WINBIX is an e-trading platform produced in 2018 by a group of digital entrepreneurs, software developers, and marketers from the Russian Federation. The Ethereum blockchain served as a basis for this peculiar online marketplace which operates on the principle of a Dutch auction. The main distinctive feature of this kind of auction is that the auctioneer initiates the sale by establishing the highest possible asking price for a commodity, which begins to decrease gradually until a participant signals about his willingness to make a purchase.
The project also features the native ERC-20 investment token called WINBIX with the ticker - WBX. The ongoing token pre-sale is organized in the form of DAICO which puts more obligations on the developers and, at the same time, allows contributors and investors to exert a certain influence on the project’s further development. From the purchasers’ standpoint, DAICO is more preferable than the traditional ICO because it also allows for a refund should the majority of investors decide to vote on such a decision.
WINBIX has taken up the task of radically improving the efficiency of sales whilst simultaneously offering buyers a chance of getting a product at the desired price. As already mentioned, this marketplace incorporates the principle of the constant price reduction but with several nuances. The price of a given commodity moves in a corridor and within the time intervals pre-determined by the seller with the minimum price being different for each item. The buyer is unaware of neither the minimum price nor the stock balance. He can set the price value, upon reaching which he will be duly notified by the system. Once the buyer declares his intention to purchase the product, the auction stops automatically. It should be noted that the minimum price and the bid step are determined by the WINBIX algorithm, not by the seller.
Apart from the evident benefits, WINBIX has a unique system for determining the rate of buyer’s ‘satisfaction’ from making a purchase, which directly influences the size of commission paid to the seller. Should any disputes arise, they are ought to be settled by the independent arbitrators chosen from the competent members of the WINBIX network.
The system will provide insight for the sellers about the notice requests made by the buyers thus enabling the vendors to properly assess the expected volume of sales. Combined with the quotations received from the potential buyers and the comprehensive information about the past auction performance of similar merchandise, this makes a powerful analytical tool which should enable retailers to organize the sales in a much more efficient way.
The funds acquired in the course of the WBX token sale will be stored in the respective Ethereum smart contracts with no access being granted to the WINBIX developer team and no tokens will be allocated to them either. The tokens will be used to purchase goods on the platform, receive the seller’s commission, and exercise the right to vote on important decisions.
WINBIX is currently conducting a pre-DAICO that ends on June 22. It is important to note that during this stage, the investors can claim their funds back if they are not satisfied with the progress. The price of 1 WBX is 0.0013 - only investments in ETH are accepted. 25 million WBX had been allocated for sale with 0.1 ETH a minimum investment threshold. Citizens of the United States are not allowed to participate in this pre-DAICO.
|Start||July 1, 2019|
|End||September 28, 2020|
|342 days left|
|Soft cap||$6 250 000|
|Hard cap||$25 000 000|
|Minimum investment||0.10 ETH|
|Tokens for sale||25000000|
In my opinion, the reverse auction is too complicated a model for it to be fully understood and appreciated by the average user of e-commerce platforms. I am not trying to imply anything offensive, it's just in human nature to seek easier solutions. However, those who recognize the practicality of WINBIX would find that it has plenty of benefits to offer, especially for those who are patient enough to wait for a better price.
This entire auction system and the WBX token economics, explained in the whitepaper, is interesting and all, but I am still concerned about the allocation of funds obtained through the DAICO. The WinBix team indicates that they intend to spend half of the raised funds on marketing outside Russia. I know that sufficient marketing is of vital importance for any blockchain project, but it is also important to reserve enough funds for platform development. Nevertheless, it looks like WinBix is doing fine, so good luck to them.
The model of reversed auction, applied by WinBix is something new for the field of e-commerce, which makes me think that they might gain good recognition, if the system proves to be viable. The token buyback and the “security” smart contracts also represent interesting features that will surely add to the overall appeal of the project. But the thing that has completely won me over was the provided possibility for the investor to exercise control over the realization of the roadmap. WinBix already has the product MVP which works fine, so I can conclude that this is a sustainable project.
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