In the previous post we talked about what is Snapup:
Snapup is a platform to complete shared purchases that allows people to
“smart share” their money, and gain huge benefits in the process.It leverages the power of the cryptocurrency, the latest advances in Information Technology and the power of the community to help people get the products they love and desire most saving from 80% up to 90% on their retail prices.
Unlike everything that came before it, it is based on a new economic model aimed to multiply by orders of magnitude the spending power of all the people who belong to the community.
With this in mind, now we’ll try to better understand HOW this is possible.
What is A Snapup?
A Snapup or Snap is a special event accessible only to Snapup’s members, in which its participants can choose how much they are willing to pay for a particular product they desire, between 10% to 20% of it’s retail price.
You can think of it as an Auction, and the amount people are willing to pay as their “bid”.
Unlike traditional auctions, that sell the item to the highest bidder, and have a cumulative bidding process in which to obtain the product you have to outbid the previous bidder, in a Snap each bid is private to the bidder, and it represents the quantity of “desire” or “will” of the bidder to obtain the product.
The number of participants is limited, and will generally not surpass 300 people. A Snap has always an assignee, or “winner”, among the people who joined the event.
How much are you willing to pay? The amount of your “bid” represents how much you desire that product, and will be taken into account in deciding the assignee, or the “winner”, for that event, but will not be the only determining factor.
Joining an event has a cost in Snapcoins, our ERC20 Cryptocurrency.
Introducing Snapcoin
Snapcoin is the mean by which all of this is possible.
It serves as a storage of value and it’s the blood of our business.
Thanks to its flow from the hands of the customers to ours and back, we are able to close the events and assign the products.
Everyone who owns an amount of Snapcoins can join a Snapup and take a chance on saving up to 90% on the products he loves, and help others do so, while increasing his chances to obtain the reward for himself in future interactions.
Get yourself some good karma!
Q: How do you determine the assignee for a Snap?
A: With our Meritocracy Based Rewarding Algorithm
Every action you perform on our platform, like inviting a friend to join, sharing your experience or other’s on your social media, buying Snapcoins and so on…is awarded KARMA POINTS.
The action that awards the most points is the participation to events, because in doing so, you are helping other people save on the product they desire, while of course trying to take the benefits for yourself.
The reward in Karma Points augments proportionally to the number of Snaps you joined but didn’t win.
Long story short:
The more you are an active user on the platform, and the closer to 20% of the retail price of the product you are willing to pay, the higher your chances are to be the assignee for that Snap.
Our algorithm is carefully calibrated to:
- Reward the participants with the most Karma Points, but not so much that they are the only ones who have a chance to win.
- Reward the participants who are willing to pay more for the product while still leaving good chances for people who are willing to pay less.
- Ensure that virtually everybody will get the reward after a few interactions, because users keep collecting Karma Points proportionally as long as they don’t win a Snap. When they do win, their counter is set back to zero.
You are the creator of your destiny
When you join a Snap, along with the amount of money you are willing to pay for that product, you will be asked to enter a three digit PIN code.
This allows the Draw to be completely user-determined, based on an external and non-manipulable event, and therefore impartial.
Even a one unit change in the pin of a single participant(you) can result in an entirely different Assignee.
A Solid, Rewarding and Sustainable Economic Model
BENEFITS FOR THE USERS
- Our catalogue is virtually unlimited thanks to drop shipping.
- Products are always brand new and are shipped directly from the manufacturer or an authorised reseller.
- The system is intended to work for the general public, so all the complexity of having to handle a wallet and a cryptocurrency will be hidden for the user.
- Joining and winning events will increment the circulation of the currency. The more people win, the more people will want to own Snapcoins and join the events, and the more their value will grow.
- The participation cost to the events is the Euro counterpart of the Snapcoins. This allows people to increase the number of events they can join with the same amount of Snapcoins as their value grows over time.
BENEFITS FOR THE INVESTORS
- Snapup will always hold a sufficient amount of money in cash to cover the price of the products and allow an healthy and steady raise in the value of Snapcoin, maintaining a solid disproportion between supply and demand powered by our marketing efforts and the engagement of the community.
- We will list and sell our currency on various exchanges. In the future Investors will be able to sell their Snapcoins directly from our platform, by putting them up for sale in their account page into an “Investor Pool” from which will be drawn 25% of the total amount of coins sold daily with revenue distributed proportionally to the percentage that each investor occupies in the pool. This will allow them to always sell at the best market price possible and allow us to directly control the price at which Snapcoins trade. *
- Investors can be an active part in the growth of the value of the currency by advertising their success or the ones of our customers on their social networks.
An engaged and incentivised community will be the secret to our success
*Percentages and modalities may be subject to variation
