Hello everyone! Thank you for your continued support of and interest in SynchroLife! Today’s blog post addresses an important topic and was written by SynchroLife’s founder, Tomochika Kamiya.
One question we’ve received from the cryptocurrency community regarding SynchroLife is “Why does this platform need to use the blockchain?” or “Couldn’t this be done with a centralized service instead?”.
If you have reviewed the SynchroLife white paper, or read some of our other blog posts, you are probably familiar with SynchroLife already. To summarize, SynchroLife is building a decentralized restaurant recommendation and search platform for use worldwide with SynchroCoin token rewards for users. The SynchroCoin will be an ERC20 Ethereum based token and SynchroLife will use Ethereum smart contracts and blockchain technology for distributing token rewards, the approval/rejection of content, and more.
Of course it is true this could be done with a centralized service. Instead of using the blockchain or an Ethereum based token, the SynchroLife Team could write our own smart contract system and algorithms to make a platform based reward system (like in-app “points”).
However, after much discussion with our team we believe that instead of building our own centralized system that a decentralized system incorporating the blockchain is the right path for SynchroLife.
For all services and media that share information and content, the transparency and trustworthiness of that information is one of the most valuable aspects of their business. This is even more true today, as the internet has become a powerful tool for the spread of information both true and false. We believe that moving forward into the future, people around the world will continue to place even more importance on the transparency and trustworthiness of the information they consume.
We also believe that in order to maintain highly accurate information for something as massive as a database of all restaurants worldwide, a decentralized platform which is built by and shared by the users has the potential to be far more accurate than centralized management could provide. To build this decentralized system, we believe a highly transparent and fair rewards system that creates a way for users to benefit from the growth of the platform is necessary for optimum growth.
As such, in order to build a futuristic restaurant business information and review content platform on a truly global scale, we have decided to adapt a decentralized model with our own original token.
For more on our reasoning behind the decision to incorporate the blockchain into SynchroLife and create our own token, please continue reading below!
For all the details about SynchroLife, be sure to check out our website: https://synchrolife.org
Why use blockchain technology? 🌐
Consumers are becoming more and more conscious of the issue of incorrect and even fake information online, and are demanding increased transparency and trustworthiness from the media they consume. When consumers search for something online they have increasingly high expectations that the information is completely accurate.
This is true of food and restaurant services as well, but with new restaurants opening and closing daily around the world it doesn’t take long for information to get outdated. In order to maintain the most accurate and transparent information as possible, we believe a decentralized system which allows users to verify approved or rejected information on the blockchain offers a solution. If needed, consumers can easily see when information was added, when it was approved, when it was rejected, and understand the source of the information.
We also believe that as public opinions and reviews become more and more valued through online review sites and social media, consumers will continue to question the honesty of these reviews and want increased transparency. A decentralized system built on the blockchain offers a level of transparency for reviews that has never been realized with centralized services.
Many restaurant review services today struggle with distrust from both consumers and restaurants regarding their secret algorithms or systems which filter user ratings and adjust averaged restaurant rankings. These issues have lead to growing controversy in the accuracy and fairness of the reviews and rankings on restaurant discovery platforms in many mature markets (such as Japan or the United States).
Although blockchain technology and smart contracts are still not fully understood by a large portion of the population, we believe that in the future the transparency and trustworthiness of blockchain technology will lead it to become a normal standard in a wide variety of services (including restaurant review and discovery).
We believe that blockchain technology is essential to SynchroLife in order to build a trustworthy and transparent restaurant platform on a global scale.
Please also note as mentioned in our white paper road map, we plan to move into the financial sector with a SynchroLife wallet and debit card in the future. In order to implement a seamless payment system at participating restaurant and businesses around the world, and to cutdown on inflation and transfer costs as much as possible, the implementation of blockchain technology and cryptocurrency was a must for us.
Why use an original token instead of Bitcoin or Ethereum? 💭
In order to maintain a user powered decentralized platform we believe a rewards system is a necessity, and we also believe a platform through which we can share our future value with our users is also extremely important.
However if we had decided to use Bitcoin or Ethereum as rewards, many users would be primarily motivated in joining for pure monetary gain. We believe this is not ideal for creating a platform of high quality content and accurate information. By implementing our own original token, users can get rewarded while also sharing in the future value of the platform. Users are motivated to post high quality content and contribute to the platform not only for their own immediate rewards but for the future growth and success of the platform (which their token rewards are also connected too).
During the beta testing of SynchroLife up until now, over 32,000 active users have been motivated by “experience point” in-app gameification alone (with no monetary value) to post over 150,000 reviews and over 370,000 photos to SynchroLife. These users are fans of SynchroLife, and they have been motivated by wanting to share their love of food and connect with other users through SynchroLife.
We believe that users like this that contribute great content to the platform are essential to its growth, and deserve to enjoy benefits as the platform grows.
We also believe the value of SynchroLife’s SynchroCoin token will increase alongside the value of the platform. As the platform grows, so will the use cases of the SynchroCoin which can be used for payment at restaurant and for advertisement payments. We believe it is possible for us to work together with our users to increase value of the platform and both benefit from these results.
In conclusion, we decided to go with our own original token instead of Bitcoin or Ethereum to share the value of the SynchroLife platform with our users and build a platform of high quality content.
Why use token rewards instead of an in app point rewards? 📈
We believe that users who contribute to the SynchroLife platform deserve a reward for their time, effort, and original content. In order to reward users around the world, we needed a reward system that has value worldwide and is transparent to all users.
We also believe it is necessary that this reward system be both trustworthy and fair, something users can rely on and trust that the company cannot manipulate or change. But with traditional and centralized point systems, it’s easy for the managing company to arbitrarily issue more points or change the value of points.
By creating an original ERC20 token on the blockchain, SynchroLife can build a trustworthy reward system with a locked amount of SynchroCoin tokens (100,000,000) and the tokens can be used and hold the same value anywhere in the world. This is why we believe an original token was the best choice for rewards on a platform such as SynchroLife.
We hope today’s post has helped you further understand why we chose to incorporate the blockchain into SynchroLife and what advantages that offers. Please feel free to contact the SynchroLife Team at email@example.com if you have any questions regarding the SynchroLife!
Learn more! Important Links and Information Regarding SynchroLife
SynchroLife Beta App (Without Blockchain Technology and Token Rewards)
100,000+ downloads and a growing global community! Try it yourself!
Official Website: https://synchrolife.org/
White Paper: https://synchrolife.org/whitepaper.html
Official Blog: https://medium.com/@synchrocoin
Beta iOS App: https://itunes.apple.com/app/id557532449
Beta Android App: https://play.google.com/store/apps/details?id=jp.co.synchrolife
Other Medium Articles by the SynchroLife Team:
・Rewarding Foodies for their Content with Tokens: SynchroLife Press Release
・How SynchroLife Takes a Unique Position in the Competitive Restaurant Search and Discovery Market
・Current Features of the SynchroLife Beta App
・Why We Decided to Use Blockchain Technology with SynchroLife
・SynchroLife’s Token-Based Economy: How Users Can Earn & Spend SynchroCoin (SYC)
・Behind the Scenes: The Meaning of “SynchroLife” and Our Seahorse Icon
・How SynchroLife will Handle Fake Reviews