The application is designed to enable each user to act as a reporter and earn money. Users will be able to capture videos or take pictures of newsworthy events with their smartphones and upload the content to the platform.
Televisions, newspapers, radio, and other media can buy the content and pay with fiat currency, and users will receive their earned money in the form of Snapcoins. The Snapparazzi Token aims to attract content creators who, according to the platform, will have the opportunity to gain more than Youtube.
The main idea behind the creation of the platform is the lack of complete media coverage. A large part of the media can not pay many journalists to reflect on events. Through the platform, companies will receive their needed footage directly from the event scene.
In addition, according to Statista analytics, the number of mobile phone users will increase, and by 2019 it is expected to reach five billion people.
The content buying procedure will take place through an auction system using blockchain technology. Sellers will receive 80 percent of the sale price. That way they will be able to the buyer of their content.
This is not the only way for users to make money on the platform. They will earn tokens while watching targeted advertisements. Also more actively participating users will be able to become moderators and check what others are watching and get paid for it.
60 percent of the ad revenue will go to the content creator, 80 percent of the paid amount will be earned by the reporter, 2 percent is allocated to the moderator, and 20 percent will be divided between the viewers.
Snapcoin is an Ethereum-based token. The blockchain is built with the use of the Smart contracts system. All transactions are kept on an immutable ledger and are secured from cyber threats.
Snapparazzi launched its ICO on September 14, and before that, the company managed to raise $5 million from a private sale. The media outlet is gaining followers fast and already has 85K followers on Telegram and 23K on Twitter.
In November the team of developers will be conducting beta testing for the app, and in December it will be released on Google Play and the App Store. In 2019 the company has plans to open offices in Asia, Europe, and North America.