Seeking (simple) clarification on Crowdmatching

Morning again!

Can we get a simple clarification on what is meant by this how-it-works explainer:

Crowdmatching: Each patron donates a tiny amount times the number of patrons who join them in supporting a project. This creates a network effect where project supporters work together to fund the results they care about.

Does this mean that if (wild fantasy) a 1,000 donors support my journalism project with a $1 each per month, then any subsequent donor has to match them with a $1,000 per month donation?

thanks,

jas

PS: Tried to read this post for answers but lacked the intellectual fortitude to follow all the twists and turns, sorry!

Haha, no, every patron is the same. There’s no difference ever between someone who pledges first versus someone pledging later. When the monthly donation comes, they all put in the same. For now, that’s fixed at $1 per 1,000 patrons.

So, the 1,001st patron puts in $1.001 (a dollar plus a tenth of a cent) and everyone else raises to that too. So, the extra $0.001 from the existing 1,000 patrons means an additional dollar for the project. The project goes from $1,000 to $1,002 (an extra $1 from the new patron and an extra $1 from everyone else’s combined increase).

On the P.S. — that other topic is a super-wonky one from someone who diligently read all the wiki pages and then came here to discuss the details, the total opposite of your post (a beginner’s verification question). Both posts are welcome, of course.

We’re soon going to have updated intro pages, but for now, all the details are at https://wiki.snowdrift.coop/about and the crowdmatching specifically at https://wiki.snowdrift.coop/about/mechanism

Cheers!

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