The restaurant global restaurant industry hosts an estimated 15,000,000 restaurants worldwide and is projected to grow to a total market value of $3,800 billion by 2019.
In a Harvard Business School Study, Reviews, Reputation, and Revenue: The Case of Yelp.com, Michael Luca analyzed restaurant revenue records at the Washington State Department of Revenue from the period of 2003-2009 to determine the impact Yelp.com had on the restaurant industry. The impact of Yelp alone on the restaurant industry was absolutely disruptive beyond what was anticipated.
Luca discovered that a one-star increase in a Yelp rating, correlated to a 5-9 percent revenue increase. He further noted this revenue impact was isolated to independent restaurants, as chain restaurants received no measurable impact from a higher Yelp rating. However, chain restaurants were not immune from the disruptive nature of Yelp reviews. During the age of Yelp, chain restaurant revenues decreased as Yelp penetration increased in the marketplace. Furthermore, he discovered for Seattle alone, Yelp had over 60,000 restaurant reviews covering seventy percent (70%) of all operational restaurants in 2009.
Since the launch and its subsequent success, the restaurant review space has been flooded with review sites (Yelp, Eat24, Open Table, Gayot, Zagat, Zomato, Menupages, Groupon, etc.) and new trends have emerged as a result.
A half-star improvement on Yelp's five-star rating system makes it 39 to 49 percent more likely that a restaurant will sell out seats during peak hours.
68 percent of restaurant owners in the United States actively monitor and manage reviews on multiple review sites, and 57 percent of customers say they will avoid a business that has negative reviews and ratings.
According to eMarketer, 88 percent of internet users read online reviews to determine the quality of local businesses.
The Synchrolife Project
Into this disparate world of centralized restaurant review sites, loyalty rewards programs and discounted offerings comes an ERC20 blockchain solution named Synchrolife.
What is Synchrolife?
“SynchroLife is a worldwide decentralized restaurant recommendation platform that utilizes artificial intelligence, Ethereum’s smart contracts, and an Ethereum based original token. SynchroLife is creating a token-based economy connecting users and restaurants together, and where food lovers from around the world will be rewarded for sharing accurate information and high-quality reviews of restaurants."
“SynchroLife aims to create a constantly updated, maintained, and worldwide platform of trustworthy, accurate, and helpful restaurant information and recommendations. SynchroLife also aims to build a database of user’s eating habits, restaurant preferences, and overall tastes from which artificial intelligence can provide each individual user with personalized restaurant recommendations that are adjusted specifically to them. With artificial intelligence based recommendations and blockchain based high-quality restaurant information, SynchroLife will become the new standard.”
Initial Coin Offer Overview
The Synchrolife Coin Crowdsale is scheduled to run from August 16, 2017, at 12:00 PM GMT through September 13, 2017, 11:59 AM GMT (4 Weeks). Synchrolife has opted for a one-time 100,000,000 Total Token Issue (Fixed, Non-Inflationary Pool).
Fixed Pool Distribution Breakdown
- 55,000,000 Distributed During Crowdsale Period
- 5,000,000 Early Investor Incentive Pool (Paid Out Based Upon Bonus Schedule Below)
- 20,000,000 Fixed Non-Inflationary Reward Pool
- 9,500,000 Retained for Synchrolife Team, Advisors and Partners
- 9,500,000 Retained for Marketing Initiatives, SynchroLife Team Growth, and Future Partnerships
- 1,000,000 Retained for Bounty Program
Early Investor Incentive Pool Breakdown and Key Dates
- First 24 Hours (20% Bonus)
- August 17, 2017 ‒ August 24, 2017 (15% Bonus)
- August 24, 2017 ‒ August 31, 2017 (10% Bonus)
- August 31, 2017 ‒ September 7, 2017 (10% Bonus)
- September 7, 2017 ‒ September 13, 2017 (0% Bonus)
Team Overview Summary
Chief Executive Officer Tomochika Kamiya
Chief Director Laura Symborski
Development Director Hiroshi Mita
Creative Director Shun Sato
Investment Thesis
Disclaimer: This is Not Investment Advice. Please Conduct Your Own Due Diligence and Consult a Licensed Financial Planner Before Engaging in any Trading Activity
I believe the Synchrolife token presents a rare investment opportunity (rather than speculative opportunity) in emerging blockchain technology. This is a company with an existing application, user base and business model which stands to benefit from tokenizing. The company has established a solid business model and early successes which create a compelling reason to purchase this token.
