SNAP will adopt NEM blockchain technology and XEM, the token underlying NEM
NEM.io Foundation Ltd., a blockchain technology project, just announced that Snap Interactive, Inc. (OTCQB: STVI), a provider of live video social networking applications building on blockchain and other innovative technologies 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 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.
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.
Lon Wong, President of the NEM Foundation added:
This is yet another innovative angle how NEM is so versatile, that it is not just a smart asset blockchain solution, but it also provides a key infrastructure for other utility such as backchannel. Coupled with the NEM messaging as a hash record ledger, it allows users of backchannel to utilize the benefits of the NEM ecosystem.