AMA Recap: BitMart x GoMeat
Date: May 25th, 2022
Time: 11:00 AM EDT
Venue: t.me/BitMartExchange
Guests: Waqas Siddiqi, Hamed Ullah
Claire Zhang:
Hello everyone 👋
Thanks for joining us again today on another AMA episode
Welcome our guest today @Waqas_Siddiqi and @syed_hamed_ullah_quadri_GOMT👋
Waqas Siddiqi:
Hello everyone! Absolute pleasure to be here today!
Hamed Ullah:
Hello everyone, very excited to be here!
Claire Zhang:
Welcome, let’s get started with an introduction please😊
Waqas Siddiqi:
Sure! My name is Waqas Siddiqi and I am the Co-Founder and CEO of GoMeat! I have 20+ years of experience of setting up and managing technology consulting practices worldwide and bringing transformations driven by technology in some of the largest companies in the world — I started my career in South East Asia and after working in the Middle East and Europe for few years, I am finally based in New Jersey in the USA.
I’ve been working in tech space for a long time and I was truly fascinated with the concept of blockchains and the enormous potential it offers to solve many everyday problems of billions around the world. GoMeat idea came in 2017 from living through a genuine problem faced by billions everyday related to sourcing of authentic Halal and Kosher meat, food and groceries. We wrote our first white paper then but before any ICOs we wanted to prove the concept and business model first and learn firsthand. Fast forward to 2022, after a 100% sold out ICO last year, GoMeat is now just not an idea but a revenue generating company operating in 26 States in USA with 1000+ stores onboarding and our GOMT Token trading on Hydra DEX and BitMart! 😊
Today I am accompanied by GoMeat co-founder, Hamed Ullah
Hamed Ullah:
My name is Hamed Ullah. It is absolute pleasure and honor to be part of the amazing bitmart community and GoMeat team! I am the Co-Founder and CTO of GoMeat. I have 15+ years of professional experience in the financial capital market, banking, food industry, auto logistics and with leading Technology companies. Experience applying people management, process optimization, and technical problem-solving skills to improve team and program performance. Managed and implemented complex technology industry solutions such as GoMeat logistic platform, Blockchain integration, Banking, CRM system, Insurance, Treasury Risk Mgmt., International GRC. Experienced and result-oriented professional with analytical, conceptual, and people skills. Has a “can-do” attitude with a success record in large-scale Programs in multinational and multicultural environments. BS in Network technologies, MBA, Network Security Certification, PMP, Scrum Master, and Agile.
Claire Zhang:
Thank you for introducing yourself, now could you please briefly introduce the project GoMeat & some of the utilities to the community?
Hamed Ullah:
GoMeat is a blockchain based online ordering and home delivery services connecting consumers with specialty (halal & Kosher) meat stores and restaurants since 2019. Buying/finding specialty (halal & kosher) meat and food can be a very chaotic experience and it is even more difficult in Western countries where it’s not readily available in normal stores.
GoMeat’s mission is to empower specialty stores and bring convenience to such customers. Despite the niche its $32 billion market in the USA only and about $1.8 trillion dollar market globally which is growing with a rapid pace, over 90% of specialty stores have no online presence. We started our operations in 2019 and since now we have onboarded 1000+ stores and are present in 26 States of USA. We have processed 10k+ orders to-date serving about 5000+ customers and growing rapidly.
A major issue that specialty consumers face is the uncertainty when it comes to specialty certifications. To combat this, GoMeat will be launching in-app blockchain based specialty meat certifications o consumers can make informed choices about the meat they are buying. GoMeat Token is a deflationary utility token with a limited supply of 5 million with only 2 million in circulation. We successfully completed the ICO last year and raised funding is solely focused on our expansion as per global expansion plan — more details in our whitepaper. Some utilities of GOMT Token include:
• Place meat, grocery & food orders using GOMT
• Get free delivery & discounts
• Get 1% cashback on all orders
• Earn GOMT through our referral program
Claire Zhang:
That’s awesome👍
What inspired you to open a meat distribution company?
Waqas Siddiqi:
i ll take that question :)
So first of all, this is something we want to emphasize that we are NOT meat sellers or traditional meat distributors! GoMeat is a blockchain based online ordering and delivery services, providing transparency and traceability to our consumers for the authentication of Specialty (Halal/Kosher) meat — we are a Tech company rather than a meat store or just a logistics provider and trying to solve an everyday common problem of billions of consumers worldwide! We can proudly say that we are the first ones who have started catering to the needs of. this niche market of $1.8 Trillion globally!
