We bet you are familiar with the story of lazslo, a BTT user, who got 2 large pizzas for 10 000 bitcoins back in 2010. The point, from his own words, was that “it would be interesting if I could say that I paid for a pizza in bitcoins”.
We are not here to repent, besides the lad got his share of attention and merits from sympathetic users. Instead, we thought it would be interesting to discuss the concept and aim of using blockchain and cryptocurrency in the catering industry, and the Gastery project is a prominent example of such.
WTR token
Gastery introduced its local cryptocurrency — WTR token (or the Coin). For better perception by users it will be viewed as common bonuses. The Gastery team anticipates crowdfunding investments to WTR tokens which will be issued on the Ethereum blockchain platform. Standard of the token is ERC 20. Total issuing volumes of the WTR tokens will be amounted to 175 million without a possibility to issue new tokens. In the future, tokens will be converted to the WTR tokens on the basis of their internal blockchain to be used within the application.
What is the Coin For?
It can be using for paying for the orders inside the app. It can also be turned to cashback when the user performs target actions within the application. In general, it is a great tool for increasing the user’s loyalty and keeping them inside the ecosystem.
Getting the coins: target actions
- Ordering inside the app
- Assessment of restaurants and dishes
- Inviting friends
- Welcome bonus
Spending the coins
In a restaurant, it will be possible to pay for the whole order or a part of it using coins. When this is done, an offer to sell the user’s coins on the internal exchange of the application will be generated. After that, the coins will be converted to the fiat money which will be credited to the account of the restaurant keeper. Thus, the user will be able to pay the orders with the coins received within the system which inspires the user to make more orders in the system and to earn the coins by taking particular actions. Note: if there are no orders for sale of the required amount of the coins on the internal exchange, an order for sale of the coins will be generated by Gastery. Users can also convert coins back into fiat money with a 10% fee or pay for their orders using cryptocurrency.
What Are the Benefits for Cryptoinvestors?
During ICO and pre-ICO, the coins will be distributed among investors, and Gastery will own a small number of the WTR which means it will be needed to buy the coins out from investors to implement them within the application.
It is planned to build the user base up to 1.5 to 2 million unique users in the first two years. Only in the framework of the referral and welcome program the amount of coins to be bought out from investors for the purpose of introducing to the ecosystem of the application will amount to ca. 15 000 000 USD in the fiat currency which generally corresponds to the total amount of obligations to investors to buy out the coins for the total amount of 8 400 0000 USD at the exchange rate of $0.1 per a coin.
The Gastery team undertakes to buy out each coin at the price of $0.1. But with an increase in the number of users, due to the limited number of the coins issued without the possibility of additional issue, the coin itself will be split into smaller pieces resulting in growth of its value. Therefore within two years all investors will be able to get their money back, and long-term investors will have an opportunity to multiply the invested funds.
