News platform Snip, a decentralized service, delivering user-generated content on any topic, has announced its ICO will start on September 29, 2017.
Snip is a news site that provides readers with short, concise summaries of the day’s most important events. Using sophisticated machine learning algorithms, the website offers readers personalized news feeds focused on topics they care about.
Being created by Ran Reichman and Rani Horev, Snip is an early-stage project that have already built the real product (its alpha-version) and acquired over 25,000 active readers and contributors (including 1,400 paying subscribers), who create and consume content.
A few days ago the platform partnered with AdEx network, an international decentralized advertising network famous for its successful ICO, when they raised $10.000.000 in just 3 hours a month ago. AdEx develops a blockchain-powered infrastructure for online ad market now getting ready to move its core to the NEO ecosystem.
Both sides feel rather optimistic about the future of the partnership. Ran Reichman, CEO of Snip, said:
We’re especially excited about using AdEx’s bidding and anti-fraud systems, which will allow us to present user with relevant ads and deliver maximum revenue to Snip writers.
“AdEx is pleased to announce partnership with Snip. We believe their technology and approach to content curation will fit quite well into our own philosophy,” – added Ivo Georgiev, CEO of AdEx.
The project’s white paper states, that “Snip is a new type of news platform, decentralized and powered by the community. On Snip, anyone can write a news story about any topic, and readers can find news that matters to them. Contributors are rewarded with tokens according to the popularity of their posts and comments. A community-based news site, owned by the community, can become the top news site in the world and cover any subject, from breaking news to entertainment and everything in between.”
Due to Snip’s being community-driven, the platform is believed to become a way out from the current situation where political and commercial interests of governments and corporations set the priorities for media controlled by them.
Thus, the ultimate goal of the team behind Snip is to create a censorship-free environment that, firstly, is available for all possible points of view and, secondly, rewards writers for summarized news stories on every topic.
Snip issues SnipCoin, ERC20 token compatible with Ethereum, to serve as a means of crowdsourcing, and “as the flesh and blood of the entire Snip ecosystem”. The overall amount of all SnipCoins comprises 10B, with all of them pre-minted.
Currently, 1 ETH makes 310,000 SNP. However, due to price movements, the official rate will be confirmed publicly the day before the ICO’s launch. The token can be used in several ways:
The ICO will start on September 29, at 11:00pm UTC. During the crowdsale, platform’s team plans to raise from $800 thousand (soft cap) to $8 million (hard cap).
The campaign will last for 30 days or until the hard cap is reached. In case Snip fails to raise $800 thousand, the buyers will be refunded.