GoMeat x Satoshi Club AMA Recap from the 3rd of July
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from GoMeat and our guests were @Waqas_Siddiqi and @syed_hamed_ullah_quadri. The AMA took place on the 3rd of July.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Go Meat! Welcome to Satoshi Club
Gold Rocket | Satoshi Club: Hello, dear Satoshi Club community! We are pleased to announce AMA with GoMeat. Today our guests are @Waqas_Siddiqi @syed_hamed_ullah_quadri!
Mary | Satoshi Club: Welcome here @Waqas_Siddiqi @syed_hamed_ullah_quadri!
Waqas Siddiqi: Hello everyone! It’s our pleasure to present GoMeat today!
Mary | Satoshi Club: We are happy to have you here
Let’s start our AMA
Waqas Siddiqi: Sure!!
Gold Rocket | Satoshi Club: Introduce yourself please. How did you get to be involved in crypto & GoMeat?
Tell us please about your position in GoMeat?
Mary | Satoshi Club: And, of course, tell us more about Go Meat
Waqas Siddiqi: My name is Waqas Siddiqi and I am the co-founder of GoMeat! I have 20+ years of experience of setting up and managing consulting practices and successfully delivering large scale tech project for some of the largest companies in the world — I started my career from South East Asia and after working in Middle East and Europe for few years, I am finally based in New Jersey in USA since last 6 years.
Since I ve been working in Tech space for a long time so I was truly fascinated with the concept of blockchains. GoMeat idea came in 2018 when we wrote our first white paper but we didn’t launched an ICO at that time as we wanted to prove the concept and business model first.
GoMeat is first of its kind business venture catering to $1.7 trillion global (halal+ Kosher) market, already in operations in United States with 200+ stores on-boarded on GoMeat platform with 6,000+ orders processed, generating a gross volume of $300K in 2020 — we have already proved the concept and have a valid business case for expansion globally.
Gold Rocket | Satoshi Club: Great background! thanks for sharing
You are doing a very necessary business!
Mary | Satoshi Club: Wow! Awesome concept
So, it’s already working business! Could you tell how many team members do you currently have?
Waqas Siddiqi: We have an awesome team who are highly organized and passionate for the success of GoMeat — so far we are 15 team members excluding 5 co-founders who are organized in diff dept and geographically spread around the globe supporting GoMeat operations.
Gold Rocket | Satoshi Club: What event influenced the project the most?
Mary | Satoshi Club: Nice team!
Gold Rocket | Satoshi Club: Your business is international. I love how elegantly you do mass adoption of crypto!
Thanks for the introduction, we will have a question selected for the Part 1, ready to start?
Waqas Siddiqi: I would say that the origin of GoMeat itself was a compelling event as it was based on a genuine problem existing in the market and there were no other trying to solve the problem and myself as a speciality meat consumer when did some research on market — it compelled to get it started and solve the problem for the community and then Covid had a huge impact on our business as we suddenly became very relevant in the “new normal”.
Q1 from Telegram user @Manugotsuka:
Reading your website is realized that your ICO was programed to the June 24th, but you didn’t do it, can you explain why? Also when is going to be your first official ICO?
Waqas Siddiqi: We are moving as per the plan — June 24th we started with the Pre-ICO event which will run until end of Aug — our plan is to launch our official ICO in September.
Mary | Satoshi Club: Can you tell us more about Pre-ICO event?
Waqas Siddiqi: As mentioned we are currently running a pre-ICO event offering 500k GOMT tokens with 20% bonus priced at $2.5/token. This would continue Burke end of Aug — we are offering 5% bonus on referrals (3% for referrer and 2% for referee). Our token is deflationary and we also have a burn mechanism as defined in detail in our white paper.
Mary | Satoshi Club: Do you already know on which platform your ICO will take place?
Everyone can participate?
Waqas Siddiqi: Yes! Everyone can participate! Let me send an executive summary for specific details.
Gold Rocket | Satoshi Club: Do your users need to pass KYC?
Mary | Satoshi Club: Sure!
Yes!! We are very respectful of all regulations and compliances specially because we already have operations in USA — there is a KYC process and we encourage all to initiate that process.
Mary | Satoshi Club: Thank you for sharing!
Gold Rocket | Satoshi Club: Thanks for your great answers.
Ready to proceed to the next question?
Mary | Satoshi Club: Ready to proceed?
