Tech Crunch Japan: Social Restaurant Discovery App SynchroLife Releases New Version with Token Rewards for Quality Reviews
SynchroLife’s major launch last week was covered by the Japanese edition of Tech Crunch, one of the world’s biggest startup and technology news sites! We’ve translated the piece into English below, or you can read the original in Japanese here: https://jp.techcrunch.com/2018/08/02/synchrolife-new-beta/
The Tech Crunch article was also picked up by “News Picks”, one of Japan’s biggest news curation sites, where it made top tech news of the day for August 2nd and attracted over 50 comments from business people and commentators.
SynchroLife is attracting a lot of attention in Japan but is avaliable for use globally. With our existing userbase in Japan we plan to grow starting from Asia to around the world!
Tech Crunch Japan — August 2, 2018
Social Restaurant Discovery App SynchroLife Releases New Version with Token Rewards for Quality Reviews
The social restaurant discovery service SynchroLife guides users to good restaurants with the help of their artificial intelligence algorithm personalizing restaurant recommendations. SynchroLife has just released a new version of their service bringing a token economy into the platform.
GINKAN, the company behind SynchroLife, released this new version on August 2, 2018.
The newest version of SynchroLife is designed to reward users with an original cryptocurrency token (SynchroCoin) for their high quality restaurant reviews and content. Utilizing a token economy, SynchroLife aims to build a restaurant review platform that can grow autonomously worldwide.
SynchroLife Limited, based in Hong Kong, held an ICO in September 2017 and this major launch is the first milestone on their project roadmap post-ICO.
SynchroLife’s concept is “a restaurant rating guide made by users and AI”. The platform learns the preferences of each user to personalize their search results and recommendation feeds and help them find good restaurants as fast as possible.
The SynchroLife platform has over 170,000 restaurant reviews and 420,000 restaurant photos and saw 19.68% of users posting ratings during beta tests. SynchroLife was originally launched in Japan in Japanese, but opened up in English, Korean, and Chinese for use in over 155 countries in July 2017. The service currently has users registered in over 82 countries with restaurant reviews posted in over 48 countries.
With the newest release, the SynchroLife mobile app now contains token rewards and a cryptocurrency wallet.
Adding SynchroCoin rewards as an incentive for reviewers, SynchroLife has also updated their algorithm for calculating quality reviews. Users can earn rewards for posting restaurant reviews, adding or updating restaurant information, translating restaurant information, and more.
The trust system behind this reward system calculates the quality and value of each piece of content, and as long as this algorithm is working low quality and fake content will be discouraged with little to no rewards. Just what SynchroLife needs to grow a healthy and reliable restaurant review service.
As mentioned earlier, the newest release also contains a cryptocurrency wallet feature. The wallet currently allows users to manage their SynchroCoin rewards, and there are plans to expand the wallet for ETH and other cryptocurrencies in the future.
SynchroLife is also further developing a suite of features which will allow users to receive SynchroCoin as “cashback” rewards for dining at participating restaurants. This reward system will also use the in-app cryptocurrency wallet.
Although the detailed features may differ, Japan has a variety of restaurant review and search services such as Tabelog and Retty.
However SynchroLife’s new approach to this space is unique and interesting. Looking at the mobile app, there are already plans to allow users to use SynchroCoin to purchase dining tickets or pay for meals at participating restaurants with new features scheduled for launch in winter 2018.
We can already imagine how a new economy being created, as the cycle of earning and spending begins. Users earn tokens for reviews, use those tokens to dine out at a new restaurant, and then post a review and earn even more rewards!
Thank you Masumi Ohsaki for the great article! The original Japanese article can be read here: https://jp.techcrunch.com/2018/08/02/synchrolife-new-beta/