little constructive critic:
what i understand from your project is, that this is just a bidding platform like ebay auctions for mobile phones, only using snapup coins instead of money, to be the highest bidder on the product. am i wrong?
calling to save up to 80 till 90% on premium products, well... isnt that a bit far fetched? because i think, that this will never occur in a bidding system, when 300people are willing to bid with snapup coins on 1 premium product.
Hello! My name is Alex and I am the CEO @ Snapup
Our mechanism is completely different from an auction website.
Snapup is a platform to complete shared purchases that allows people to
“smart share” their money, and gain huge benefits in the process.
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.
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 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.
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.
Hope this reply answers your question
thank you very much for your informative response. it is now mostly clearer to me at the purpose of this project