What is Snoop?
Snoop is an open-source, decentralized distributed ledger system designed to enable trustless and secure digital transactions without the need for a third-party intermediary. It was developed by a team of blockchain developers and released in 2020.
Snoop utilizes a unique consensus mechanism known as “Proof of Authority” (PoA). This allows users to transact with each other based on their identity or reputation instead of randomly generated numbers (as seen in Bitcoin or Ethereum). By using PoA, it creates a more reliable network that is resistant to 51% attacks.
Unlike other cryptocurrencies such as Bitcoin and Ethereum, Snoop does not use miners for block validation but rather relies on pre-approved authoritative nodes chosen according to certain criteria such as availability, reliability, performance etc. These nodes are also responsible for generating new blocks and maintain the integrity of the network. As such they are rewarded with newly minted tokens called SNX which can be used within the platform itself or exchanged into other currencies like Bitcoin and Etheruem.
In addition to its Proof of Authority consensus mechanism, Snoop features several innovative features such as:
– Smart Contracts: Allowing users to create contracts without requiring manual coding;
– Atomic Swaps: Enabling users to easily exchange coins across different blockchains;
– Multi Signature Wallets: Providing enhanced security through multi-signature authentication;
– Zero Fee Transactions: Ensuring there are no fees associated with transacting on the network;
– Private Key Management System : Making it easier for users to securely store private keys associated with their crypto assets;
Overall, Snoop provides an accessible way for users all over the world access financial services in a secure manner while minimizing overhead costs associated with traditional banking systems
