Recap: GoMeat x Crypto Library AMA
Date: Monday 23 August, 2 PM UTC
Hosted by: Crypto Library
Speakers: Syed Hamed Ullah and Kanwal Sultan
Veronica Zee: So, before we start the AMA could you please introduce yourself to our community Guys? ☺️
Kanwal Sultan: My name is Kanwal Sultan and I am the ICO Lead for GoMeat. I have been associated with GoMeat for over a year and seeing our ICO community grow bit by bit has been an absolute pleasure. I hope to see all of you on our GoMeat Token telegram soon
Hamed Ullah: Hello everyone, my name is Hamed Ullah. It is absolute pleasure and honor to be part of this amazing community and GoMeat team! I am the COO, Sectary, and the co-Founder of GoMeat. We are launching our ICO finally has been a dream come true. We did not get much time to interact with people last time as our pre-ICO sold out early so I’m very happy to have the chance to discuss our project with all of you.
1- What is GoMeat? and how is the story/reason behind the GoMeat project creation?
Hamed Ullah: GoMeat is a digital marketplace connecting consumers with their local specialty (halal/kosher) meat (and grocery + food) stores. We are the first service of its kind to provide web/app-based ordering and same-day home delivery. Now our next goal is to provide blockchain-based specialty certifications so consumers have transparency and authentication. I do want to emphasize that we are not a meat seller and neither are we the authority on what constitutes a specialty and what doesn’t. We can proudly say that we are the first service/token of its kind that is serving a $1.7 trillion market.
As consumers of halal meat and frequent travelers, we were very accustomed to the pain points that specialty consumers have to suffer so they decided to be the change that they wished to see in the industry. The idea and original whitepaper came about in 2017. We launched our pilot store in 2018 in New Jersey and since then there has been no looking back. Over these 3 years, we have processed over 6k orders, onboarded over 300 stores, and are continuing to expand to new cities.
2- Could you please tell us about the $GOMT tokenecomic! And why should we buy $GOMT token? By the way, where we can buy the $GOMT token?
Kanwal Sultan: GoMeat is a deflationary token with a supply of 5 million in total and a detailed burn mechanism to ensure that our token utility increases over time. All unsold tokens will be burnt.
We had a Soft Cap of USD 250K which we were able to fulfill early on in or pre-ICO so now our focus is on our Hard Cap of USD 1.5 Million.
We have a detailed burn mechanism outlined in our whitepaper: https://gomeat.io/pdf/White%20Paper%20GoToken.pdf
In the first quarter after ICO completion, 3% of the GoMeat generated revenue will be burnt 3, 4% of the 2022 revenue, and 5% of the 2023 revenue will be burnt on a quarterly basis. Burn rate from 2024 onwards will be decided based on revenue amount, quarterly financial reports will be released to keep the community updated.
Once GoMeat hits $3 million in gross volume, then an additional 3% GoMeat revenue will be burnt every quarter. Additional tokens for burning will be bought from exchanges if needed. An additional 3% will be burnt for every order placed using crypto!
Our detailed burn mechanism, limited token supply of only 5 million, and our position as the first its kind project make GoMeat an excellent token. For the detail about the burn mechanism, you can check the whitepaper! https://gomeat.io/pdf/White%20Paper%20GoToken.pdf
To buy, you can sign up on our dashboard: https://gomeat.io/icopanel . Once your KYC is approved then you can buy GOMT! Make sure you use a referral link to signup and get a bonus GOMT.
3- Could you tell us about your referral program and hydra steaking?
Hamed Ullah: All Hydra Tokens collected will be staked for reward and the reward will be shared with Hydra investors as GOMT tokens. To reap the benefit of high APR, 100% of Hydra tokens collected during Pre-ICO and ICO will be vested for 1 year. Provided it does not constitute more than 70% of the total funding goal in Hydra
The conversion of HYDRA reward into GOMT Token will be based on avg rate at the date of expiry of the 1-year term. Hydra Staking will start with the launch of this incentive plan to the community — Target date: Aug 6, 2021. A Dashboard on Google sheets will be developed where investors can track the staking rewards and corresponding GOMT. A Reserve of GOMT token is already created (10% of total GOMT) from ICO to fund this incentive for Hydra conversions.
Any additional GOMT Tokens needed to fund these incentives will be acquired from the market/exchanges. People who have already made investments as of Aug 6 in the non-Hydra token will also be able to participate based on avg Hydra value on the date of their investment.
Buyers can generate their own referral link to share with friends and family. For every GOMT purchase made using the link, the referrer will receive 3% bonus tokens while the referee will receive 2%.
Honestly, GoMeat is a token that just keeps giving and we are always happy to make decisions that benefit our community.
5- Could you give us some information about your roadmap, your milestones, and also your future plans?
Kanwal Sultan: So GoMeat has been in operation since 2019 and has gone through considerable learnings on every front of the business that has gone into the roadmap development — although a very detailed roadmap is defined in section 10 of our white paper but just in short:
We started with one store in New Jersey USA in 2019 and now we have about 350+ stores across multiple states in the US — there are about 10000+ stores in the US only with about $32 billion market size only in the US — so our focus is to expand in US first being one of the most mature markets in the world
For Phase 1 of our expansion plan -
We’re aiming for 600+ Stores, 1000+ drivers, and 10k+ Customers with GoMeat’s Volume at $630k+.
Additionally, we will have GOMT listed on multiple exchanges soon
Phase 2 Expansion will focus on Horizontal Expansion with the aim of 2500+ Stores, 1500+ Drivers, and 30K+ Customers with GoMeat Volumes at $2+ Mil, — GOMT listed on multiple exchanges
We should have, multiple Kosher Stores added in Q4 and have Crypto wallets Integrated.