Beta Application and Results
Synchrolife initially released a beta version of their mobile first web application in Japan. It grew to accommodate a passionate fan base of 32,000 active users, who generated 150,000 restaurant ratings and posted 300,000 food, menu, interior and exterior photos of 77,000 unique restaurants throughout Japan. This has all happened prior to the introduction of tokens and platform decentralization through the blockchain.
It follows that user engagement should increase with the introduction of a token based gamification. Additionally, the mobile first application supports four languages (English, Korean, Traditional Chinese and Japanese), which makes it available for use in 155 countries worldwide.
Current Revenue Model
Unlike the vast majority of ICOs which are hitting the marketplace, Synchrolife has a true business plan which discloses a cohesive revenue model for their operation. It generates revenue from both the user and the participating restaurants through a variety of methods:
Users - Premium Membership Fees and Digital Coupon Sales
Participating Restaurants - Advertising Revenue, CRM Tool Fees, and Cryptocurrency Based Transaction Fees
Clear Road Map with Key Milestones of Entrenchment
The roadmap lays out a plan to position Synchrolife well in the crypto space, with development of a multi-currency wallet (accepting Bitcoin, Ethereum, and Synchrocoin) and the release of a Synchro debit card, which would allow users to make purchases with Bitcoin, Ethereum, and Synchrocoin by May 2019.
Synchrolife is possibly one of the best positioned blockchain tokens to for success. This should absolutely be a token to purchase and hold in any portfolio.
Tnx for sharing this info!
@zoef glad you stopped by to check out the first summary analysis. Thanks for the support. The ICO presale starts today.
good to know, tnx for the update!
Thanks for telling me about this earlier. Definitely a good catch. They actually have a Steemit blog here, not sure if official (not on their website). Most likely though @synchrocoin
@kevinwong not a problem. On first blush I was going to pass, but then reading through the whitepaper , learning about the early beta version success , and modeling the revenue , it makes a ton of sense compared to the current crop of ICOs.
liked the model on this which it is based on
thanks for sharing :)
@cutiepie the model is what caught my attention and the successful beta launch before the ICO sealed the deal on my interest. Thanks for checking out my summary analysis. Cool things happening in the food review industry.
Nice post with very useful and important article about crypto currencies from @lpfaust
Cheers!..
@dinisanda Thanks for taking the time to check out my summary analysis on Synchrocoin. I appreciate it.
My approach on which projects I put my own capital into is different from what I am experiencing in the marketplace as a whole. By my own nature, I am not a speculator so much as an investor, looking first to see if blockchain tech makes sense for a particular project in a particular space, then looking to see if the business plan proposed and the team formed to execute the business plan make sense as well. Synchrocoin so far has been one of the most complete ICOs out there (in my opinion).
Before investing in any coin, come up with your own due diligence on each investment.
I just can not get used to the fact that the world is changing so fast. Wow, restaurants are releasing their crypto currency!
@dlina-v-metrah it's not restaurants, but rather imagine if Yelp created a crypto, rewarded the restaurant reviewers, then they could use those tokens to pay for food at restaurants or purchase Groupons.
Based upon the history of Yelp and how they compensate their power users/reviewers , tokens and blockchains have a very solid use case for this industry.
Synchrolife is something new to me need to checkout
@cityslicker it caught my attention primarily because I have always thought Steemit could have been the platform which could have been first to market with this idea. Problem is the lack of a long tail rewards curve (outside of 7 days) creates a significant challenge. There a number of other reasons I like this offering .
Thanks for taking some time to check out the summary analysis.