Waqas Siddiqi: Yes!
Q2 from Telegram user @Asela1112:
According to your Whitepaper, GoMeat business model developed on Hydra Blockchain system. Why do you build GoMeat Platform on Hydra blockchain network while more effective & reliable blockchains are available in crypto space nowadays such as binance smart chain? Did you audit your smart contract?How Does Hydra Chain helps to solve GoMeat problems?
Waqas Siddiqi: That’s a great question — let me answer Hydra and how it is aligned with GoMeat first.
Mary | Satoshi Club: Take your time
Waqas Siddiqi: Our primary Blockchain use case is to make the speciality meat industry transparent and traceable. We want to build upon the infrastructure which facilitates stores and the certification boards and so needed a chain that is closest to our model. Hydra stands out as our clear choice due to following key reasons:
1) Hydra provides a low and predictable transaction fee. Hydra Chain provides gas price predictability through a node governed mechanism and its binding to a fiat value.
2) Hydra is highly scalable and also offering UTXO accounting model that allows a single wallet to have multiple addresses and a user can send out hundreds of transactions from same wallet simultaneously.
3) Hydra offers gas royalty for businesses, an incentive for smart contract creators which is not available on traditional chains — while we grow our business on the chain, we will be rewarded based on our transactional economy.
4) And the key reason is that GoMeat is one of the early projects on Hydra chain and we are getting phenomenally strong advisory support not only from Hydra but also from the growing Hydra community.
We believe that we are align with their vision and our interests and benefits are mutual with a great support from the Hydra team and so we ended up deciding to build up our use case on Hydra.
Also our smart contract audit is almost completed and it will be made available by early next week!
Mary | Satoshi Club: I see a lot of preferences for Go Meat from using Hydra
but do you know, that we are living in cross-chain time now
didn’t you think that you can add more blockchains support in the future?
Waqas Siddiqi: The best thing about blockchains in current era is that we are still in evolution phase. There is absolutely a possibility to cater cross-chains as we grow further and as it supports our business case as business case will always be the primary driver for all such decisions — we are already in close conversations with our Advisors on this front exploring our roadmap on this end
Gold Rocket | Satoshi Club: Indeed.
Mary | Satoshi Club: Super! You’re right
Gold Rocket | Satoshi Club: By the way, please share your roadmap.
Waqas Siddiqi: So as you know that we are in operations since 2019 and have gone through considerable learnings on every front of the business that has gone into the roadmap development — although a very detailed roadmap is defined in section 10 of our white paper but just in short: we started with one store in New Jersey USA in 2019 and now we have about 200+ stores across multiple states in US — there are about 10000+ stores in US only with about $32 billion market size only in US.
So our focus is to expand in US first being one of the most mature markets in the world — as we grow in US, we will expand in parallel in Europe as we are already getting a lot of interest from UK as such a service is really needed there as well — I would highly encourage to review our roadmap in our white paper and join our Telegram group for any questions
Mary | Satoshi Club: Sure! Thank you for your detailed answer!
Ready to go to the next question?
Gold Rocket | Satoshi Club: Can we proceed. Or you want to add something?
Waqas Siddiqi: Let me share some links here first for easy access for interested community members
Our Website: https://gomeat.io
To buy GOMT: gomeat.io/icopanel/login
Follow us on Twitter: https://twitter.com/GoMeatToken
Mary | Satoshi Club: Of course
Waqas Siddiqi: Thanks! Let’s move on to next question
Q3 from Telegram user @NSZR1:
GoMeat will validate the products that it will offer through Certification, taking into account that there are several Certification Boards and Agencies across the USA and in each country globally, each with different quality standards, I would like to know how you plan to maintain control of standard quality of meat, if in each part of the world the characteristics that it must have to be considered of quality, tend to be different?
Waqas Siddiqi: Wow! Great question and I am glad we discuss it! So let’s keep in mind that GoMeat is NOT a meat seller — we are neither a certification authority or a religious body — we are a technology company providing a marketplace / platform where a consumer will have access to the meat stores of his choice, where the consumer can have the transparency of which certification board the store is certified from and where the consumer can have the traceability of the meat from the farm / slaughter houses — and where a consumer can order online and get it delivered at the doorsteps!