The idea originated in 2017 as at that time on demand ordering and delivery services actually started getting traction but crypto world was taking a new beating at that time! As a consumer of Halal meat and a frequent traveler I lived through the consumer and industry pain points myself and was waiting for any large company to start such a service for this target market — however, it never happened and being a Tech professional my entire life, I decided to give it a try and reached out to our co-founders and we then put our phenomenal GoMeat Team together. We launched our test platform with just one pilot store in New Jersey in Dec 2018 to test the market but with the amazing traction we got, we never looked back since then! We have learned so much since then GoMeat has accomplished a lot and are growing at a fascinating pace!
Claire Zhang:
Thank you for sharing with us
Could you let us know what are the current & Future Roadmap Targets of GoMeat?
Hamed Ullah:
By the end of this year, we are aiming for 2000 stores on our platform and we are halfway through as we have already hit 1000 stores. For 2022, we are also working towards generating a gross volume of $2+ Mil, onboarding multiple Kosher stores in Q4, 2022 and Crypto wallets Integration on our platform.
GoMeat Token, ticker name GOMT, has recently made its debut listing on Bitmart and can be tracked on CoinMarketCap, Crypto.com and CoinGecko amongst others. We are excited to be launching trading competitions and staking program with Bitmart! Watch out for anouncemnets on our twitter https://twitter.com/GoMeatToken and Telegram https://t.me/GoMeatToken. As part of our roadmap our first priority is to work hard and establish a strong fundamental sustainable business and continue to grow at the current speed. At the same time, we are working in parallel to explore listing on Global Tier 1 Exchanges — With the compliances and accomplishments we have on our credit we have no doubts that we can pass through any due diligence of any Tier 1 Exchange. You can read more about our roadmap in our whitepaper: https://gomeat.io/pdf/White%20Paper%20GoToken.pdf
RoadMap: https://gomeat.io/gomt
Claire Zhang:
We will definitely check them out, thank you for sharing👍
I am wondering if the price of GoMeat is cut in half (say BTC tanks and bring it down), is there any mechanism to help stabilize it, or is anyone that buys at the whim of the market? This is really more of an issue because so much of the crypto market follows BTC. I understand that it can also go way up meaning someone can now buy more of your product ‘at a discount’ but that’s not what’s going to have your customers yelling at you.
Waqas Siddiqi:
Great question!
With crypto markets ups and downs, only those projects will survive who are really sustainable and offer a real value proposition supported by strong team. In the last many years, due to growth associated with crypto, everyone now realizes that investors are also getting way more educated and serious investors are only investing in the real companies and not just on fancy ideas based on hype and FOMO.
There are multiple macro and micro factors which drive the price of a token but nothing can beat growth and strong fundamentals of the company and real utility of the token. Our confidence in $GOMT token is very high, because we are not just an idea but are a revenue generating company in the USA, offering strong value proposition to our customers and token holders. We are fundamentally growing each and every day, run by a very strong professional GoMeat team.
We are operating in 26 States in USA with 1000+ stores onboarded so far with a target of 2000 stores by end of the year. We are standing side by side with all major online ordering and delivery players in the industry in terms of our offerings, we stood out amongst industry giants at the Food on Demand Conference 2022 in Las Vegas USA, due to our innovative blockchain use-case. We are not another online ordering and delivery services among many other but are solving a real-life problem of billions of consumers world-wide using a real life blockchain use case. We are supported by a fabulous community who believes in us. Our motto is to be very transparent with all our followers at all times and if you are part of our TG community you can see that each and every order placed on the platform is posted on the TG with the total order value and corresponding tokens to be burn. We are also sponsoring Consensus 2022 in Austin USA this year and all of you are welcome to come and meet the GoMeat team and founders
With limited total supply of 5 Mil only and only 2 Mil in circulation, a robust burning mechanism (16K+ GOMT already burned so far), the growth trajectory we are on along with our tokenomics, we believe that we have what it takes to not only survive the crypto crashes but also thrive as we are operating in the industry which is pandemic as well as recession proof. Therefore, our focus will remain in fundamental business growth and we have no doubts that sooner or later the right impact will be reflected on Token value as its awareness and adoption increases.
sorry! it was a long answer :)
Claire Zhang:
Thank you for the response😊
But if people are using GOMT tokens to purchase meat, and your supply is limited, and burning, at some point are you worried about GOMT supply shortages? Absolutely no more tokens will be minted? I believe so, just need reassurance!
