BlockFood (BFT) ICO Review – ICO Token News
The cryptocurrency and digital world are flooded with new ICO tokens every day. After lending platforms, game tokens, games, and payment solutions, now the smart contracts and blockchain technology have finally arrived at food ordering and a delivery platform.
BlockFood seeks to solve the problems associated with the traditional food ordering industry and platform. It will provide an online platform that efficiently enables the connection between local restaurants and customers, with customers using smart contracts and blockchain technology.
BlockFood (BFT) Analysis
What is BlockFood (BFT) all about?
Based on Ethereum blockchain (such as Vacuum Space Energy, LocalCoinSwap, ShopIn, Phoneum, Cibus, MoonLite, SprintX, Fire Lotto) and smart contracts, BlockFood is a decentralized food ordering platform which will connect restaurants, couriers, and customers with a fair distribution model of revenue.
How does BlockFood work?
- A customer must select the courier and restaurant of choice by using smart contracts built on Ethereum blockchain (similar to BunnyToken, TrustedHealth, Energy Premier, TokenLend, CryptoLoans, Omnitude, Ternio, Adblurb), where the appropriate funds are validated.
- Smart contracts will protect the restaurant to confidently fill food orders once they are confirmed by the consumers.
- The platform will issue the preparation time after the restaurant has accepted the order.
- The courier will be informed once the order has been completed by the restaurant.
- The platform will call a specific function from the smart contracts to prove their identity after the courier picks up the order.
- The platform will again use a specific function to inform the restaurant that the courier met and delivered the food order to the customer.
- Finally, BFT tokens will be distributed to the appropriate players.
What does BlockFood (BFT) aim to be?
Created by the Open Sharing Economy Foundation, BlockFood is a decentralized food ordering and delivery platform that is built on Ethereum blockchain technology and smart contracts. This platform seeks to facilitate the connection between consumers, couriers, and restaurant owners. The foundation of this decentralized platform is based on fair revenue, transparency, and smart contracts.
According to their own personal tastes and desires, the customers will be able to order food from their favorite restaurant.
The customers will be able to access to different features such as:
- Customers will be able to create their profile with their email address or social media profile.
- Customers will be able to search restaurants based on their diet, distance, or food type.
- In addition, they can add comments and grade the restaurants and their menus on this platform.
Create an order
- Customers may add orders and see all the available couriers.
Follow an order
- The status of ordered food and the position of the courier can be viewed by the customers.
- They can modify the orders based on their convenience.
Send messages to couriers and restaurants
- Feedback and tips can be sent to the couriers and restaurants through the user-friendly interface of the app.
- Customers can use the “get involved” feature to vote for a new restaurant, new food items on menus and new features of BlockFood.
The owners of the restaurant will be able to access a specific interface on this platform. It will allow them to add new menus and items. In addition, they will be able to manage advertisements and see the customers’ orders via the user-friendly interface.
The data regarding the nearby population can be accessed by the restaurant owner, which will help them to find products that suit their customers better.
Most of the features of this platform can be accessed for free by restaurant owners. They will have to spend a few BFT to access features like communication about new items.
Features for owners of restaurants include:
- Restaurant owners will be able to set up their website, email, phone number, opening hours, address, and name.
- Price, new items, and availability of food items can be updated by the restaurant owners using the restaurant management features of the app.
- Local demographic statistics and numbers of currently proposed items can be viewed by the restaurant owners.
- New food items can be tried by the owners of local customers to check their response.
- Restaurants will be able to communicate with their previous customers and send advertisements about the new food items in their menu.
- They can view and confirm new orders.
- In addition, they can communicate with their customers and update the status of the ordered food.
A courier-specific interface can be accessed by all the couriers working for the platform. The couriers will need to be equipped with specific delivering equipment, which they can purchase directly on the platform at minimal cost. The cost of the manufacturing equipment on the platform will be transparent. In addition, they can sell their own equipment on this platform.
- Couriers on this platform will be able to set their profile, name, and avatar.
- In addition, they can set availability, means of transportation, and maximum distance.
- They will be able to join a local courier cooperative or order delivering equipment.
