Web Monetization Community

Cover image for Our Platform, VNM token & ILP
Tawanda Brandon for Snake Nation

Posted on

Our Platform, VNM token & ILP

The Snake Nation Platform is an application for content tracking, rewards, and ownership that uses blockchain technology to transfer value. It is an extension of the existing Snake Nation community which comprises real world places, university societies (clubs) and digital platforms helping to create an unrestricted globally inclusive creative economy.

We are Currently in Beta and have launched a digital token called Venom (VNM) on the Stellar blockchain. With VNM we can leverage off of blockchain technology to provide increased transparency of content origin, simplify the transfer of value, and reward platform contributors. Members can earn VNM through content engagement such as FlameUps, Comments, Shares, Views etc. Likewise VNM can then be used to unlock content paywalls, for P2P and cross-border payments, e-commerce or content promotion within the platform. Brands are able to launch contests and competitions using VNM, which participating members can be rewarded from.

Our mission is to become a gateway to the global creative economy for marginalised creatives. By providing every member a VNM wallet, we reduce the barriers to entry and exorbitant costs associated with today's complex payment systems when it comes to earning online. A user's VNM wallet will be adequate to collect all their earnings from their creative product, as well as provide a way to utilise VNM in the real world as fiat.

Flame Up Transaction

We plan to continually integrate and build upon tools and technologies that make accessing, utilising and withdrawing VNM for other currencies as easy as possible for our members. It is with this spirit that we landed on the Interledger Protocol (ILP). Rewards on the platform are predominantly micropayments in their nature, this is by design. When you take flameUps for example, which are essentially tips can be as low as 0.0025VNM. The screenshot above shows how such a transaction is reflected in the user's wallet. Such small amounts are not worth the transaction fees on most blockchains, especially when the goal is to maximise the creator’s earnings.

Our initial phases of our ILP integration will be centered around streaming small amounts of VNM to users' wallets, inside of our platform. This will be a major step towards allowing us to assign ILP payment pointers to user wallets based on their unique username. In addition to this, we will make it our duty to educate our users on the different ways in which they can utilise their payment pointers to receive funds on the broader ILP network.

With an ILP capable VNM wallet, we open up our users to participating in Web Monetisation, by removing the initial barrier to entry associated with acquiring and managing a blockchain wallet. Web Monetisation will allow us to realize revenue streams that depend on high volume micropayments more efficiently in real time. From tips in livestreams to pay-as-you-go models for watching, listening to and reading content on our platform. All this value would be streamed in realtime to the respective users using our existing rewards engine.

Our hopes by the end of our project, is to allow more creatives to understand and look more towards Web Monetisation to earn from their creative work. We hope that our VNM wallet will provide a good basis for our members trying to get into Web Monetization, and for their participation all they will need is an account on the Snake Nation platform.

We will be writing more about our progress and learnings over the coming weeks, with no prior experience to Web Monetization as a team we have had a lot to learn. We are excited to bring our expertise in making this integration possible and together with our network. We are grateful for having Access to this GFTW community for we have already been learning and connecting with other developers across the globe!

...

We are extremely interested in your thoughts, so don’t shy away from commenting or sending me or other team members:

lwlkarama image
and
orinea image
a message.

We will keep everyone updated on our progress through our posts!

Discussion (0)