We will be working very closely with our key stakeholders such as Meat Stores and Certification boards globally and are not replacing them or their expertise but brining them on our platform for their benefits as well as it has a lot of value proposition for them too as defined in our white paper
Ultimately the choice will be with our customers and their feedback is very valuable as they will always be one of the most important stakeholder of our business
Gold Rocket | Satoshi Club: Sure! this is a truly unique solution
Mary | Satoshi Club: Hm, ok, but you will check all sellers for compliance, right? Or how this will work?
Waqas Siddiqi: Yes! We have a reward system for stores and one of the key criteria is that for they have to keep their certification updated and stay in compliance with the relevant certification board at all times!
Mary | Satoshi Club: Got it! So everyone will be sure in quality!
Thank you for your answers! Ready to go to the next question?
Gold Rocket | Satoshi Club: Thank you very much for your answers!
Can we proceed. Or you want to add something?
Waqas Siddiqi: Yes!
Q4 from Telegram user @DK177:
Delivering food and groceries to the door step is great because of this prevailing situation. However, many companies across the globe offer this kind of delivery services. You have pointed out three reasons to choose Go Meat, namely, free delivery with discounts, cashbacks and the referral program. Although these facilities are benefitial for customers, most of them are common to every delivery service. Therefore, what are your plans to face this competitive situation? What makes you unique? Why should customers choose Go Meat? According to your roadmap, you are going to make Go Meat a globally established business by 2025. Great! But that will need more effort. If you are going to introduce some unique features in the future, can you please explain about them?
Waqas Siddiqi: Another great question! So we operate in niche area of specialty meat (halal and kosher) and one of the reasons we started GoMeat was that none of the food ordering and delivery services even Uber Eats or others are offering halal / Kosher meat delivery. With this $1.7 trillion market globally and $32 billion market in US only there is a huge vacuum and an opportunity for us as this segment has not yet become noticeable!
Our biggest challenge still remains the adoption and scale like how fast we can scale where we become irreplaceable and our roadmap takes that into consideration and so is our funding utilization — as mentioned in our white paper about 50% of our funds generated will go into promotions and marketing as we understand industry practices and have enormous learning experience already — with this planning and funding targets we are confident that we will be able to scale and promote and become one of the next global players.
Lastly, there is a constant review of features and we continue to enhance our tech platform and with blockchain integration we will have a clear differentiator! Just to let you know that as I write, we are running a special July 4th Independence Day promotion in the US for our customers
Gold Rocket | Satoshi Club: And who can take part in this promotion?
Mary | Satoshi Club: By how much do you plan to increase the number of users due to the introduction of the blockchain?
Waqas Siddiqi: Wherever GoMeat is currently available in USA ie 200+ stores in New Jersey, Chicago, Dallas, Houston, Austin, Philly, Atlanta, Orlando, Miami, Tampa
Gold Rocket | Satoshi Club: Are you planning to expand the markets of other countries?
Waqas Siddiqi: Blockchain is a clear differentiator providing transparency and traceability — as of now we 4500+ customers — we plan to take our consumer base from current to atleast 150,000 by 2025 — considering a market of 1.8 billion consumers world wide — it is still a conservative number
pls refer section 10 of our roadmap in white paper for more details!
Mary | Satoshi Club: I love this conservative numbers
Waqas Siddiqi: Yes! As mentioned earlier, we are already a lot of people reaching out from UK and Germany for such a service availability! However, while we are exploring and gauging interests, we are focused on our roadmap for execution.
Gold Rocket | Satoshi Club: Thanks for your answers.
Ready to proceed to the next question?
Waqas Siddiqi: Yes!
Q5 from Telegram user @Highpee:
Currently, you have 3 apps for customer, partner and drivers. But looking at your roadmap in Phase 2, you have an upcoming plan to integrate crypto wallet and Crypto payment solutions into the GoMeat platform. Does this mean that you will be creating an additional crypto wallet app for this? And for the crypto payment solution, will this only be used for transactions that happens within the GoMeat platform or you plan to diversify into payment services that can be integrated into various e-commerce or financial platforms? Will this be able to provide FIAT on ramp and will you have your own debit card which could further simplify the payment process?
Waqas Siddiqi: As of now our plan is to integrate crypto wallets to our existing apps and wallets — also it will be beyond GoMeat platform and we will integrate with payment services beyond GoMeat platform — also if you evaluate our business model closely we are a transaction based company where we earn revenue on each every every order / transaction, with complete control on the cash flows — the more volume we are able to generate the better it is. We will consider debit cards as well to simply the payment process!
