Synchrolife ICO is Complete
Synchrolife is a restaurant recommendation platform connecting users and restaurants through tokens.
Synchrolife ICO Information
“By rewarding users for their contributions, updates, and approval of restaurant business information through the SynchroCoin token reward system, we believe we can create an ecosystem where restaurant business information is kept closer to 100% than ever before feasible with centralized services. ” – Synchrolife
Interview with Synchrolife
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
Synchrolife: Despite the many different restaurant search and discovery services available around the world, the problem of not knowing where you want to eat or where is best to eat continues to exist. The stress of trying to find the best restaurants both locally and when traveling, along with the many conversations our CEO Tomochika Kamiya had with small businesses during his over 10 years running an Online-to-Offline software business led to the creation of SynchroLife. Our whole team is passionate about food and finding the best restaurants, and we want to make this process fast, easy, and beneficial for everyone involved– both the diners and restaurants.
Our team sees many problems in the restaurant search and discovery industry today, especially in the following four areas:
1. Maintaining accurate restaurant information
There are over 15,000,000 restaurants in the world, with new restaurants opening and closing daily. Maintaining this amount of restaurant business information is extremely challenging. Google Places and many other restaurant services over the years have tried to maintain such databases but changes in business hours, name changes, closings and moves, incorrect GPS location and countless issues make it hard for these databases to maintain accurate information. Many services rely on reports from average users, volunteers, or interns in an attempt to maintain, verify, and update this information regularly.
Perhaps as a direct result of this, up until now most restaurant discovery services have been domestic services available in only one country or a small region. However average users find themselves lost when visiting a new country and looking for restaurant recommendations because they are not familiar with local services. Currently, both Google Places and Trip Advisor do offer restaurant search features all around the world, but these services are not specialized to the restaurant discovery industry.
2. “Information Overload”
In modern society the Internet can instantly connect individuals to the answers to almost every question, but when restaurant search services bombard an individual with hundreds of suggested restaurants it can be easy for people to feel a little overwhelmed or lost. This is especially true in big cities, for example a search for “sushi” in “Tokyo” on many restaurant search services will give you over 5,000 results!
3. Untrustworthy Reviews and Ratings
Many restaurant search and review services average restaurant ratings based on a proprietary algorithm or hidden formula, while others only display vague emoticon ratings or reviews from the “best” users. These systems result in even more indecision for people looking for restaurants and frustration from restaurant owners confused by their rank or average. There has been growing distrust and controversy in the accuracy and fairness of all the reviews and secret algorithms in existing restaurant discovery services.
4. Customer Acquisition for Restaurants
It’s no secret that the majority of restaurants worldwide are struggling or working hard on the problem of customer acquisition every day. Restaurants are constantly experimenting and looking for new ways to get not only new customers but to manage the relationship they have with customers who have visited the restaurant before. This costs restaurants both time and money, which is something not all restaurants have the resources for.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
Synchrolife: We believe the SynchroLife platform will be address and helping to resolve many of the issues in the current restaurant search and discovery industry, for both individual diners and restaurants. Some of the ways we will be addressing those problems are as follows:
1. A Blockchain based Global Restaurant Business Information Database
Users from anywhere in the world can add new restaurants, update business information, or translate the restaurant information and all of these changes will be double checked by other users acting as reviewers. The proposals for edits and the review and approval of edits will all be saved to the blockchain. Proposals for edits that are not approved will not be put into effect on that restaurant page which will help cut down on misinformation, spam, and other inappropriate content, and also increases the reliability of information across the service.
By rewarding users for their contributions, updates, and approval of restaurant business information through the SynchroCoin token reward system, we believe we can create an ecosystem where restaurant business information is kept closer to 100% than ever before feasible with centralized services. Through decentralization the restaurant business information platform will be constantly monitored and updated in real time by both users and restaurants, and will be able to grow with changes in the market. This resolves the long held issue of maintaining restaurant information and allows us to expand our service worldwide.
2. Creation of a Token Economy
SynchroLife will make an original cryptographic token (the “SynchroCoin”) based on Ethereum. This token will be used to create a token-based economy within SynchroLife where users are rewarded for providing high quality reviews, photos, edits to restaurant information, translation of restaurant information, and more. User actions that provide value to the SynchroLife platform and other users are incentivized through the SynchroCoin. This keeps users coming back to the platform and rewards them for putting the time and effort into good quality content. We will build a decentralized restaurant recommendation platform of the likes that has never been done before, working alongside users to create high quality, transparent, and trustworthy restaurant information and review content.
Users can then use SynchroCoin to buy coupons, gift cards, or even pay for meals at participating restaurants, giving each token value. Restaurants can also use SynchroCoin to purchase marketing or customer relationship management tools.
3. Personalized Recommendations through Artificial Intelligence
SynchroLife analyzes the restaurant ratings, likes, pins, follows, followers and other actions of each user within the app to match their restaurant and food preferences with other users. The amount of similarity between two users is displayed in a percentage known as the “Synchro Rate”. This rate and other user actions are then used by artificial intelligence to provide each user with special restaurant feeds and search results that have been chosen just for them based on their personal preferences. Everyone has different tastes and preferences. SynchroLife strives to get rid of blanket search results and information overload many previous restaurant discovery services have struggled with, and to utilize artificial intelligence help users find the best restaurants unique to their preferences as quickly as possible. With personalized restaurant recommendations we believe we can help get users to restaurants they’ll love quickly and reliably.
