Also I'd be wary to trust the similarity metric, IMO it is best to assume good faith until you have evidence of cheating.
Anyway I think this can turn out great, like other have said, if it gets some polishing here and there.
I think one of the major problems with other products, is that they come out swinging with an accusation that all students cheat. Most tools these days have unique problems per students, which can make it harder to go over an assignment, because no one did the same problems.
I know there are varying opinions for what constitutes technology for improvement of a process, vs tech for the sake of tech. I think the world needs a digital way to represent symbolic math, it's one of the last complex processes done daily by millions that is locked out of a computer. Making something digital allows you to have undo/redo, and could eventually lead to a lot of interesting productivity enhancements. Nearly no one writes large amounts of text with pen anymore, because there is just so much more flexibility with a word processor.
One of the few things that forces people back to pen and paper is if part of what they need to write involve math formulas, because the current editors that include equation editing aren't fast enough. This platform isn't currently designed for mixing text and math, but it isn't too hard to add soon.