Mary | Satoshi Club: So, users will be free in their choice — fiat or crypto, right?
Waqas Siddiqi: Yes! As transition to complete crypto will take some time and we have to offer this flexibility.
Mary | Satoshi Club: Cool! Thank you for your answers! And only 6th and last question left from this part! Ready for it?
Waqas Siddiqi: Yes!
Q6 from Telegram user @orlemys:
Currently, you are partners with stores in 15 different US cities and you’ve been in business since 2019. However I could note you have a delivery limit of 25 miles, this makes me curious, have you expanded this limit since your launch in 2019? Do you plan on expanding this further, or is it impossible because of food freshness? Also, how do you hire delivery people, and do they receive token bonuses and benefits? How has covid affected them specifically and how have you offered your help as they are the most vulnerable to infection? If you have, what have you done specifically?
Waqas Siddiqi: Halal/ Kosher consumers are spread out and the stores are also not available everywhere in US — we have experimented with our delivery radius. 25 miles gave us the best response in terms of accessibility to store / consumer and as well as freshness — however, let’s keep in mind that 25 miles radius can be delivered in 30 min in NJ but can take more than an hour in Chicago city due to traffic. So we have to review the radius for each city / area accordingly based on these factors — some people drive 200 miles in mid-west US to get Halal meat!
For the question on drivers on-boarding pls note that we have 3 major stakeholders and a firm and different approach and plan for each of them: 1) Stores 2) customers and 3) drivers.
Mary | Satoshi Club: I hope that fast delivery thanks to you will soon be available quickly in all parts of the world!
Gold Rocket | Satoshi Club: Thank you very much for your answers! Now get ready for the most impressive part of our AMA! live questions!
Waqas Siddiqi: We have a great learning so far on identifying channels and mediums where we can get drivers on-boarded — our drivers are also key stakeholders and we take care of them not only because we can lose them to competition but as a company policy!
We will have a token reward system for our drivers too as mentioned in our white paper and during covid we made sure to provide them not only with extra allowances but provided them with masks and sanitizers and encouraged both (customers and drivers) for contact less deliveries for their safety — none of our drivers were impacted by covid!
Yes!! Let’s do it!
Mary | Satoshi Club: Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @pakna1:
What is your top 3 things for GoMeat Platform priorities in 2021? Also Can you expand our knowledge about Gomeat platform Roadmap this year and the future and any Updates on your Research and development progress? And What results Gomeat has achieved so far? How do you assure us of the benefits, safety and transparency of GoMeat? Please tell me, How much progress has been made on the Roadmap of the GoMeat Platform? And What are your upcoming plans or events?
Waqas Siddiqi: GoMeat has come a long way since 2019 — proving a concept with 200+ stores and $300k in volumes in 2020 speaks for itself with limited funding! Our top most priority is Adoption and Scale that means increase our number of stores, customers and delivery network — and so is the main reason for our ICO! We plan to expand in USA and explore in parallel few European markets as well as mentioned above.
Q2 from Telegram user @mobilejii:
Many projects are being abandoned after few months once they get attention . So how experienced is your team and what plans do you have to work in the long run?
Waqas Siddiqi: We are in business since 2019 and are an actual revenue generating company! This shows our commitment to our venture. GoMeat founders are highly recognized and accomplished individuals and nothing is more important for us than our credibility! We can assure our best efforts, commitment and passion to take this venture to next level of success. Please review all team members profiles on LinkedIn
Q3 from Telegram user @Indomiekuy:
GoMeat claim that you have a very valid real life business case with an actual need of such services for all of your user (customer, store, community). But i just wonder, what are the real life business case looks like, maybe you can give the example about that?
Waqas Siddiqi: Some communities are very strict in ensuring if the meat is halal or kosher or not, to the extent that they don’t dine or eat in restaurants which does not offer that! They travel miles to get this kind of meat and pay extra premium as halal/ kosher meat is expensive. These are reasons driven by strict religious guidelines or just because health concerns — We are trying to solve this genuine problem and have proven the concept — the use case is to procure meat for these community members ensuring it’s halal or kosher as per their needs.
Q4 from Telegram user @BJevery632:
So you have given what utility your GOMT has and why it should be bought/held. What then would keep the supply down? Besides the initial burn? What will keep the tokens from being oversupplied?
