TheCryptoBlade x SND.XYZ AMA Recap
INTRODUCTION: On the 31ST of May 2022 at 3PM UTC, we held an AMA with SND—The First Post-To-Earn Web3 Social Network. Here is a recap of the event if you missed it.
Host: 1. Please begin by giving us a brief Introduction of yourself and the team behind SND.
Also, tell us a little about the innovation of SND.
Please write “done” once you complete your answer!
Ismael: Hi everyone. My name is Ismael. I am a co-founder of SND Labs. I cut-my-teeth in the crypto space by heading up DeFi engineering for a large multinational financial services company Manulife Financial Services (John Hancock Life Insurance, USA). My team built early on-chain life insurance and reinsurance products that could be deployed on public chains. I then spent a period of my career working as a venture capitalist at Renegade Partners.
Amir: Hi everyone. I am Amir. I started with computers in the early 80s as a kid and studied computer engineering before going to Harvard Law School and becoming a patent lawyer. My career grew with the growth of the Internet from “what is this Internet thing” in the early 90s to the dot com boom and bust and so on. I can tell you stories but we’re here for SND.
Ismael: SND is a Social Media platform built on blockchain technology. We believe blockchain and what it enables in terms of governance, monetization, and content sovereignty, will be the next evolution of social media. We have innovated various ways users can monetize their content and their involvement on our platform while having sovereignty over their content and not have their data misused by large conglomerates.
Host: 2. So, tell us more about SND, The First Post-To-Earn Web3 Social Network as is being rumored, tell us about all its amazing features. How does it function and how can users make the Most out of it.
Amir: Snd is a social media platform on blockchain technology with very unique features. We always had it at the forefront of our thinking “why would someone leave web2 social media for web3?”
First, we have to remember that social media users are different than when the web2 social media platforms came about. The users now see themselves rightfully as content creators. They create news, dance videos, art, philosophical discussions, jokes, etc. They have seen companies and their founders get rich on their back. They are more sophisticated than 10–15 years ago. They want control over their content, they want a bigger share of the money.
Ismael: Snd.xyz users own their content and can monetize it however they wish. Every time they post, they earn $SND tokens as a reward. They can use these tokens to vote on moderation and governance as members of the SND DAO. So if you join in building the SND community, you share in the financial upside that is created and will have a voice in governance and moderation.
Host: 3. Now please, Tell us, How does the $SND token function within the platform and why is it needed? Give us a full rundown of its Tokenomics. We also noticed you have plans for Minting Users posts as NFTs, can you tell us more about this?
Ismael: $SND tokens are utility and governance tokens. They are used for social staking and for governance of the SND DAO. Our tokenomics are tightly tied to our ecosystem and the usage of the snd.xyz application. Every time a user posts they are required to stake an $SND token to verify that their content isn’t spam or illegal. If the content isn’t removed by an elected moderator, then they get their stake back PLUS additional $SND tokens as a reward. This is the core of post-to-earn.
$SND tokens are also used to vote as part of the community on how the protocol is governed and moderated. The community of token holders can delegate moderators and set moderation guidelines.
The majority of $SND tokens are owned by the community and early-adopters. A small portion of vesting tokens is owned by the snd.xyz core team.
Amir: As to NFTs, turning your SNDs into NFTs is not just turning a screenshot like the NFT of Jack Dorsey’s first tweet. Jack Dorsey can mint that NFT over and over. On SND, your actual on-chain IPFS content reference is transformed into an NFT.
If you have a post on SND, it’s already on-chain. When you turn it into an NFT, your actual post, not a copy of it, is turned into an NFT. It is the difference between owning the Mona Lisa and owning a poster you pick up at the giftshop.
Which one is more valuable to sell?
Ismael: In summary we have tried to provide a set of incentives for involved in the SND community. The different incentives work together.
You can monetize your content through :
a) Turning your SNDs into NFTs. This is not just a screenshot like the NFT of Jack Dorsey’s first tweet. On SND, your actual on-chain IPFS content reference is transformed into an NFT.
b) social staking/post-to-earn — you can earn $SND tokens when you post new content.
c) decentralized advertising — you can sell ad rights to be displayed within your content
d) passive income as $SND token holders
Host: 4. You mentioned early adopters,
Does this mean we can currently buy $SND?
Ismael: We have recently launched the SND Points Program so users can interact with us on Twitter and earn SND Points. Each point can be exchanged for a token when we launch later this summer.