Thanks for the analysis. Resteemed.
@superduperman thanks for taking some time to check it out, the upvote and resteem. It's much appreciated.
oh this looks great synchrolife has some good positives
@starving the project, without a doubt, still needs refinement and development but I think the positives far outshine the rough edges. Cool project.
i never knew about this thanks for bringing it to the highlight thanks a ton :)
@blazing there are handful of upcoming ERC20 ICOs which have caught my attention, and I was looking at possibly making this a continuing series.
Thanks for stopping by.
Thanks to you too for making a post on this
this information was new for me thanks alot! very usefull!
@brothermic thanks for checking out the summary analysis. I appreciat the support.
Thanks for sharing this! Seems like a ITO, okay interesting and will be there :D@lpfaust,
Cheers for us~
@theguruasia thanks for taking some time to read through the analysis. I appreciate the support.
Be certain to check through all the details yourself before jumping in. Personally, I have a thing for non-inflationary coins, and this one has a ton of utility built into it.
Yeah you are correct, I was trapped to few ICOs before. So, will do it by reading and analyzing everything! Thanks for the kind response!@lpfaust,
Thanks for sharing the Insights of this ICO
Many thanks :)
@steemphotography thanks for stopping by for a read. I appreciate the support.
@lpfaust - Sire, this will be a very useful article for ICO lovers. Therefore, I will resteem this post. Thank you very much Sire.
+W+
@steemwija thank you for taking some time to check out the blog post. I appreciate it.
appreciate your act on behalf of the Synchrolife Coin ICO. I will going to have a quick look now. all you need a one successful ICO for a life time, thanks for the update my friend.
@futuresmart thanks or taking some time to read through my summary analysis. I am considering doing some much deeper Wedbush style analytics for future ICOs (valuations, competitive landscape, etc.)
Glad you enjoyed the content.
really, much appreciate your good will . thanks lot
Great analysis!!!
Resteemed
@rtdcs thanks for the upvote and the resteem. I appreciate it.
Looking to cover more ICOs that are worth covering in the future. I'm considering a much deeper Wedbush style analysis (valuation targets, cometitive market analysis, etc.). Glad you enjoyed the content.
Thanks for sharing! I had no idea about this.
@luja thanks for checking out the summary analysis of Synchrolife. I'm considering an ICO analysis series.
Nice post @lpfaust
@niariyanti thanks for taking some time to check out the post. I'm glad you enjoyed it.
crypto, bitcoin, synchrolife everything is making its way out here, very nice post and good to hear that the resturants starts accepting cryptos, an its really a very very great developement and the whole world is now going to recognize this way.
Steem on. Stay Blissful. Thank you.
@sthitapranjna thank you for taking a moment to read through my summary analysis of the Synchrolife ICO. I appreciate it.
When it comes to the vast majority of ICOs out there now, I generally pass on them. I don't think blockchain solutions make sense for many of the proposed applications "in development". Outside of what I call the blockchain ecosystem protocols (Ethereum, LISK, Stratis and NEO), I don't see many stand alone solutions as viable businesses on a two year horizon.
I think Synchrolife makes sense mostly because of a built in user base both as consumers (32,000 during beta) and businesses (77,000 restaurants during beta) launch. Also, they have a working protocol and a working fiat revenue model, so it's more about gradually transitioning the restaurant industry into crypto on a business model which has proven disruptive (microblog/reviews).
If choosing to jump into this coin, remember the ICO presale begins today.
This is definitely worth a look, its in a category with a class of its own, a blockchain technology that vets restaurants is an interesting venture that would pick the interest of any savvy investor...
I will be following your posts closely, hopefully i will find an entry point somewhere.
How is it going with you? How was your trip to ANA? Did you get any helpful info on my 1752 coin?
@abasinkanga I did not make it out to the money museum this past weekend. My trip was rescheduled for Saturday. I will be sure to inquire about your coin and get back with you after.
This post has received a 4.50 % upvote from @booster thanks to: @lpfaust.