- Minimum price per kilometer travelled and price per order pick-up can also be set by the couriers.
- Couriers will be able to set and confirm new orders.
- In addition, they will update the order after picking it up and delivering it.
Features for all users
All users will have access to account management and wallet creation. Users will be able to create, configure, and delete their account. In addition, all users will be able to create cryptocurrency wallets and access account configuration.
They will also be able to transfer BFT tokens. Moreover, they will be able to transfer BFT to conventional currencies manually using this platform. The automatic conversion strategy can be accessed by couriers and restaurants on this platform after each transaction.
One of the key aspects of the business development is the BlockFood ambassador. The ambassador will have complete access to a specific interface dedicated to the registration of new restaurants. Marketing levers around the BlockFood ecosystem can be ensured by the ambassador using this platform.
Features of this platform for ambassadors:
- Ambassadors will be able to set their profile, name, avatar, and working area.
- They will be able to create a new restaurant.
- In addition, they will be able to create a new restaurant and systematically update the restaurant subscription status.
- Ambassadors will receive BlockFood promotional materials such as flyers and stickers with this platform.
- Ambassadors will be able to convince a restaurant to join the blockchain platform.
- They will be able to register a new restaurant.
- They will be able to promote BlockFood in their area.
What problem is BlockFood (BFT) solving?
The online food ordering industry around the world is booming and growing at an exponential rate. Any individual with a smartphone and an internet connection can order food from their favorite restaurants with a single tap on their smartphone, via a website or mobile app. They can enjoy the food without stepping a single foot outside.
The online food ordering platform often charges up to 30% of the value of the food to list restaurants on their website. Listing on the website of popular online food ordering platform increases the “customer reach” of the restaurants. The owner of the restaurant also increases the price of the food to compensate the loss.
In some cases, the quality and quantity of the food are significantly reduced by the restaurant owner in order to keep their profit intact. Therefore, the only person who suffers is the individual who orders food online through the online food ordering platform.
Solutions provided by the BlockFood platform
Blockfood plans to change this underlying problem by developing a whole food delivery ecosystem. Using the state-of-the-art blockchain technology and cutting-edge smart contracts, Blockfood will connect the two most important entities, i.e. restaurants and customers. The price of the food items will be significantly reduced, as the solution provided by BlockFood will contain no middlemen.
BlockFood (BFT) technology
The BlockFood applications will include mobile and web applications. The platform will make use of cutting-edge API to facilitate communication with blockchain workers and micro-services. API will handle every object with regards to the BlockFood including couriers, users, restaurants, menu, localization, and security.
The platform will develop and manage its own cryptocurrency wallet to ensure that transactions have been successfully and safely processed. In addition, it will also protect funds of the users within their own wallet.
The food ordering services of this platform will be offered in Android and iOS phones.
How is BlockFood (BFT) different and better than other solutions?
This project is similar to many premium food ordering and delivery platforms available on the market. However, there are a few key differences that make this platform unique, including:
Use of the cutting-edge blockchain and advanced smart contracts
Smart contracts are one of the major attributes of this platform that makes it better than other solutions. Every transaction carried out this platform will be stored on smart contracts built on cutting-edge blockchain technology. Use of the smart contracts on this platform make transactions more secure than on the traditional platform.
No intermediaries reduces the price of ordered food
The price of the food items on this platform will be lower when compared to conventional food ordering and delivery systems due to the lack of middlemen and intermediaries.
This platform will be a non-profit company and it will offer food ordering and delivering services and products at the cheapest possible price if not free.
BFT token price and token sale
This platform will launch its own cryptocurrency token as BlockFood Token (BFT) with the hope of bringing this platform to new heights.
Just like other popular ICO tokens, the BFT tokens will be built on the state-of-the-art Ethereum blockchain technology and smart contracts.
Distribution of BFT tokens
- 70% of tokens issued will be released for sale during the pre-ICO and ICO sale.
- 15% of tokens will be allocated for the Open Sharing Economy Foundation.
- 10% of tokens will be allocated for the core development team. The tokens allocated to the team will be vested for a period of 18 months.
- 5% of tokens will be allocated for the community through limited airdrops and bounty campaign.