Waqas Siddiqi:
Interesting question! Yes! To confirm, our supply of GOMT tokens is limited to 5 million tokens ever based on our smart contract and they have already been generated. NO FURTHER Tokens will ever be generated! GOMT token is an 8 decimal token — It is our firm believe that the utility of the token will increase with adoption and will create its own circulating economics with our customers, stores, delivery drivers and token holders and we are looking forward to that! infact, many of our investors are highly attracted with our amazing burn mechanism and we plan to continue follow the path :)
Claire Zhang:
What improvements are you planning to make to the marketplace?
Waqas Siddiqi:
I will highly encourage all to download our GoMeat apps from Google Playstore and Apple App stores.. In order to understand the improvement let’s first understand who are the key stakeholders of our marketplace, what are their pain points and what is our value proposition for each of them instead of getting into a function and feature conversation straight away. Let’s also keep in mind that current GoMeat marketplace, apps and service offerings are at par with any other online delivery services operating in non-niche area.
i will highly encourage all to download our GoMeat apps from Google Playstore and Apple App stores.. In order to understand the improvement let’s first understand who are the key stakeholders of our marketplace, what are their pain points and what is our value proposition for each of them instead of getting into a function and feature conversation straight away. Let’s also keep in mind that current GoMeat marketplace, apps and service offerings are at par with any other online delivery services operating in non-niche area.
Our biggest differentiator is our presence to address the niche market, it’s specific problems and pain points and the resolution we have come up using Technology, blockchain and traditional. Also let’s not forget that it’s a $32 billion market in US only and $1.8 trillion market globally, and so far, there is no such marketplace like ours catering to this niche market segment
Our primary stakeholders are:
1) Specialty meat customers specially in Western countries who have to wait in long lines to get this premium specialty meat as these prices are not regulated, who do not have any authentication to determine if what they are buying is really halal/kosher and rely solely on guidance from stores
2) Specialty Meat Stores — who are small shops mostly family owned, short on manpower due to high wages, source specialty meat from specialty slaughterhouses, are not digital and do not have the bandwidth to afford their own delivery services, do not have the resources to spend heavily on digital marketing or promotions, takes orders manually on phone resulting in errors and inefficiencies, takes time in processing the order due to shortage of manpower — the person who is taking the order on phone is also processing the order and he is also processing the payment at checkout and keeping his customers waiting in line while many times missing the orders on phone as he does not have the time to pick up the phone specialty on the weekends and rush hours.
3) Halal/Kosher Certification Boards who are “not for profit” religious bodies with limited funding and resources to track and maintain certifications for each store and subsequent follow ups to get it renewed when they are expired.
On GoMeat marketplace a customer can place an order hassle free online from the store of his choice, from the convenience of home or any other place, avail exciting discounts and get it delivered at their doorstep same day.
Similarly, a store on GoMeat marketplace is essentially digitalized without any cost, can increase its online revenue where they can focus on processing the order and making it ready with increased efficiencies as they have documented order in their phones/tablet with customer instructions and they don’t have to waste time in payment processing or checkout, can save on rent as they don’t even need a store front and can be fully digitalized and can leverage on heavy digital marketing campaign run by GoMeat for all stores! They can even run flash sales for their specific stores or on specific items.
All these features and functions are already available and in operations. Lastly, the value proposition for Halal/Kosher certification boards, which is our use case for blockchain as well, where the halal/kosher certifications can be maintained for each store using blockchain via smart contract and as soon as the certification is expired the store will be delisted from the Marketplace compelling stores to renew the certification ASAP and thus providing the biggest value proposition i.e. transparency to the customer if the store is selling authentic Halal /Kosher meat, food and groceries. In future, besides certification transparency, we also plan to provide traceability via our platform to the customers using blockchain from slaughterhouse to store and to the customer taking it to the next level of confidence and trust for specialty meat and food consumers!
Claire Zhang:
That’s great to hear!
Almost all delivery (food delivery) company that exist, focus on a revenue-based model instead of profit based, and considering the limited number of halal delivery that occurs, I’m sure GoMeat is doing the same. How do you plan on cutting cost, if possible, do profitise the company? Or are you simply increasing clients to be bought off etc.? I’ve always been curious about this.
