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The pre-sale will begin on August 28, 2017 at 10:30 a.m. UTC and will run for one week. There will be a 20% bonus of Snapup tokens on top of whatever is contributed during this period.
There will be 20,000,000 Snapup tokens (SNP) available during the pre-sale at a price of $0.38. The 20,000,000 tokens include the 20% bonus (16,666,666 tokens + 20% = 20,000,000).
The crowdsale starts after the pre-sale is completed and will run for four weeks. It is structured with a bonus that rewards early contributors:
— Week 1: 10% bonus and 20,000,000 tokens available (incl. bonus)
— Week 2: 5% bonus and 20,000,000 tokens available (incl. bonus)
— Week 3: 2% bonus and 20,000,000 tokens available (incl. bonus)
— Week 4: 0% bonus and 20,000,000 tokens available
There is a soft cap of $5,000,000 and a hard cap of $33,000,000. If the hard cap is not reached, the amount of tokens will be distributed in the following format, by which you receive tokens equal to the amount invested divided by the value of the token (i.e. market cap divided by 100,000,000 tokens):
Token Distribution information
Snapup tokens (SNP) are ERC-20 tokens that will be distributed as soon as the crowdsale is complete.
There will be a fixed 200,000,000 SNP created. Of the total:
50% — will be available to contributors during the crowdsale
10% — will be used for team incentive (no lockup period)
2% — will be used for the bounty program
38% — will be a reserve for the public (sold to the general public when the platform launches)
Use of Crowdsale Proceeds
The funds contributed will be used in the following breakdown:
50% — Marketing and customer redemption strategies
22% — Payroll, human resources, and training
10% — Cash reserve
10% — IT and infrastructure
5% — Overhead and operating expenses
5% — Legal and financial consulting
Alessio Cozzolino, Co-founder & CEO
Alessio is the Chief Infrastructure Architect, Lead Developer and CEO at Snapup. He has 5+ years experience as a software engineer and cluster administrator.
Carmine Cozzolino, Co-founder & COOCarmine has 20+ years experience as a consultant in the banking, insurance and financial world. In his current role, he is senior vice president and the board director.
Patrick Jusic, Software Engineer
Patrick is a senior undergraduate student in IT engineering and automation at Università Politecnica delle Marche. He is a full stack and blockchain developer with a robotics and industrial automation background.
Loris Rossi, Software Engineer
Loris is a senior undergraduate in IT engineering and automation at Università Politecnica delle Marche. He is a full stack and blockchain developer with interest in cybersecurity and artificial intelligence.
The above ICO information can be found on the Snapup website and in their whitepaper. (1)(2)
What is Snapup?(2)
Snapup is a platform that aims to create a network effect around purchasing premium products that might otherwise be inaccessible to most people. Snapup is not an auction site, but aims to improve upon those concepts through the use of cryptocurrency. Similar to the current “online penny auctions” or “Group Purchasing Organizations” (GPO), Snapup lists premium products onto what are called “Snapups” or “snaps” and gives the opportunity to get the product at a discounted rate through a meritocratic system. These listings can then be reviewed by users, and users are able to anonymously bid on these items. Snapup aims to bring premium products to users at a 80–90% discount. This is completed as the Snapup network grows and more users participate in each snap listing.
Each snap listing a user bids on requires a small amount of Snapup tokens (SNP). As more users do this, that total SNP amount will go towards paying for the product for the one user who wins. The Snapup platform or snap listing does not list any user’s bids, nor is there a process to outbid another user, but instead the user who ends closest to the Snapup “Meritocracy Reward Based Algorithm” will receive the product. That algorithm incorporates the following:
- Participant with the most “Karma” points: Karma points are earned when you refer new members to the Snapup platform or when you bid on a product and do not win the product. You can earn more Karma points participating in snap listings than you can through any other means, because by participating (whether you win or lose), you’re contributing a small amount of Snapcoins towards paying for the product. This part of the algorithm helps ensure that as a user continues to lose out on the bid, they have a greater chance to win the next product they bid on.
- Participant with the biggest bid: Those who place a bid closest to 20% of the original retail price will have the best chance to complete this portion of the algorithm. However, the algorithm will not be dominated by those with more Snapcoins, as this is balanced out by those with more Karma points.
Snapup’s goal is to reward users for their participation and grow the network effect that is inherently needed for the platform to purchase the most premium products at the largest of discounts. The full process can be seen here:
The development of the Snapup project started in December of 2016. As of now, a working platform has been created and can be found here.
The Snapup Beta will be released to a select amount of people that hold SNP. The listings will be real and products will be shipped to the winners.
The team is also planning on making key hires (marketing manager and IT engineers) to accelerate development. Their headquarters will be established in Tallinn, Estonia as well.
The Snapup team is aiming to launch the platform throughout Europe. The team is also aiming for all major exchanges to have picked up SNP by this point.
The Snapup team is aiming to release their “Spider Algorithm.” This will help ensure the Snapup database is “virtually unlimited,” by collecting information on products across the internet and creating snap listings on the spot for users. More details on this algorithm can be found in the whitepaper.
The Snapup team is aiming to release their “Image Recognition Algorithm” by the end of 2018. This algorithm will be built on the foundation of the Spider Algorithm and allow users to search for snap listings by simply taking a picture of the product they are searching for. This algorithm is a neural network that will be trained to pull names of products from product images via supervised learning.
The Snapup team has plans to launch the platform in India and Southeast Asia by 2020.
View the Snapup Website here.
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Disclaimer: This report is intended to provide market intelligence. This is not investment advice and does not constitute any solicitation or endorsement of any investment. Any investment you make is done at your own risk and at your full and absolute discretion. The contents of this report are the property of ICO Alert. All rights reserved.
(1) Snapup Website, Snapup, (2017)
(2) Snapup Whitepaper, Snapup, (2017)
(3) Snapup Telegram, Telegram Application, (2017)