24A – Venture Concept No. 1
Opportunity
People who travel around need a easy way to spend and purchase goods , keeping track of their balances and reduce the hassle of converting their foreign currency into local currency.
Businesses need to be able to accept payments from all customers including tourists and they want the lowest costs and best services and systems with the most user friendly interface.
More people are relying on their smartphones and smart devices for everyday purposes and online shopping is growing. The digitization of consumerism is a natural path for digital and mobile payments to follow suit and develop applications and systems to meet this trend. Most of these users will naturally be the younger generation , teenagers to adults around their 30s which are more technology savvy. However, seniors and older adults have higher spending power and are more likely to travel and go on vacation and they must not be forgotten.
It is a big opportunity to jump into the disruption of currency and how we make payments in the future and the window of opportunity is closing with more and more teams working on projects in the space. However, blockchain and cryptocurrency technology is still in its infancy.
Innovation
TIPS is a payment solution platform that allows merchants to accept TRON and TIPS tokens and access business enhancing tools and analytics via various charts as well as other premium tools like inventory management.
The payment application can be used by any mobile phone or tablet and will also have a web solution for online stores.
The application will have two kinds of digital wallets : personal wallet and TIPS/merchant wallet (for merchants) Merchants can accept payments using their personal wallet but there will be no enhanced user interface and business metrics calculated for such payments. It will be treated like a peer to peer payment between two individuals. Currently the plan is to allow personal wallet payments to be free of charge but will incur blockchain fees which are very minute.
Personal wallets are ones that users are in complete control of the private keys on the blockchain, whereas TIPS/merchant wallets would mostly operate off-chain for the transfer of TIPS tokens from merchants to TIPS for the fees. However, payments between users and merchants will still be made using the blockchain but additional payment data will be stored by TIPS.
All payments using the merchant wallet will have a service fee of around 1% and a maximum fee of 25 cents equivalent of TIPS tokens.
We will also offer a tiered subscription solution to merchants where they can opt to have more premium services if they require. There will be a free tier as well as levies for special small businesses which will go through a process and have their service fees waived as there social entrepreneurship plans for such businesses.
We plan to allow merchants to purchase our tokens and in turn sell these tokens as credit in order to purchase their goods. This in turn increase the adoption of cryptocurrency as well as mobile payments. However, we will have to determine if this would be legally sound.
Additionally the venture will run as a candidate for a super representative of the TRON blockchain. Super representatives are the top 27 voted entities which are given the right to verify the blockchain and earn rewards for verifying blocks. Most representatives give a percentage of those rewards to voters , which freeze their TRON tokens in order to gain "Tron power" to vote. We will consider holders of the TIPS tokens as part of the votes and will give them a bonus reward. We also allow users to enable automatic revoting which means they will be rewarded in TIPS tokens which will automatically compound the rewards for the next payout (currently you have to refreeze the rewarded tokens to compound rewards). More super representatives are implementing this kind of system where tokens bought are used for votes.
Venture Concept
Businesses and especially smaller businesses want to accept payments from customers which use frequently and ones that are easy for them. However, banks , card companies and payment gateway companies charge relatively high charges to businesses. Providing free business tools as well as lowered costs. This can in turn help businesses return the benefits back to consumers from these lowered costs.
With a goal of bringing the product overseas and allowing merchants from all over the world to use our system, users can stand to benefit from the system as they can now pay purchases with a familiar system with no hassle without having to convert any money. Users also stand to get perks form the merchants that we work with as we help to lower the costs for them , and in turn merchants giving users small benefits like free gifts/drinks or discounts.
Other competitors have been focusing on consumer adoption and not on the business aspect. They also lack user friendliness in their solutions.
Additional
Most important resource - networks and relationships with organizations and individuals in the blockchain/technology industry as well as with merchants that will use my network
Next step - form a team and start running for a super representative in the TRON blockchain ecosystem
Whats next for me - perhaps after a couple of years , I could move on to my other ideas which some are technology related while others are not.
People who travel around need a easy way to spend and purchase goods , keeping track of their balances and reduce the hassle of converting their foreign currency into local currency.
Businesses need to be able to accept payments from all customers including tourists and they want the lowest costs and best services and systems with the most user friendly interface.
More people are relying on their smartphones and smart devices for everyday purposes and online shopping is growing. The digitization of consumerism is a natural path for digital and mobile payments to follow suit and develop applications and systems to meet this trend. Most of these users will naturally be the younger generation , teenagers to adults around their 30s which are more technology savvy. However, seniors and older adults have higher spending power and are more likely to travel and go on vacation and they must not be forgotten.
