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.

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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.

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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

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PREDAICO

DAICO

Roadmap

DECEMBER 2016
Idea stage

JANUARY – DECEMBER 2017
development of the algorithm for the auction

JANUARY – SEPTEMBER 2018
team building, budget planning

JULY 2017 – TO THE PRESENT DAY
development and testing of the website, trading platform, payments system and other components of the WINBIX project

JULY – SEPTEMBER 2019
fine tuning of the trading platform, search for sellers

APRIL – JUNE 2019
PreDAICO

JUNE 2018 – MARCH 2019
preparation for the PreDAICO

SEPTEMBER 2017 – TO THE PRESENT DAY
marketing research and search for suppliers

OCTOBER 2019
launch of the marketplace in Russia

JULY – SEPTEMBER 2020
DAICO

OCTOBER 2020
launch of the marketplace in Southeast Asia

OCTOBER 2021
start of operations in the USA and EU

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Team

Generalov Alexey
Co-Founder

Chief Executive Officer

Krasnianskii Evgenii
Chief Marketing Officer

Li Roman
Co-Founder

Volkov Konstantin
Co-Founder
Chief Technical Officer

Vinogradov Stanislav
Co-Founder
Lead Developer

Dezhurko Mikhail
Fullstack Web Developer
Smart Contract Developer

Nikonova Olesya
Marketing Specialist

Morozova Olga
PR Specialist

Official resources:

Website: https://winbix.io/en
Whitepaper: https://winbix.io/whitepaper/Whitepaper_en.pdf
ANN thread: https://bitcointalk.org/index.php?topic=5130735
Telegram: https://t.me/winbix_channel
Facebook: https://www.facebook.com/winbix.market
Twitter: https://twitter.com/WINBIX_channel
Medium: https://medium.com/winbix
Reddit: https://www.reddit.com/user/winbix
YouTube: https://www.youtube.com/channel/UCBCr7T7GX1pCTxArtrt7u9A/

Author: faz3
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2591563
ETH Address: 0x99dAaA3b489c22306624ca1eB6AB535BDE54cFaa