4. No More Averages, Recommendations Based on People
SynchroLife has gotten rid of any easily biased or hard to understand averages and emoticons. Restaurant reviews are only based on individual ratings of 1-5 stars or a 5+ “Special” rating. Users can view individual ratings while searching, viewing restaurant feeds (timelines), or checking a restaurant page. By checking individual reviews of trusted friends, foodies, or other users with similar tastes to them users can find good reviews and restaurants relevant to them. This gets rid of the uncertainty that has plagued many services with averaged scores and secret ranking algorithms.
5. Results-Based Compensation and O2O through Tokens
Participating restaurants will be able to attract new customers and reward regular customers through marketing within SynchroLife. Using SynchroLife’s personalized database, restaurants will be able to offer coupons or special offers to users who have pinned their restaurant or have rated it previously, or to users who have frequently rated nearby restaurants and have tastes that may align with that restaurant. SynchroLife will only ask for results-based compensation when users actually visit the restaurant and currently does not plan to charge restaurants just to upload coupons or offers in SynchroLife. This allows restaurants to market at low costs, only paying when they get results.
We plan to build a token-based economy in the SynchroLife platform to allow users to pay for their bill at restaurants with SynchroCoin tokens and a small percentage will be charged to the restaurant as results-based compensation. Users who have left high quality reviews and updated or translated the business information for that restaurant will also receive a small portion of that percentage as a reward for promoting that restaurant to other users.
Participating restaurants can also purchase SynchroCoin tokens to increase the reward given back to users and make going to their restaurant even more appealing to users. We also plan to develop customer relationship management (CRM) features, which will allow restaurants to analyze and give special offers to users who have been to their restaurant before.
BC: How do you think competition will develop in this segment of the market following your ICO?
Synchrolife: Up until now, this industry has seen various centralized restaurant search and discovery services competing locally against each other on a country-by-country or region-by-region basis. Generally these centralized services start by competing based on the number of restaurants registered or number of reviews, and mature to compete based on the accurate and reliability of the restaurant information and reviews. We believe this kind of competition will continue to grow and mature in countries throughout the world. Centralized services can gather and display restaurant business information from around the Internet easily, but keeping that information updated and accurate, and translating it into other languages is a huge task for centralized services to undertake.
We also believe future competition will be focused on fast, easy, and personalized recommendations as well. Diners today can easily find a long list of restaurant recommendations, but knowing and trusting which ones are good for them is still a struggle.
In order to tackle these growing issues of accurate business information and personalization, SynchroLife will be building a decentralized platform and using artificial intelligence to stay at the to of the competition and be prepared as it grows.
We also believe the amount of restaurants involved in online advertising and marketing will continue to increase overtime, and we will be offering compensation-based advertising and marketing tools so restaurants only have to pay when they actually get results.
We are creating a new token-based economy with blockchain technology and we are building a platform with a business model ready to win against future competition.
BC: What are you planning to do with the proceeds of your ICO, and why?
Synchrolife: As a general overview, we are planning to use the proceeds from our token crowdsale as follows:
– Marketing: 30%
– Management: 30%
– Development & UI/UX Design: 40%
We plan to use the proceeds from our token crowdsale to develop the SynchroLife platform as outlined in the road map in our white paper.
We have set aside 40% for development and UI/UX design which will be very important immediately after the crowdsale as we further develop our currently existing SynchroLife mobile apps to support blockchain technology and the token reward system.
Once the service is further developed we will continue progress and begin to spend more in marketing to help gain new users or participating restaurants, build the community, and bring in new exciting partnerships or collaborations. We have set aside up to 30% for marketing because as a restaurant discovery platform, growth in the number of reviews, restaurants, and users is essential for the platform to both usable and successful worldwide.
BC: For all those who have read your white paper (en/pdf) and are still on the fence about contributing to your ICO, what can you tell them that could lead them to buy into your project?
Synchrolife: The SynchroCoin is a token made to help people around the world enjoy good food and good restaurants. SynchroLife is building a new token-based economy beneficial for both diners and restaurants, by rewarding reviewers for their content, selling restaurant coupons and processing meal payments, and handling restaurant advertising with the SynchroCoin. In the future, the payment use of the SynchroCoin could even be expanded beyond the restaurant industry.
With the social media-like mobile app interface and well understood “restaurant review” concept, SynchroLife is easily usable and understandable by non-cryptocurrency savvy individuals. This low barrier of entry means that SynchroLife has the potential to reach the large audience of general mobile app and web users worldwide, contributing to new cryptocurrency adoption and pulling in a new audience unreachable by many of the more technical or gaming related cryptocurrency projects.
It is also worth nothing that the SynchroLife Team has already released a beta version of the SynchroLife platform (without blockchain and token technology) as an iOS and Android mobile app, and has been testing the service in Japan. The mobile app already has over 30,000 “normal” (non-cryptocurrency community) users in Japan who have contributed over 150,000 restaurant reviews to the platform already. Both the iOS and Android apps were recently opened for use worldwide and the SynchroLife team is continuing to work on updating and improving the currently released app even while preparing for the token crowdsale. Search “SynchroLife” in the App Store or Google Play to check for the latest updates!
Our team is experienced in the mobile and web space, and our CEO has over 10 years of experience helping small businesses implement Online-to-Offline marketing strategies and software to improve their customer relationship management. We are dedicated to continuing the development of SynchroLife and making this platform a success worldwide. We hope you’ll join us!