Snapup presents a new, revolutionary way of shopping for premium products, leveraging the power of both the community and cryptocurrencies in order to provide 80-90% discounts on the retail price of the products you want to buy.
Although they claim a mechanism different than anything that came before them, they still admit to drawing the initial idea from services like Online Penny Auctions and GPOs. They’ve improved upon these models with their innovative system based on meritocracy, hoping to usher in a new era of the web.
The model behind this ICO might seem complicated at first, so we’ll do our best to explain it in great detail in this dedicated Snapup review.
The team behind Snapup consists of only four members, with an Italian father/son duo at the helm:
- Alessio Cozzolino (Co-founder & CEO) – Lead developer, chief infrastructure, and CEO. More than 5 years of experience as a cluster administrator and software engineer;
- Carmine Cozzolino (Co-founder & COO) – Board director and senior vice president. More than 20 years of experience in insurances, banking, and finances;
- Patrick Jusic (Software engineer) – Senior undergraduate in automation and IT engineering. Full stack & blockchain developer, background in robotics and industrial automation;
- Loris Rossi (Software engineer) – Senior undergraduate in automation and IT engineering. Full stack & blockchain developer, AI, and cybersecurity enthusiast.
About The Project
The idea behind Snapup capitalizes on the fundamental disparity between the products we want and the ones we can actually afford. The utopian scenario would allow us to share parts of our wealth in a mutually beneficial way.
Snapup gives us a short outline of the root problem behind the steady decline of services similar to their model:
- The companies don’t keep up with the ever-changing technological landscape;
- They assume that desktops are the most common way of interacting with their websites, disregarding mobile devices;
- They are simply not prepared for a world of smartphones, sharing economy, and alternative payment methods.
Elaborating further on the issue of poor optimization for mobile platforms, Snapup points out the following problems:
- Oversaturated mobile apps market;
- Unengaging user experience, making 77% of individuals “forget” about their last app roughly 3 days after installing it;
- Dealing with constant updates and patches, raising development and maintenance costs;
- The process of acquiring permission from stores to release updates;
- Issues of OS compatibility.
Some other problems include:
- Managing numerous simultaneous interactions;
- Fast and intuitive interface that fits every popular device type.
Snapup strives to address all of these problems with a web application that’ll behave exactly as a mobile app. It should function in the same way across all devices, including desktops. It should allow users to save money on the most premium-quality products and accept a wide variety of payment methods like PayPal, credit cards, cryptocurrency, Fingerprint, and so on.
This is Snapup’s sales pitch. As you can see from our Snapup review, they’ve translated an old sales principle into something that sounds like quite the necessary model. It is not, though. Let’s go over their model in layman’s terms.
Basically, you’ll have to pay a fee through their proprietary currency (Snapcoin – SNP) in order to participate in an event pool for a certain product. You can make your bids through Snapcoin for a chance to win the said product. Apart from the price, there are more factors that influence the winning bid. They’re not explained all that well, but some of them include inviting friends (red flag), buying Snapcoins, and so on. Once the market price of a certain pool reaches its threshold, the event is closed, the winner is chosen, and Snapup covers the difference between the sales and purchase prices.
Our problem with this approach is its dependence on the value of Snapcoin. Theoretically, events can never come to a close if Snapcoin crashes at some point. Snapup urges you to invite as many friends as possible to join in order to ensure the value of your Snapcoins and increase your odds of winning the product. This comes awfully close to resembling a pyramid scheme. The absence of any relevant information on the team members doesn’t help either. We don’t have enough data to claim anything, but we do advise caution.
Why Choose Snapup
Snapup lists some of the most important benefits for their users:
- Drop shipping makes their catalog virtually unlimited;
- Products will always be brand new and shipped directly from an authorized reseller or the manufacturer itself;
- The system allows you to avoid all the complex operations, making it user-friendly for the general public;
- The more people join and win, the more people will want to join and win (as in pyramid development, one would say);
- The event participation fee is expressed in Euros, mirroring the price in Snapcoins. Theoretically, this allows you to access more events if Snapcoin value grows.
The benefits for the investors are listed as well:
- Snapup promises an ever-present healthy reserve of funds to cover the prices of products and allow a steady rise of the value of Snapcoins;
- Their currency will be sold on various exchanges. Investors will soon be able to sell their Snapcoins directly from the platform at the best market price possible;
- Investors can advertise their success and be an integral part of the growth.
The Snapup ICO will start on August 28th, 2017 at 10:30 AM UTC. It will run for 5 weeks, including the presale and 4 rounds. Every instance will offer 20,000,000 SNPs for distribution.
- Total tokens issued – 200,000,000 SNP
- Tokens distributed (crowdsale) – 100,000,000 SNP
- Tokens distributed (bounty) – 4,000,000 SNP
- Coins reserve – 76,000,000 SNP
- Team incentive – 20,000,000 SNP
SNP value – 0.33 EUR, 0.38 USD, 0.001785809 ETH, 0.000159666 BTC. Note that the Whitepaper list took the exchange rates of July 13th, 2017.
After the initial mining, no additional SNPs will be issuable.
Snapup is a blockchain-based platform made to lessen the traditional disparity between the products we want to buy and the ones we can actually afford. The whole idea is based on an “auction system” allowing users to get incredible discounts if they win the bid for a certain product. The platform resolves the usual issues companies struggle with and raises the mobile app awareness to a whole new level. Our additional resources can provide you with more information about the project:
- Official Snapup YouTube channel will give you a proper introduction to the platform but also answer some of the most important questions you might have.
- You can also take a look at the Snapup Q&A session to see what questions potential users have for the team.
- Snapup Facebook page allows you to contact their support staff and ask them anything you want.
- Snapup Twitter account also helps you stay up-to-date with the platform and reach out to the community gathered around it.
- Snapup blog on Medium offers a large number of informative articles regarding the platform itself, as well as many related topics from the world of cryptocurrencies.
- Finally, you can join the Snapup Telegram channel if you want to receive notifications and connect with other participants.
- Clearly indicated distribution of the collected funds
- Practical business model
- State-of-the-art technology
- Scarce team info
- Possible pyramid scheme