Technology Collaboration to Focus on Breakthrough Blockchain-based Security Enhancements
NEW YORK, NY / ACCESSWIRE / December 4, 2017 / Snap Interactive, Inc. ("SNAP," the "Company," "we," "our," or "us") (STVI), a leading provider of live video social networking applications building on innovative technologies such as blockchain, today announced that it has initiated a strategic product development and technology relationship with blockchain security innovator Gladius Network, LLC ("Gladius"). SNAP's collaborative relationship with Gladius is expected to focus on accelerating the development of Gladius's security solutions and SNAP's newly announced initiative Backchannel, the Company's first blockchain-based secure video messaging app. SNAP will also make an investment in Gladius's recently announced Initial Coin Offering ("ICO").
Gladius is a blockchain-based cybersecurity and content delivery network. Gladius is building a decentralized solution to protect against Distributed Denial of Service ("DDoS") attacks by allowing businesses to connect to protection pools near them in order to provide better security and accelerate their content. Significant features and points of differentiation of Gladius' product include:
A dramatically larger distribution to be more effective at attack mitigation;
The ability to localize attacks by keeping them in one region; and
Ease of deployment, allowing the rapid creation of a large and scalable network.
SNAP's strategic relationship with Gladius is expected to also include a collaboration on existing and in-development DDoS technologies and platforms at Gladius, adoption of DDoS mitigation services at completion of development and a collaboration between SNAP and Gladius to target future deployment of decentralized DDoS technologies.
"In delivering our products, we have become experts in DDoS mitigation, because security vulnerability can be crippling to a digital business. We studied the market in-depth and believe that Gladius is a clear leader in building blockchain-based, decentralized DDoS security. We believe our relationship with Gladius will not only allow us to accelerate development of Backchannel while improving security but also integrate blockchain-based technology into our core video products Paltalk and Camfrog," said Alex Harrington, SNAP's Chief Executive Officer. "We are very bullish on Gladius's success."
"We are very excited to be collaborating with SNAP Interactive," said Marcelo McAndrew, Co-Founder and COO of Gladius. "SNAP is known for its widely used social video applications and technological innovation. This alliance allows Gladius and SNAP to collaborate and solve important issues concerning DDoS attacks and content acceleration using blockchain 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.
To be added to our news distribution list, please visit http://www.snap-interactive.com/investor-relations/investor-alerts.
IR Contact: IR@snap-interactive.com
Gladius is a blockchain-based cybersecurity and content delivery platform. It allows people to rent out their spare bandwidth to provide DDoS protection and content acceleration directly to websites.
For More Information, please visit http:/www.gladius.io.
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 results of the Company's relationship with Gladius, including the successful development of new technologies and applications; the ability to effectively integrate the operations of the Company and AVM; the timing and amount of any future repurchases of the Company's common stock, if any; user acceptance of our updated applications; 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 Company's ability to generate positive cash flow from operations; 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 website at http://www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
SOURCE: Snap Interactive, Inc.