Hamed Ullah:
Amazing question, deep and relevant! As mentioned earlier, over the last 3 years we have evolved significantly! We started with same model as mentioned in the question like all other food delivery services and at some point, in past we even explored the possible “exit strategy” after scaling to achieve a Network Effect. However, operating in niche markets and with our actual data points we realize that the meat products we are dealing with falls in premium category where a customer is willing to pay a premium price as long as he has the confidence and trust on the authentication that it is really Halal or Kosher.
We can compare the prices of non-halal / non-Kosher with Halal / Kosher meat and we can confirm that easily. Further, our average order price (refer Meaty The BOT) is about $90 as compared to a usual food delivery order which is usually in the range of $30 to $40. All other such established food delivery services charge about 25%-35% from restaurants (commission) and about 10%-15% from customer (convenience fee) where as currently we are charging only 8%-15% from stores and 7% from customers and there is a massive room for improvement subject to how strongly we can establish ourselves with quality offerings and build a strong brand — with this possibility of future upside on Revenue side and our lean operational cost where we are leveraging on offshore / onshore model but still maintaining the highest quality of service, we realized that our revenue per order is higher than others and so it gives us confidence that subject to our controlled growth and appropriate control over the costs there is a possibility to get into profits.
This conclusion excites our leadership team enough to put our best efforts to reach to that stage sooner than later, however at the moment since we are the first one catering to this market, we want to scale as fast as possible and once we reach to an appropriate level then our focus will be shifted to profitability. In startups like ours with huge market size and we are the first one creating the market there is always this question of growth vs profitability which needs to have a delicate balance. Let’s not forget the global market size of $1.8 trillion of this niche only and we are the first ones who created the market segment of online ordering and delivery services!
Claire Zhang:
Can users who would like to consume Halal meat completely trust you? How serious are you for providing halal and hygienic meat? Do GoMeat team have enough knowledge for providing HALAL meat?
Waqas Siddiqi:
This is a fundamental question and gives us an opportunity to clarify some core philosophy of our GoMeat vision. GoMeat is NOT a meat seller, we are NOT a religious body and we will never be. There are strict religious beliefs, guidelines and interpretations associated with processing of Halal and Kosher meat established since more than thousand years and we will never have the competence to question that! We are a blockchain based Technology company connecting the niche consumers to the specialty stores facilitating online ordering and same day home delivery services and providing blockchain based authentication process for the stores from the religious bodies who are a key stakeholder of our marketplace and own the responsibility to certify the stores as Halal or Kosher.
Our focus is limited to provide to our customers, the transparency and traceability of the meat with authentication on certification process. It is always and will always be a customer choice to decide and order where they have the trust based on the transparency we will provide. We will however ensure that we establish underlying business process compelling stores to maintain their Halal/Kosher certifications valid at all times and will be delisted from GoMeat Platform if they are not current or valid. We will also ensure that we maintain excellent quality of service and user experience from online ordering until home delivery which is our core services.
Claire Zhang:
Thank you very much for your responses so far, now let’s move on to our last question
What are the reasons that GoMeat has to change the certification mode of specialty meats? Do you consider that Blockchain-based certification will be the new certification method?
Hamed Ullah:
Ok so this question kind of relate to the previous question — so atm the only Certification available with these stores is a generic certificate manually given by the certification boards (not for profit religious bodies as mentioned earlier) that the meat stores buy their meat from certified slaughterhouses.
The process is completely manual, disconnected and broken as many times those certificates are just obtained initially by stores but not kept updated! There are many fraudulent cases observed which has broken the trust of these consumers on the stores and they do not have a way to verify and validate and depends on words of mouth only!
Let’s keep in mind that eating specialty meat slaughtered as per the religious guidelines is an essential part of faith for billions and they will NOT purchase if they have the slightest doubt! We are trying to automate the process leveraging the capabilities of blockchain and address this burning issue since ages! as I said, in the end it will always be consumers choice but we will facility the decision making 😊
To conclude, I’d like to share the key features that make $GOMT unique:
1- Backed by real use case and an operational business in the USA generating a gross volume of
$320K+ in 2021 alone
2- Catering to $1.8 trillion global industry
3- Limited supply of 5 million tokens only
4- Excellent deflationary economy to ensure your token increases in value over time
5- Many utilities and offers on the GoMeat platform
Claire Zhang:
Thank you so much for answering all the questions👍
Now, it’s a good time to open the group up for questions from our waiting audiences!