It is a big opportunity to jump into the disruption of currency and how we make payments in the future and the window of opportunity is closing with more and more teams working on projects in the space. However, blockchain and cryptocurrency technology is still in its infancy.
Innovation
TIPS is a payment solution platform that allows merchants to accept TRON and TIPS tokens and access business enhancing tools and analytics via various charts as well as other premium tools like inventory management.
The payment application can be used by any mobile phone or tablet and will also have a web solution for online stores.
The application will have two kinds of digital wallets : personal wallet and TIPS/merchant wallet (for merchants) Merchants can accept payments using their personal wallet but there will be no enhanced user interface and business metrics calculated for such payments. It will be treated like a peer to peer payment between two individuals. Currently the plan is to allow personal wallet payments to be free of charge but will incur blockchain fees which are very minute.
Personal wallets are ones that users are in complete control of the private keys on the blockchain, whereas TIPS/merchant wallets would mostly operate off-chain for the transfer of TIPS tokens from merchants to TIPS for the fees. However, payments between users and merchants will still be made using the blockchain but additional payment data will be stored by TIPS.
All payments using the merchant wallet will have a service fee of around 1% and a maximum fee of 25 cents equivalent of TIPS tokens.
We will also offer a tiered subscription solution to merchants where they can opt to have more premium services if they require. There will be a free tier as well as levies for special small businesses which will go through a process and have their service fees waived as there social entrepreneurship plans for such businesses.
We plan to allow merchants to purchase our tokens and in turn sell these tokens as credit in order to purchase their goods. This in turn increase the adoption of cryptocurrency as well as mobile payments. However, we will have to determine if this would be legally sound.
Additionally the venture will run as a candidate for a super representative of the TRON blockchain. Super representatives are the top 27 voted entities which are given the right to verify the blockchain and earn rewards for verifying blocks. Most representatives give a percentage of those rewards to voters , which freeze their TRON tokens in order to gain "Tron power" to vote. We will consider holders of the TIPS tokens as part of the votes and will give them a bonus reward. We also allow users to enable automatic revoting which means they will be rewarded in TIPS tokens which will automatically compound the rewards for the next payout (currently you have to refreeze the rewarded tokens to compound rewards). More super representatives are implementing this kind of system where tokens bought are used for votes.
Venture Concept
Businesses and especially smaller businesses want to accept payments from customers which use frequently and ones that are easy for them. However, banks , card companies and payment gateway companies charge relatively high charges to businesses. Providing free business tools as well as lowered costs. This can in turn help businesses return the benefits back to consumers from these lowered costs.
With a goal of bringing the product overseas and allowing merchants from all over the world to use our system, users can stand to benefit from the system as they can now pay purchases with a familiar system with no hassle without having to convert any money. Users also stand to get perks form the merchants that we work with as we help to lower the costs for them , and in turn merchants giving users small benefits like free gifts/drinks or discounts.
Other competitors have been focusing on consumer adoption and not on the business aspect. They also lack user friendliness in their solutions.
Additional
Most important resource - networks and relationships with organizations and individuals in the blockchain/technology industry as well as with merchants that will use my network
Next step - form a team and start running for a super representative in the TRON blockchain ecosystem
Whats next for me - perhaps after a couple of years , I could move on to my other ideas which some are technology related while others are not.
Cory,
ReplyDeleteGreat job on your venture concept. It was very detailed, concise, and to the point even with the maximum word count. I had a little trouble doing this so I applaud you for that. In regards to your additional comments, what are your other ideas for what is next for you? Are you aware of them yet, or do you just know in the future you solely want to focus on technology?
Hi Cory! Great job on the concept. I really appreciate how much thought you put into it. You really focused on the details of your venture while also focusing on concision - which is very important in a business proposition. I definitely wish that you put a little bit more detail into the next step section. What is the timeline for this? How would you approach making a team and presenting the venture? Great job!
ReplyDeleteHey Cory,
ReplyDeleteI really like how you managed to condense your past knowledge and accumulated changes from the other assignment here. Also the new additions including TIPS and TRON that I haven’t seen in your past explanations. IN general, the innovation sections helped me understand your project’s market and environment much more. I’d be interested to hear about some of the other ideas you have in mind in your what’s next!
Hi Cory! Your venture concept was very easy to read. You have me sold on your proposition. I also agree with Matt, the innovation sections kept your project’s market and environment clear and organized. I was able to understand what you were talking about much better.
ReplyDelete