AMSTEL YALLE: WINBIX

WINBIX

How the system works

The system used the reversed auction model. The price of the goods decreases until one of the participants stops the auction. The first buyer who stops the auction, wins.

The bid step and the lower limit of the price are defined by the WINBIX system using a special algorithm that takes into account the seller's requirements, the number of participants in the auction, results from previous rounds and other factors. Thanks to this algorithm it is impossible to predict how the auction goes.

In this article, I want to write about the most important function of our electronic platform, on which we have been working for the last six months.

As you already know from our video, the price of each product which is posted on our website is constantly reducing. The seller sets two prices while posting the goods on the site: the starting price and the minimal price for which he is ready to sell the goods. Using this data, the marketplace launches an auction in which the price starts to decrease for each item from the upper value to the lower value.

When the user watches the goods on the site, he does not know its minimal price (this is the seller’s secret). What does the buyer see?

For each auction, the buyer has access to the information about the starting price (the one that was at the start of the auction) and the current price (which was formed then), the amount of savings and the timer, which shows when the next price reduction will occur.

The user can make one of two decisions at any time: stop the auction by clicking on the “buy now” button (this means that he is obliged to buy the specified item at the current price), or wait for the next price reduction and maybe get the item for a lower price. The buyer does not know at what exact value the price of the product will reduce next time. The price step is determined by a special secret algorithm and it is random. Also, any other user can buy this product at the current price at any time, in this case, the lot will be completed and the system will form a new lot for this product, and the price reduction will start from the initial value.

What happens if the user stops the auction but does not buy the product?

It is the same as if a person makes a bid at an auction, but he does not have the money to pay for the goods. In this case, the system imposes certain sanctions on this user, for example, it temporarily blocks the possibility of his participation in other auctions.

Lots and goods — what’s the difference?

In our system, the lots are presented as ordinary goods: you can search for it, filter by various parameters, view product cards and its characteristics (just like on a regular marketplace). But nevertheless, lots are lots. You need to understand that the system can have several lots for each product and each lot has its own history. If the lot was sold (with appropriate good), the system will launch a new auction for the same product (if it is available in the warehouse) and this will be a new deal.

At the same time, we have developed functionality for online changing prices in the product catalogue without reloading the page. For each lot, there is a history of its changes.

In the future, we will be able to determine which price reduction strategy is optimal, based on the data on the purchased lots.

What are the advantages of such a system of the price reduction?

The consumer buys the goods for the price that is appropriate for him;

As a result, buyers influence pricing;

The seller sells his goods, which would be in stock;

Seller receives statistics on sales at the appropriate price;

What we are working on now:

We are improving the lots working system. The mechanism is already working, and we are testing it in different conditions and with different input data in order to achieve maximum efficiency.

Emission 27 500 000 WBX

25 000 000 WBX

Sale

2 500 000 WBX

Marketing

10% of sold tokens

Emission 155 000 000 WBX

125 000 000 WBX

Sale

2 500 000 WBX

Marketing

2% of sold tokens

27 500 000 WBX

Awarding additional tokens

to PreDAICO participants

PREDAICO

50% —marketing expenses for advertising the platform outside of Russia
18% —compensation for financing losses in case a part of the participants leave the project (formed from TAP). If, by the end of the funding stage based on the PreDAICO smart contract there is still unencumbered balance, it will be used for DAICO advertising
10% —operational expenses related to maintenance of activity of the trade platform
7% —funding of the development of the platform and DAICO smart contracts
5% —legal backing (including TM registration, patents, etc)
5% —DAICO advertising expenses
3% —marketing analysis: preparation for the post DAICO stage (marketing efforts in other countries; we will be using our experience from working with Russian-speaking countries in order to analyze retail margins)
2% —reserve

DAICO

50% —marketing expenses for advertising the platform outside of Russia
18% —compensation for financing losses in case a part of the participants leave the project (formed from TAP). If, by the end of the funding stage based on the PreDAICO smart contract there is still unencumbered balance, it will be used for DAICO advertising
10% —operational expenses related to maintenance of activity of the trade platform
7% —funding of the development of the platform and DAICO smart contracts
5% —legal backing (including TM registration, patents, etc)
5% —DAICO advertising expenses
3% —marketing analysis: preparation for the post DAICO stage (marketing efforts in other countries; we will be using our experience from working with Russian-speaking countries in order to analyze retail margins)
2% —reserve
60% —marketing expenses for advertising the platform outside of Russia
18% —compensation for financing losses in case a part of the participants leave the project (formed from TAP). If, by the end of the funding based on the DAICO smart contract, there is unencumbered balance, it will be used for marketing expenses for advertising outside of Russia
10% —operational expenses related to maintenance of activity of the trade platform
5% —platform development funding
3% —marketing research
2% —legal backing of the development process
2% —reserve