Interact with us on Twitter to earn SND Points. Early-adopters of the platform later this summer will earn tokens for their usage and partcipation.
Host: 5. As seen on your website, what is meant by ‘Full-Stack Decentralization’. Can you tell us about some of the Partnership deals you’ve already made?
Ismael: We built SND to be fully decentralized across the whole stack. That means we do not have a centralized point like many other projects in this space. All posts & user data is on-chain with metadata stored in IPFS. We’re indexed by Graph, all decentralized, state of the art technologies in this space. SND is governed by a DAO, not a centralized corporation.
In short, Snd.xyz is built on the Polgyon blockchain, The Graph and IPFS. Every layer of the snd.xyz application is built on decentralized infrastructure.
Amir: Partnerships are one of the most important areas we focus on. We’re personally very plugged into the San Francisco crypto community.
We have a number of very exciting partnerships on the horizon with some household names in the crypto space. Stay tuned for some exciting announcements soon!
Additionally, we are launching our Ambassador program to spread word of how we are revolutionizing social media. Users who care about owning a piece of the social media platform that they use can join our team and help us build the future!
We are going to reward our Ambassadors and community with $SND tokens at launch!
Host: How do interested participants reach the team to apply?
Any special requirements ?
Ismael: DM us on Twitter!
The only requirement is a passion for decentralized social media!
Host: Finally, can you tell us your current achievements and what stage on your road map are you?
Also, can you share a Bit about the Security state of SND, since you would be dealing with User Data.
Ismael: Our team has finished building the snd.xyz core Smart Contract protocol, the SND Subgraph (TheGraph) and the snd.xyz front end web application. We are currently doing a closed internal alpha with the full snd.xyz application.
We’ll be doing an IDO very shortly and will be launching a closed beta later this summer. Follow us on Twitter at https://twitter.com/snd_xyz and join our Telegram at @snd_xyz to stay up to date on both dates.
Amir: All of our smart contracts will be audited by Certik prior to our Mainnet launch. We’re built on the Polgyon blockchain, The Graph and IPFS, so every layer of our infrastructure is secure.
All social content on snd.xyz is on-chain and owned by the user who creates it. This means that there is no centralized entity owning your content. Each user’s feed is also digitally sovereign, so that the on-chain array of your posts is securely owned by you and only you can post to it. Since posting requires signing a transaction, no one can impersonate you.
In addition, unlike web2 social media, no user information is collected by us.
TWITTER QUESTIONS :
1. I see that I can use my $SND tokens to vote. Does that mean the more tokens I hold the higher my voting power? And how can I know that my vote truly counts?
Question by @martins385
Amir: $SND tokens are used to vote on moderation & governance of the platform as part of the SND DAO. Keep in mind that every time you post, you earn additional $SND tokens. So the more you use the platform, the more your voting power increases. We consider this meritocratic voting.
We want to reward our most active users with a strong voice in governance. Contributing early and often by posting thoughtful content rewards you with an increasingly strong voice.
Ismael: All of the voting is done on-chain and the platform is governed at the protocol level in accordance to the Compound Governor Bravo model. This is the same model used to govern most major Web3 applications (Uni, ENS, Compound, etc.). Your on-chain vote actually controls our protocol without the need for a centralized intermediary.
In short, users who actively contribute thoughtful content get a large voice in governance. Everyone can see that their vote counts because its all on-chain and can be easily tracked!
2. When i tried to read your white paper to know more about the project it says it is password protected.. why is that so? Are there informations there that you don’t want public? Or how can I go about it?
Question by @mastermind919
Amir: Our whitepaper is very detailed and very technical, so we’ll be releasing it at the same time that we open source our smart contracts, subgraph and UI codebase. We will have a big reveal of the white paper along with our Beta launch.
Ismael: We care about the economic interests of our community and future token holders. We don’t want to share technical details of the project before we’re ready to launch.
We want users who buy tokens in our IDO to know that there are no projects out there actively trying to copy us. When we IDO you can trust that the technical details we’re showing have been kept secret until that point.
3. On phase 3 of your road map it talks about Launch of SND mobile app on iOS and Android. How soon are we expecting this? Has any progress been made so far? Please share with us.
Question by @chris__385
Amir: As soon as our DApp is launched, you will be able to use it on your iOS and Android devices in the wallet’s browser. In fact, we use our internal alpha on our phones as we are testing its functionalities. So, you can use the dApp on mobile devices. Our goal is then to migrate to native Android and iPhone apps.
