We had a goal.
The goal was to collect 60 k$ during the first 6 weeks of the project.
We didn’t succeed.
Now is the time to explain you the reasons why and what’s next for BlockFood. Because, spoiler alert, WE’RE NOT DEAD!
What happened?
We are lucid when it comes to look at the situation and understand the reasons why. There are internal reasons, consequences of our own mistakes and external reasons, results of the conjuncture.
- Bad timing 1: on our end, we wanted to go too fast. The project was announced on BitcoinTalk on December 22th 2017 and the pre-sale was launched only two weeks after. The project lacked visibility. It had not gathered strong support from the community before launching the pre-sale.
- Bad timing 2: the market was really hard in January. Dips everywhere, people screaming all around, crypto hodlers going bankrupt and bears. Bears everywhere. Crypto followers are used to this kind of cycle. It’s harder for the general public to look at this and we empathize with them.
- The pre-sale process was too damn hard: it’s now a fact. We had a lot of feedback from the community explaining how the pre-sale process was hard to read / hard to use / just hard in general. We designed it around the fact that we needed to comply with the anti-money-laundering law. And we tried to do it by creating a dApp. And it worked! But it really was way too complicated. People shouldn’t have to install MetaMask to participate.
- The ICO space is very crowded: that’s not really news. We knew the space was crowded when we started. But we believed our uniqueness was key in separating us from the crowd. We were partly right. Unfortunately it’s all about strategy. And our strategy was not strong enough.
- The white paper lacked information: we had great feedback about the white paper. But we also had some other feedback explaining how it lacked crucial information. What lacked was mainly the use of the funds with a complete break-down (and scenarios to explain what would happen between minimum cap and maximum cap of the token-sale), a more complete approach of the technical side and better business projections.
- No demonstration: we didn’t have a working demo of the product. This is also key in demonstrating our capacity to achieve the project. But we didn’t have it beforehand. And that was missing to the eye of the potential investor.
In the light of these reasons and as promised in the conditions attached to the pre-sale, all participants are going to be refunded. And that’s OK!
What’s next?
This list above is non-exhaustive and all items are pure gold. We have gathered so much knowledge about the process that we’re ready to change everything and come back better & stronger.
So here is what’s next:
- A new pre-sale will be organized, in a date yet to be announced.
- We will communicate more with our community, keeping them informed of our news, events, partnerships, etc…
- We will build either a demo or a minimum viable product (or even better, a minimum lovable product).
- We will complete the white paper and explore some new technical solution for the project.
If you want to follow our next steps, join our Telegram group or follow us on Twitter!
Thank you to all of our early supporters
Thank you Rajat, Foard, Jantine, Coleman, Giuseppe, Mothasa, Mark, Arnaud, Christian, Shlomo, Lior, Julien, Pauline, Mokhtar, Nazanin, David, Romain, Dewan, Corentin, Alexis, Maëva, Alexandre.
And thank you Alessio, Cem, Xu, Øystein, Kemal, Gafur, Jean, Raffaele, Gary, Waqar, Apoorv, Attila, Rakesh, Sundarapandian, Guy, Daegan, Elvin, Marion, Tarun, Shahram, Jerome, Jerry, Hassan and Yang.
Thank you for believing in us.
