ryoii wants to create a decentralized review platform that uses advantages of token incentives and distributed ledgers to create immutable records and create filtered information layers to filter out false and fake restaurant reviews. Our goal is going global since day one. We want to build a global foodlover community that uses the advantages of blockchain technology and the decentralized concept.
Ryoii is a restaurant review website providing trustworthy restaurant information in Thailand since 2015. We have our own review platform (website), social media and a strong online community. Currently, we have more than 10,000 + restaurants in our database and our website has more than 1,000,000 visitors per month and growing daily.
We also have high visibility on social media with more than 170,000 followers in Facebook as well as high engagement between 2,000,000- 10,000,0000 engagements every month.
Ryoii token (RYC) is the token utilities that can be used within Ryoii ecosystem. Users can exchange Ryoii tokens for ryoii discount coupons and can use them as a discount at participating restaurants. Moreover, users can exchange Ryoii tokens as a fee for minting NFT reviews which is the new way to review using the NFT technology, and also can get rewards for their contributions. For the restaurants, Currently, the restaurants who join our ecosystem can exchange Ryoii tokens for advertising and review services from ryoii team. And in the future, they will be offered the ability to exchange their Ryoii tokens for premium services such as payment for ads, creating of Promotions, tips for users, or buying NFT reviews from users.
For 6 years in the industry, we can see that the problem is caused by the centralized review platform which is the big part for consumers’ decision to choose which restaurants to visit. According to bright local research1, 79% of consumers have read fake reviews in last year. This raises concerns about growing of fake and false reviews in the industry.
Fake review is a big problem because it manipulates economic incentives that should drive the restaurant industry forward. Combined with the fast pace of information; faking reviews has now become a business itself. It is used as a tool to manipulate reputations which hurts the restaurant industry as a whole.
So, we have researched and decided to create a decentralized blockchain based review platform that uses advantages of token incentives and distributed ledgers in order to create immutable records and a new kind of community that can get incentives from curating and maintaining trustworthiness of the platform that will eventually belong to them.
To create innovations, most startups fail at the beginning because they can’t get tractions high enough to prove their business viability.
So, despite having the traffic of more than 1,000,000 visitors every month , however, to avoid those pitfalls, we carefully lay out the plans and we have decided to breakdown our goals into 3 phases as the milestones of achievement which are.
phase 1 community and utilities tokens focus
phase 3 Global expansion and DAO focus
phase 2 trust information layers and decentralized application focus
ryoii uses blockchain technology to create Digital coupon that users can exchange their Ryoii tokens to digital coupon that can be used for discounting at participating restaurants.
You can think of digital coupons as stable coins. Instead of being backed by dollars, they are backed by utilities value (meal or services discount) which tokenizes real economic values to the blockchain.
Digital coupons in our system will store values of real economic and can be exchanged only with Ryoii tokens.
Our Ryoii utilities tokens are different because its value is based on real economic values that user can use within our ecosystem at real restaurants. So, our token will increase in value when the value of real economic within our ecosystem increase per se.
Moreover, Digital coupons will help stabilizing Ryoii utilities tokens for daily use because our system will adjust coupons price using our algorithm which works as an oracle to provide pricing mechanic which, in turn, eliminates volatility of the utilities tokens.
Currently, we have more than 50 restaurants participating in our Ryoii digital coupon campaign and we have created more than 1,000 coupons in our ecosystem, see participating restaurants here www.abcdefg.com/signup
If you are restaurants and want to join our campaign please contact us via restaurant@ryoiireview.com
We will launch our iOS mobile app at beginning of December (before the 1st distribution event). For the Android beta version, we will launch in march 2022 and users can download it from Play Store.
Our app will offer the ability to send and receive tokens within our ecosystem.
At launch, user will be offered the ability to buy our ryoii digital coupon with Ryoii token (RYC). Our digital coupons can be used with more than 50 participating restaurants for discounting meal or services.
see participating restaurant list here https://www.ryoii.io/restaurants/
Mobile feature will provide a review feature that users can write reviews about preferred restaurants and in Q1 2022. We will launch the NFT review feature connected to Opensea API which is the first time that users can have the ownership of their own reviews and publish their reviews and food passion as NFT to the world.
