|Company:||Open Sharing Economy Foundation (BlockFood)|
|Industry:||Food Ordering / Delivery Platform|
|ICO Timeframe:||01/08/18 – 04/12/18 (PreSale & ICO)|
|Token Supply:||92,571,428 BFT (70% Crowdsale)|
BlockFood is the name of the Open Sharing Economy foundation’s first project. Its goal is to provide an online platform that enables the connection between customers, local restaurants and couriers. Customers will be able to order food online and have it delivered to their doorstep. The philosophy behind the project is to free all the actors from the existing platforms that have transformed the sharing economy into monopolistic activities. It aims to free these exchanges, using a new form of currency (BlockFoodTokens — BFT) along with a decentralized validation entity (smart contracts on the Ethereum blockchain). Customers will be able to choose a fairer alternative to current players. Restaurants will be able to reap more benefits from their online order platform. Couriers will be able to set their own rules. All users have access to an online secured crypto-currency wallet that will hold their BFT, ready to be used in smart contracts. At the current state of adoption of crypto-currencies and given the low maturity of public knowledge, BlockFood will provide an easy-to-use solution that will allow consumers, restaurants and couriers to pay and be paid using conventional currencies. BFT will be at the center of the smart contracts.
PROS: Provides lower “true cost” solution for restaurants to generate more orders (current commission for online/mobile ordering platforms ~30%), open source software will encourage further development and innovation, focus on transparency, hybrid approach of accepting both fiat and crypto currency (encourages and accelerated user adoption).
CONS: Does not provide detailed breakdown for use of funds other than general expenses and platform development, does not provide competitive analysis nor an estimate of cost savings versus existing platforms, advisory board lacks relevant experience, lack of identified blockchain developer (appears that this portion of the project may be outsourced), entrenched competition on local and regional scale.