NEM.io Foundation Ltd. (NEM) the smart asset blockchain technology project today announced that Snap Interactive, Inc., a leading 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 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.
NEM’s node reputation system and native multisig capabilities provide the high-level security standards required to meet SNAP’s design philosophy for backchannel. SNAP believes 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 cryptocurrencies.
[perfectpullquote align=”full” bordertop=”false” cite=”Eric Sackowitz, SNAP’s Chief Technology Officer” link=”” color=”” class=”” size=””]”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.”[/perfectpullquote]
[perfectpullquote align=”full” bordertop=”false” cite=” Lon Wong, President of the NEM Foundation, ” link=”” color=”” class=”” size=””]“We welcome SNAP to the NEM community, and look forward to supporting their team in making the backchannel product initiative successful. We are delighted that app developers like SNAP, who have served hundreds of millions of users around the globe, are embracing NEM technology.”[/perfectpullquote]