In the future, we will add more features and users can either use our tokens or send them to their friends as a gift. Restaurants can send our tokens as an incentive for reviewers or customers and can also participate with decentralized applications within our ecosystem regards our roadmap.
This will be the first time that you can have the ownership of your own reviews, get tips from restaurants for your quality and honest reviews, and also, create NFT with just a fraction of the cost.
We have a plan to connect the API with the marketplace, then, users can list their NFT from our app to well known marketplaces such as OpenSea for sales. They will also be offered the ability to choose the chains or side chain to minimize gas fee (Ethereum or Polygon). Currently, we have a proof of concept and have finished the testing but the full features will be launched at the beginning of March 2022 according to our roadmap
We have plans to launch a reward model for contributors, both users and restaurants, in Q1 2022
To ensure fair reward distribution and prevent inflation of our tokens, we will use reward tokens that can be redeemed to RYC and also use a reward pool and a tier system to prevent malicious actors from gaming the system.
There are multiple ways for users to earn Ryoii reward tokens including the rewards from verified reviews, user referrals, edit or creating new restaurant details or participating in the oracle peer review process, etc.
(see more details about a reward pool and distribution from our white papers)
We want to build a trusted influencer platform to ensure the validity and quality of the contents. Our decentralized influencer platform will replace filter algorithms with an active and collaborative community called “oracle layer” which uses machine learning to suggest suitable reviewers based on the criteria such as food preferences or choose people who have really visited those restaurants.
After the oracle layer has been launched, we will provide restaurants the feature of hiring influencers to create reviews. The restaurants can offer incentives to influencers via our smart contract but influencers will receive those incentives only if they provide trustworthy contents that have passed the process of the peer reviews from “oracle layer” and have successfully been published on our platform.
*We have a plan to launch our decentralized influencer platform in Q4 2022.
Ryoii tokens will be the total and finite supply of 300,000,000 RYC. As described in the execution plan, we will release the tokens of 100,000,000 RYC per phase.
Only 100,000,000 will be released to the ecosystem at 1st Distribution event another 200,000,000 RYC will held in reserve by ryoii team which will be release later according to the phase implementation; (100,000,000 RYC per phase)
In phase 1, there are 100,000,000 RYC released to ecosystem. 65,000,000 RYC will be listed for sale and will be used to fund ryoii operation and 35,000,000 will be used to build ryoii ecosystem.
65,000,000 Ryoii utilities token is available for sale to global excluding USA, UK, CANADA and CHINESE also excludes certain jurisdictions (See details) There will be 3 sale periods for 1st Ryoii token distribution, which are Private sale, Pre-sale and Public sale.
15% of the first token distribution event will go to Private sale, Buyers from Private sale will be received token with 50% discount from the full price (0.03USD/RYC) Tokens will be locked for 6 months and, after 6 months ,50% of tokens (5,000,000 tokens) will be unlocked. For the other half, each 25% of it will be unlocked one and another month.
25% of first token distribution event is allocated for Pre-sale which will be available at Foodcourt.finance with 25% discount at 0.023 USD/RYC (BUSD and USDT)
25% of the first token distribution event is allocated for Public sale at 0.03 USD/RYC (BUSD and USDT). Public sale will go until the tokens are sold out and Public sale will be available in January 2022. Details of Public sale will be announced later after Pre-sale finished.
- 40 % of the fund from 1st distribution event will be used for marketing and growing the community of ryoii ecosystem.
- 35% of the fund will be applied to growing the development and other operation teams.
- 10% of the fund will be reserved to ensure smooth running of the operations of ryoii ecosystem
- 10% of the fund will be added to liquidity pool for initial token liquidation.
- 5% of the fund collected will go toward legal to ensure that the work complies with relevant laws, policies, and regulations.
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