from OByte (formerly Byteball). I was able to get more byteball incentives by joining their World Community Grid. I'm hoping that will also be the case for SNAX.

So what is SNAX? Isn't this what you eat when you're hungry?

Well, after going through their FAQs, their announcement, and their whitepaper, this doesn't seem to be the case.

These were the things I understood:

SNAX is an overlay solution, it's not a platform where content is created
SNAX aims to reward content creators based on a calculated People Attention Value which is calculated based Attention Share and Platform Revenue); their whitepaper contains the details
SNAX first integrated with Twitter, and now on STEEM
5 million SNAX (0.05% or 0.005%) of a total of 10 billion or 100 billion (there seems to be a discrepancy on the information written in their FAQ and their whitepaper) supply will be issued for the STEEM bounty program
Based on their calculator, it's possible for me to receive around 900 SNAX from this post
From their about page:

Snax is a blockchain platform. It was created for people to receive rewards for their social activity (tweets, Instagram posts, and so on) and to make instant free micropayments without leaving their favorite social platform. Developers can use Snax blockchain to create decentralized social applications (social dApps).

My Thoughts

At first, I was hesitant to participate. But after seeing @andrarchy re-tweet the announcement from @snaxteam and after coming across more posts about it, I decided to join as well.

I am particularly intrigued of the problem they're trying to solve - how to measure attention value. How would you effectively and accurately measure the value to a particular publication? I believe it will take trial and error and fine-tuning knowing that features available on different platforms are not the same.

Anyway, however they plan to approach this, I do wish them success in this endeavor because I know it won't be easy. I'm just glad that they plan to make the results transparent by putting the rewards on a public ledger. So media publications or advertisers can refer to these records to effectively analyze and know who to approach in case they want to spread news about their product or brand.

For now, I'm happy that the @snaxteam chose to integrate with STEEM after Twitter.