SnapCity, the first geo-location adventure and discovery game built on the blockchain technology allows users to explore the best that cities have to offer all around the world and are rewarded with points in the form of Snap tokens for completing tasks. These points are redeemable as money at local affiliated businesses for discounts and free items. Challenges are verified via the decentralized and distributed blockchain which prevents users from spending snap tokens more than once.
Update on the ICO of Snap Tokens
Like several other new tech projects in need of start-up capital, the SnapCity team is using the Initial Coin Offering crowdsourcing tool to raise money for the SnapCity platform by trading snap tokens in exchange for the cryptocurrency Ethereum. Snap tokens are ERC-20 tokens based on the Ethereum blockchain. The SnapCity team has a total supply cap 200 million Snap tokens with 40% of the token supply being 80 million tokens available for the pre-sale ICO and crowd sale. The remaining tokens are distributed as follows;
- 50% – Founders and team
- 10% – Bounty campaign
The ICO exchange rate for the token is 25,000 tokens for 1 Ethereum. The pre-sale ICO event was held for 3 days before the crowdsale kicked off, it was eventually extended for one hour to accommodate the demands on the site. The snap token sale is currently live and has been on since the 13th of January 2018. So far, the ICO has raised approximately 50 ETH from the sale of about 180,000 Snap tokens from a total of over 110 transactions. The team is currently in talks with popular cryptocurrency exchanges to see to it that snap tokens are listed for sale at the end of the ICO.
Update on the SnapCity platform
On the 2nd of November 2017, ‘Ripley’s Believe It Or Not Amsterdam’ joined the SnapCity platform, and it became the first business to partner with SnapCity. The team recently launched a reward scheme that offers users a 7% referral commission for every new participant they introduce to the SnapCity ICO. The demo app is currently available in app stores for Android and iOS devices and users are eligible for free snap tokens as a reward upon successful download. Users can view challenges in the app and read information about the challenges and will subsequently get paid for every completed challenge. Additionally, using this app, users can also create challenges for their friends and the general public, a task that will earn them points based on the popularity of the challenge created. Following the release of the app, the company plans to launch the app across the European continent with the goal of upping its membership to a minimum of 25,000 users.
As incentives to help promote and popularise SnapCity, the team recently developed a reward system where users gain points for sharing challenges on social media – Facebook, Twitter, and YouTube. The platform’s most recent project still currently under development is a prototype incorporating Ethereum and Snap token wallets into the SnapCity platform. When a user creates an account, an ERC-20 compatible wallet would be automatically assigned to them. This ETH address allocated will be specifically used for storing Snap tokens and Ethereum. The main aim of this wallet is to ensure that digital assets on the platform are safeguarded and well secured.
SnapCity is the future of the tourism industry as it provides a win-win situation for every participant involved. Gamers can earn rewards while playing a fun game and businesses on the other end get a unique platform to advertise their businesses, a service paid for via snap tokens. For a more detailed review of everything concerning SnapCity, visit their website here.