Waqas Siddiqi: We are launching a deflationary token — our total token supply is 5 Million GOMT out of which only 2.5 million will be available for purchase in this ICO. All tokens allocated to GoMeat team are vested with a gradual release plan — All unsold tokens will be burned and then we have a constant burning mechanism linked with GoMeat revenue generation — as it is a utility token with all details defined in White paper, we are committed to put our best efforts to increase the utility and so the value of the token over the period of time. Pls review section 7 of our white paper for more details
Q5 from Telegram user @Pratze:
Do we only possible to order meat only? Have you sell other thing beside groceries and do user need to do KYC to order using your platform?
Syed hamed Quadri: Hello Robocop, please note that while our focus is on meat but customers can also order specialty groceries and food from our platform. A large number of our customers are neither Jew nor Muslim, our platform provides them with an opportunity to order from their local specialty/ethnic stores. To accomodate such customers, our platform also provides a “vegetarian” filter so they can browse the stores accordingly. A KYC is necessary to participate in our ICO.
Q6 from Telegram user @messilolz:
What are the coins supported to pay for GOMT on your platform? Does your platform support USDC and will you add other coins too?
Syed hamed Quadri: All major stable coins and crypto: ETH, BTC, LTC, HYDRA, USDC, USDT, BUSD, BNB, DAI, PAX are accepted for payment method.
Q7 from Telegram user @A_G_Balouch1269220:
How is your meat certification process executed? What makes it more efficient and accurate?
Waqas Siddiqi: The way it currently works is that all halal / Kosher meat stores have to get themselves certified with their relevant certification boards — there are multiple certification boards and the choice is driven by customers — if more customers are associated with a particular board due to their credibility, the more a store would want to register themselves with them!
The entire process is manual where a board representative reviews the store and check where they are procuring their meat from (farm/slaughterhouse) approved by the board — the challenge is that at times stores can mix all kind of meat (as non-halal / non kosher meat is not that expensive) and customer may not realize that and so results in this trust deficit — with the transparency we are bringing — it will be very transparent to all and will facilities not only the consumers but all help automate the process for certification boards, farms and stores!
Q8 from Telegram user @mucana:
GoMeat’s goal is to win the COMMUNITY. Do you believe in the power of community? And do you have local community formations? Do you have language solutions especially for customers who live in places where English is not well spoken?
Waqas Siddiqi: We strongly believe in communities and their constant betterment of the society! We are an all inclusive company and as per our data points which was very surprising for us too is that more than 50% customers are neither Muslims or Jews who are the primary consumers of halal / kosher meat — this gave us huge encouragement as we are serving cross communities and this also justify the huge market size as well! Our primary goal is to solve an every day problem of the communities and serve them better! Our current non-blockchain apps are available in multiple languages already and are available on Apple App Store and Google Play store in North American region.
Q9 from Telegram user @meinswalker:
Give one reason why we choose you over your competitors as there is much competiton ?
Waqas Siddiqi: We are serving a niche segment where we are the first halal /kosher meat online ordering and delivery services — we are already 200+ stores, 4.5k customers ahead than any competition which may come. It’s a huge market segment and we believe that there will be a competition soon! Therefore our biggest challenge is how fast can we scale and become irreplaceable for any large players in the market who have not yet focused on this niche! This is the primary reason of our ICO as well — Adoption and Scale to next level when we have already proven the concept and business model, based on enormous learning curve we have developed over last 3 years or so!
Q10 from Telegram user @KhaleesiTheCryptoLady:
Researching on your website, I am amazed that #GoMeat has literally an actual use case and it’s a real business, which is great! But how will #GoMeat dealt with regulatory issues or other limits when it comes to bridging the gap between cryptocurrencies and real-world business? When did you start tokenizing your business, and why did you decide to create a token out of it?
Syed hamed Quadri: Yes, GoMeat has been operational and generating revenue since 2019. We will be expanding globally starting 2022. GoMeat has a highly qualified legal team which is working closely with us to handle all regulatory issues. As per current regulations of European nation our term & conditions, term of sale and privacy policies has all the details of regulatory compliance Our whitepaper was written back in 2019 and our vision had always blockchain intgration but first we wanted to establish our business case thus after 2 years of business we this is the perfect time to expand our operations and introduce GOMT utility Token.
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/