Bitcoin Forum

SNAP will Adopt the Highly Regarded NEM Blockchain Technology; XEM, the Token Underlying NEM, Currently has the 9th Largest Market Capitalization of all Cryptocurrencies

NEW YORK, NY / ACCESSWIRE / December 21, 2017 / Snap Interactive, Inc. ("SNAP," the "Company," "we," "our" or "us") (OTCQB: STVI), a leading provider of live video social networking applications building on blockchain and other innovative technologies, and NEM.io Foundation Ltd. (NEM), one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry, today jointly announced that SNAP has selected NEM to power the Company's core blockchain infrastructure. Development has already commenced and will be the foundation for Backchannel, SNAP's secure messenger application expected to be introduced in the fourth quarter of 2018.

SNAP's Backchannel app is expected to offer video-enabled secure messaging, and is expected to include advanced security features not presently offered by leading secure messaging apps, including anonymous crypto identity authentication, and distributed decentralized message routing that eliminates the security hazard of relying on a third-party middleman.

SNAP was attracted to NEM as a "best-of-class" scalable blockchain technology offering secure Proof-of-Importance consensus protocol, configurable assets, and smart signing contracts. NEM's node reputation system and native multisig capabilities provide the high level security standards required to meet SNAP's design philosophy for Backchannel. We believe that NEM's technology is highly regarded in the blockchain industry, and significant developer adoption has fueled the XEM coin to obtain a market capitalization ranking in the top 10 of all crypto-currencies.

Eric Sackowitz, SNAP's Chief Technology Officer, said, "After many months of experimentation with alternatives, it was time to commit to what we believe is the most appropriate blockchain technology for Backchannel. NEM offered the right combination of premier security, capability, flexibility and scalability coupled with a strong, passionate core development team and community."

"We welcome SNAP to the NEM community, and look forward to supporting their team in making the Backchannel product initiative successful," said Lon Wong, President of the NEM Foundation, and continued "We are delighted that app developers like SNAP, who have served hundreds of millions of users around the globe, are embracing NEM technology."

More info:
http://irdirect.net/prviewer/release/id/2865996
https://finance.yahoo.com/news/snap-interactive-chooses-nem-smart-211000950.html

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Great news to see partnerships that recognise the fundamentals with NEM :)

I've done a poor job keeping up with NEM. Are any of its' products currently being used or ready for real world adoption? And if so, what problems do they solve?

The capitalization stack of this currency is really impressive. But in the first period of its existence the growth of this currency was very moderate so I didn’t notice how it evolve on this large scale.

Check out luxtag, copyrightbank, loyalcoin, dimcoin, xarcade, landstead just to name a few examples  :D

Wechat wallet is their latest development. Bankera, dimcoin are few projects they are in partnership with.

Snap Interactive was a company that always lost money, it was trading for years as an stock over the counter in USA and losing all money investors gave to them..now they probably will do the same in an ICO.