BlockFood is an open platform created to connect customers with restaurants with a fair income distribution model, based on Smart Contracts and Ethereum. BlockFood is a non-profit project and is the first of the Open Sharing Economy foundation.
BlockFood’s business model relies on fair wealth distribution and a dynamic commission rate adjusted to structure costs.
Business development of BlockFood is made possible through independent users, the BlockFood ambassadors, who will canvass their local businesses and introduce them to the platform.
To fund this project, a pre-sale will take place on January 8th 2018 and is planned to last four weeks. All funds collected are a donation to the Open Sharing Economy Foundation which coordinates the development and promotion of the ecosystem. If the pre-sale is a success, a token sale will be organized in March 2018. During this token sale, participants will be able to exchange ether for BlockFoodTokens, a token which fuels the platform.
A new economic model for the sharing economy
BlockFood is the name of the Open Sharing Economy foundation’s first project. It is the contraction of two words: blockchain and food. Its goal is to provide an online platform that enables the connection between customers and 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 the 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 chose 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. The potential of smart contracts is huge and the actors need to be able to trust the currency. Connecting the crypto-currency world with the real world is an up-to-date solution. We believe it is essential for mass adoption and see it as a hybrid approach to help users adopt the platform.
While the BlockFood platform will provide a complete user experience, it’s open model will allow third parties to create applications using the BlockFood infrastructure. The API will be open, along with the smart contract creation process.
BlockFood is a nonprofit project, which means that all gains from transactions will be injected back into the project, or into any other OSE foundation project. A small fee will be applied to transactions, which will be adjusted to match the actual costs of the structure. The costs include, among other things: development, hosting, marketing, legal, … Current projections leads us to believe that this commission rate will be the lowest in the market, with a maximum of 5%. Current actors apply an average of 30% commission rate. This is a key advantage of the BlockFood model.
The BlockFood model for business development is decentralized. The BlockFood Ambassador program is the foundation of this model. BlockFood will not directly reach out to restaurants in order to convince them to subscribe to the platform. This task will be distributed among BlockFood Ambassadors, whose goals are to find restaurants and help them promote their products on the platform. In exchange for their services, ambassadors will receive a commission for all transactions made to the restaurants they helped find and register.
Open Sharing Economy Foundation
The OSE foundation is the structure that will coordinate the development of BlockFood. It is a nonprofit organization dedicated to the development of sharing economy platforms based on the blockchain technology.
The name of the foundation is the symbol of its philosophy:
- “Open” means that everything we do must be transparent to the public: the vision, the code, the platform, the model. Nothing will be hidden. Ever.
- “OSE” is the French translation for “to dare”: our project challenges how current global corporations see their users. We see humans rather than costs. We believe a sharing economy platform should truly empower their users instead of use them as adjustment variables to generate more profit.
The OSE foundation core values are:
- Openness: have open boundaries
- Fairness: create fair remuneration of actors
- Transparency: be transparent in decision-making
- Dedication: work for the people, not have people work for us
- Agility: set the users at the core of the development
The OSE foundation will use all of its power to help people, creating economical opportunities which respects its actors as the main value creators, allowing them to get the most value out of their participation.
BlockFood is the OSE foundation’s first project. If the project is a success, then many more will follow in the sharing economy area.
The OSE foundation will coordinate most of the important decisions around BlockFood project. The core values of the OSE foundation will be at the heart of BlockFood development.
The blockfood ecosystem will always rely on its community to make decisions. A voting mechanism will allow users to participate in the decisions: development roadmap, restaurant acceptation, …
More information and White Paper in: BlockFood
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