Waqas Siddiqi
before that!
In the end, to conclude this wonderful AMA, we would like to make a very special announcement for our existing community and for everyone thinking about joining us. GoMeat’s patent for its blockchain use case has been provisionally accepted, proving that GoMeat is indeed one-of-a-kind service! This has added enormous value to our company and will open many avenues of growth for GoMeat in terms of revenue generation, improvements in the GoMeat platform and stability of the GoMeat token and ultimate adoption!
For follow up questions on the patent and/or about $GOMT, join us on twitter https://twitter.com/GoMeatToken and Telegram https://t.me/GoMeatToken
Thank you!!
Claire Zhang:
Great, we will share with the community for sure!
Let’s get to the audience now 😊
Thank you very much guys for your questions！
@Waqas_Siddiqi and @syed_hamed_ullah_quadri_GOMT over to you guys now.
Samir:
What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
Waqas Siddiqi:
Our current focus is to cover huge USA market as there are more than 250k halal/kosher stores and restaurants — Due to Covid we held back our expansion to other countries due to travel limitations but now since things are getting better, we are revisiting our plans. We are a global company and are already incorporated in Europe, Middle East and Asia. You can see our comprehensive growth on our website gomeat.io and we will be launching in other countries starting in 2023 or may be sooner. Pls follow up on our social media for updates. Thank you.
Afton Valles:
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Waqas Siddiqi:
One of the strongest pillars of our venture is our highly professional team and we are so proud of each and every GoMeat team member who brings tremendous value on the table. Due to their hard work, commitment and professionalism we have accomplished great feats and we are just getting started. Our team represents globally qualified people and we are continuing to grow with additional hiring based on a stringent criterion based on qualification, experience and ofcourse the attitude and energies to accomplish GoMeat vision. Please feel free to review our career page on our GoMeat website and feel free to apply for the open roles. Thank you!
Shawn Lancaster:
Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?
Hamed Ullah:
We do have staking program ongoing for our ICO community and planned to add new staking program in coming days.
We are already working with Hydra blockchain community on NFT platform to be release in Phase 2. The entire certification module will be utilizing NFT technology
Minh Tus:
What is your strongest advantage that you think will make your team leading the market?
Waqas Siddiqi:
We are the First ones to cater to this niche market and far ahead than any new comers — infact we have open up this market segment to many! we have strong fundamental growth, solving a real-life problem of billions, supporting by a strong professional team — these are just a few advantages and you can read more in our whitepaper on our website! Thanks!
Berk Akay:
GOMT works on HydraChain. And as you know Hydra Coin was offering up to %180 APR at the beginning of staking. At the beginning of Hydra Coin, that amount of high APR led people to be bullish about Hydra, so Hydra went to the Moon (ATH=52.458)
Inspite of this APR was increasing by time (~%47 right now), buyers had bought great amount of Hydra and staked them. Then sell them as low as funny prices bc they’ve bouth these coins almost $1
I know, market is in crash rn. But hydra couldn’t handle inflation problem, which they’ve promised to keep the coin deflationary.
Yes, there is burning mechanism; for every tx, GOMT burns some token. But can you handle this? On one hand is burning, on the other hand burning mechanism (as hydra)
How do you suppose to keep GOMT deflationary with staking?
Hamed Ullah:
We are keeping GOMT deflationary through our token burning process. We believe in strong fundamental growth same as Hydra Blockchain. Please refer to previous answered questions on token price.
Thanks everyone for participating! For any more questions please join our GOMT TG https://t.me/GoMeatToken Thank you!!!
Claire Zhang:
Thank you very much for taking the time to go through the questions🙌
Now it’s time for the Quick Quiz session
1. What is GOMT’s total supply?
A. 100 million
B. 50 million
C. 15 million
D. 5 million
2. What was GoMeat’s Gross Volume in US Dollars in 2021?
A. $630k
B. 320k
C. 520k
D. 250k
3. How many States in USA GoMeat is currently in operations?
A. 50
B. 26
C. 10
D. 32
4. How many GOMT are currently in circulation?
A. 1.5M
B. 1.9M
C. 2M
D. 2.9M
5. What percentage of revenue is currently being burnt on a monthly basis?
A. 4%
B. 6%
C. 3%,
D. 5%
6. What blockchain is GOMT built on?
A. Ethereum
B. Tron
C. Hydra Chain
D. EOS
Let us know how many you got correct, leave your answers in the comments below!
