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."
About Snap Interactive, Inc.
Snap Interactive, Inc. is a leading provider of live video social networking applications building on innovative technologies such as blockchain. SNAP's product portfolio includes Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 26 patents related to video conferencing and online gaming.
For more information, please visit http://www.snap-interactive.com.
The contents of our website is not part of this press release, and you should not consider the contents of this website in making an investment decision with respect to our common stock.
Paltalk, Camfrog, FirstMet and The Grade are trademarks of Snap Interactive, Inc.
About NEM.io Foundation Ltd
NEM.io Foundation Ltd. is a non-profit organization based in Singapore, set up to promote NEM's blockchain technology globally. It is currently one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry. NEM's technology is currently being utilized in a variety of financial institutions and industries.
For more information, please visit: http://www.nem.io
Press contact NEM.io: NEM@transform.PR / +1-415-595-2030
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with general economic, industry and market sector conditions; the ability to effectively develop and incorporate blockchain technology into the Company's applications; the ability to effectively integrate the operations of the Company and Paltalk; the Company's ability to institute corporate governance standards or achieve compliance with national securities exchange listing requirements; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to increase or recognize revenue, decrease expenses and increase the number of active subscribers, new subscription transactions or monthly active users; the ability to enter into new advertising agreements; the ability to diversify new user acquisition channels or improve the conversion of users to paid subscribers; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the online dating marketplace; the ability to release new applications or derive revenue from new applications; and circumstances that could disrupt the functioning of the Company's applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
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SOURCE: Snap Interactive, Inc.