Ismael: For the other engineers out there, our front end web application is built with ReactJS.
So we’ll likely be deploying a React Native mobile app, leveraging much of the same code shortly after launch. Long term we’ll likely build native iOS & Android apps (Swift & Kotlin apps respectively).
4. I couldn’t access some sensitive informations on your website whilst making my research, terms & conditions for example. Can we readily see this ? And regarding user data, Being a social platform, where would the data Collected be stored & how safe and secured would this be?
Question by @Stephen_Hawk3
Amir: The link to the Terms and Conditions of the website was broken and it is fixed now.
But as SND is a web3 social media, unlike web2 social media (facebook, twitter, etc.), SND do not collect any personal information. All your information and content is on-chain and is not controlled or stored by SND. That is the beauty of web3 data soverignty!!
The only information we store is the emails for people who sign up to take part in our beta and would like to receive airdrops of tokens when we launch. So join our beta to take part! https://www.snd.xyz/start
Ismael: The important thing to remember is that all social data is on-chain in our smart contracts. We don’t own any of it, our users do. Your feed and your content are owned by you. This is a new concept to a lot of people but is a much needed change in the space. Our front end is open source, so you can verify that no one is tracking you.
5. The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the your Project project operates?
Question by @KyleSmi88007633
Ismael: We’re a team of experienced engineers & community builders. Our long term vision is to build a community and platform that becomes the social home for our users. This will require iterating and perfecting our product, governance structure and community over the next few years.
Since our application and protocols are open source, we’ll be collaborating with our community to build the best product possible. Since we’re a DAO everything is malleable and can be changed by a vote. So we can change things fast, iterate and easily adapt to changing market conditions.
Amir: The WEB3 social media is just kicking off. We have built a solid foundation based on the current technology. However, you’re right. Nobody can predict how things will develop. That’s exciting and that’s the beauty of DAOs where the community decides how to proceed. We have built a strong foundation.
In fact, we ourselves can’t wait to see what our project will be like in a year or two. We want SND to be a place where everyone will be welcome to share anything: from housewives who share their unique recipes, to corporate accounts of companies that will share news with their subscribers, news organizations post the breaking news. Our aim is for web3 social to become mainstream. Someday there won’t be web2 versus web3 people, we’ll all just be web3 people. Snd.xyz is web3 social media and will be the social home for everyone.
LIVE AMA QUESTIONS :
Q1. Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?
Question by @NuraLam99n
Ismael: SND is short for “send.” We wanted a three letter name. So we shortened “send” to “snd.”
For us “SND” has two meanings — one is the obvious one: sending a message to the world out there when you create something.
The second meaning is a a more personal one, is “sending it” as in taking a chance. You hear it in F1 races. “Max or Lewis or whoever totally sent it at turn 4.” Ayrton Senna said, “if you no longer go for a gap that exists, you’re no longer a racing driver.”
As entrepreneurs, when you see a gap, you gotta send it. That’s the other meaning of SND.
Q2. Is your project a community only for English speaking an countries or for users not of other languages?
Question by @Nuralam776
Amir: No. It is for everyone. When we launch, like web2 social media (twitter, facebook, etc.), everyone can post on SND using their native language and follow others who speak their native language
Q3. Is your project only for elite investors, what will happen to others with small funds, is it open to everyone?
Question by @mercy_gLobaL_oi
Ismael: Our project is for the community not just for elite investors. Our IDO will allow anyone who cares about decentralized social media to have a stake in the project. If you have $100 dollars of $SND tokens or $1 million, you are an equally valuable member of our community.
Democratic digital speech must be controlled by the people, not by elite investors.
Q4. How can we trust & believe is sndxyz are not a SCAM project? Nowadays so many Rug-Pulls and exit SCAM are happening now?!
Question by @LOLhahahXD
Amir: I completely understand your concern.We are a dedicated team and we have built our system to displace web2 social media like twitter. We’re not a fly by night NFT project or some scam meme coin. We want to be around for decades.
Q5. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Question by @hanif931iom
Ismael: You don’t have to worry about this with snd.xyz. We’re a team of experienced engineers and community builders. Our product is already in an internal closed alpha test. When we IDO, we’ll show you a teaser of it.
Before we launch on mainnet though, we want to perfect everything. Audits, perfect user interface and a strong dedicated community of strong holders, etc.
In short, the magic is already built and we’ll prove it before we IDO. Follow us on Twitter and join our Telegram to stay tuned for updates:
Host: AMA is concluded!