Before you can use portsnap, you will have to create an update configuration file specifying the server from which to fetch snapshots and the sha1 hash of the RSA public key which is trusted to sign the snapshots. A sample configuration file has been installed in %%PREFIX%%/etc/portsnap.conf.sample which will fetch snapshots built and signed by the author. If you want to use these updates, copy that file to %%PREFIX%%/etc/portsnap.conf otherwise, create that file as appropriate.