BFT ICO details
- Token name: BFT.
- The ICO token sale will take place after the pre-sale.
- The ICO sale will be carried out in 4 different phases.
- ICO BFT token start date: March 8, 2018.
- ICO BFT token end date: April 12, 2018.
- Duration of the BFT token sale: 5 weeks.
- Accepted currency: Ethereum (ETH).
- Price: 10,000 BFT tokens can be purchased for 1 ETH.
- Soft cap: USD600,000 or 1,000 ETH.
- Hard cap: USD24,000,000 or 54,000 ETH.
- Bonus: 5%-20%
How to participate in the BFT ICO sale?
Interested investors need to provide information such as email, full name, and country of residence in order to participate in the token sale. All participants must go through a whitelisting process. The information provided by the participants will be verified by a third party due to the AML/CTW laws.
Use of funds
The funds collected during the pre-ICO and ICO sale of BFT tokens will be used for the development of this project.
The team behind BlockFood
BlockFood relies on an experienced team just like other popular ICO tokens. Most of the professionals associated with this project are located in France and they know each other personally. The team consists of:
- Conrad Lelubre, Founder, CEO.
- David Twigger, Lead developer.
- Dewan Suh,
Summarizing BlockFood (BFT)
BlockFood uses blockchain technology and smart contracts to solve the problems associated with the online food ordering industry. The solution provided by this platform is innovative and carries a potential to go mainstream in the near future.
The food ordering ecosystem developed by BlockFood will be transparent, safe, and secure for both customers and the restaurant owners.
Put simply, BlockFood is the future of the online food ordering industry, and that is why any ICO token investor should consider joining its ICO sale.
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- Conrad Lelubre(founder & CEO) -
Software Engineer from the Grenoble Institute of Technology, Conrad has worked for 8 years in the software industry as Scrum Master, Technical Leader and Architect.
- Pauline Sicoit(project manager) - Multi-talented, half ambidextrous 24 year-old woman from Grenoble, Pauline works as a project manager with the following motto: if there is no solution, there is no issue. Eternal dreamer and tireless traveller, she plans to put her feet on each country to inspire her and improve herself continuously.
- Julien Leroy(CEO advisor) - Julien has ten years of experience behind him in a number of different companies and in various domains.
- David Twigger(lead developer) - David is currently a freelance developer between Grenoble and Lyon. He has worked in many different companies and types of structures before finally deciding, like Hans, to try flying solo (he also has a terrible sense of humor).
- Romain Destenay(data scientist) - Big Data Engineer from the Grenoble Institute of Technology, Romain has worked as a computer vision researcher in South-Korea and recently in a start-up working on power forecast for renewables.
- Nazanin Ahmadi Torshizi(full stack developer) - Nazanin is a skilled full stack developer, with a passion for great user experiences and good-looking applications.
- Mokhtar Mial(full stack developer) - Mokhtar is a young but talented full stack developer. With an already deep knowledge of full stack development despite his lack of experience, he loves growing through challenges such as BlockFood.
- Vincent Gouesbet(blockchain analyst) - Vincent is passionate about blockchain. He is very active in blockchain communities and he loves to dive deep in the way blockchain works.
- Dewan Suh(designer) - Dewan is a self-taught Graphic designer since personal computer advent. Making illustrations for medical fields, sprites for games, assets for applications, animations for shows, 3D for architecture.
- 12017 June
BlockFood idea, start of sharing economy domain research
- 22017 September
Social medium creation
White paper first draft
- 32017 December
White paper first public release
- 42018 January
Start of project development
Beginning of the pre-sale
Beginning of the Token Sale
- 62018 August
Alpha release for feedback
Selection of the location for the first beta program
- 72018 November
Beta release for beta program in the selected location
Start of BlockFood Ambassador program
Launch of BlockFood advertising platform for third-party
- 82019 Jan
Launch of API for third-party developers
"Make your own BlockFood" developer contest
- 92019 April
Launch of integration tools for restaurant websites
- 102019 July
Launch of BlockFood sponsorship program
- 112019 Oct
Launch of "know your crowd" benchmark tools for restaurants