As for our 2020 milestones:
- Business expansion to Midwest US
- During Covid, 4.5k+ Customers created
- GoMeat Volume hits $300K+
- Team Expanded to 20+ members
- Advanced technology platform launched
- 300+ Stores, 8K+ App Downloads, 4.5K+ users with 35+ GoMeat Drivers.
6k+ orders placed since our launch in 2019
Available in 15+ US cities.
Q1. From @duwayAk
Projects like @GoMeatToken may need to Spread Awareness and need to educate new users. Do you offer an ambassador program role for it? How do you plan to find out about your project and marketing plan?
Hamed Ullah: Over 3 years of service we have had enormous learning in each aspect of operations and especially Marketing. Our growth strategy is simple — we have proven a business model and now
1) innovate and. scale the platform
2) increase the number of Partner Stores and
3) Increase number of Customers: run promotions, generate more orders to increase gross volume and consequently increase GoMeat revenue as a share from Gross Volume.
We have learned that Marketing is absolutely crucial for our success, to be developed on top of a high-quality Tech platform, supported by exceptional customer services.
We have refined our Marketing Strategy identifying target audience and locations, structured based on key stakeholders of our marketplace i.e targeting Stores, Customers and Drivers separately.
We have developed a focused GoTo Market plan for each stakeholder broadly split into digital marketing and traditional marketing. For instance, our Marketing Plan for Stores on-boarding comprises a range of initiatives, such as relying on friends and family networks, introducing store referral programs to establishing Sales Agent networks, organizing Store sign up events and awareness conferences to sending marketing mailers to stores.
Similarly, our Marketing Strategy for Customers includes Targeted Print Marketing, running digital marketing campaigns for discounts and promotions, sponsoring key events and conferences, and offering attractive loyalty points/reward systems.
This is the reason that if you analyze our fund utilization plan, about 50% of the funds generated will be used for Marketing and Promotions!!
Kanwal Sultan: I would like to add that currently we do not have an ambassador program but we will update the community when we choose to bring this on board.
Marketing can be a challenge for niche projects but bear in mind that while specialty meat is an overlooked niche but it is also a massive one.
For reference, there are over 1.8 billion specialty consumers globally. In 2020 alone this industry generates USD 1.7 TRILLION. and in North America alone this market is worth USD 32 billion.
We have gotten this far based only on word of mouth. We are very excited to see the progress and traction we will gain once our marketing plan goes into full swing 😊
Q2. From @cryspok
GoMeatToken has a special meat certification Empowerment based on Blockchain. This is very interesting. What digital certification methods have you developed to guarantee meat quality? What advantages does blockchain give you to improve this type of service?
Hamed Ullah: Though specialty meat safety and traceability is a highly complex and hotly debated topic, the developments in the domain of blockchain are proving to be a promising solution. The halal/kosher meat supply chain is riddled with visibility problems as it is impossible to trace secondary and tertiary suppliers of certain products but blockchain can help make things transparent.
One of the leading factors which hinder transparency when searching for the source of origin is the presence of brokers acting on behalf of small-scale suppliers. Thus, in the case of a major outbreak or product recall situation, we observe reduced efficiency which leads to heavy loss of time and money. For the meat industry, Hydra chain offers a much more fundamental use case through certificates and supply chain tracking. Thus improving the efficiency and efficacy of food safety programs
Blockchain utilizes the concept of a distributed ledger which enables easier and accurate traceability.
Kanwal Sultan: This is going to a difficult task but we are very proud to be the pioneers in the field. We will be starting conversations with specialty certification boards soon.
These blockchain-based certifications will make it easier for the boards and customers to be updated about the status of a store 😊
This is one of the images from our Whitepaper explaining the process.
1- You hope to give $GOMT token per $1.0 in ICO which is to be held from 25th August to 25th of October. Can you share some informative explanations about the Upcoming GoMeat ICO event? from @Asela1112
Kanwal Sultan: Hi Asela, that is indeed correct. Our main ICO is divided into 3 tiers, each lasting 20 days. Our bonus tiers are as follows: Tier 1 has 15%, tier 2 has 10% and tier 3 has 55. We had offered a 20% bonus in our pre-ICO but many people missed out on the opportunity as w sold out early. so to accommodate these people and to thank our community, we have launched an exclusive offer. Anyone who buys in the first 48 hours of our ICO (25 and 26 August, will get a 20% bonus). We only have 750k tokens in tier 1 so we have also introduced a preorder form so it's first come first serve. https://forms.gle/VNYw688zwZskzLXQ6 buyers will have 20 days to make their payment so no rush!
2- We can buy MEAT in “GoMeat” through $GOMT. I can’t understand the objective of this project! So, I want to know which is your main preference.
-Increasing your token demand and getting more investors in the crypto space?
-Getting more customers for your company to be the best Online food store delivery platform?
🥩🥩🥩🥩❤️🔥❤️🔥❤️🔥❤️🔥 from @SHINCHAN_OP11
Kanwal Sultan: Hi Shinhan, our mission has always been to provide ease and accessibility to specialty consumers as this market has been massively overlooked despite its potential. ( Worth $1.7 Trillion).
We have built a tokenomics that will safeguard the interests of our community and increase its utility over time.
The funds we raise will be used to market our project so as to get more customers and stores onboard. Additionally, we think blockchain is the way to go so we wish to introduce blockchain-based specialty certificates!
3- Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in NON-CRYPTO SPACE?
Are you a global project or a local project? Can anybody anywhere use Your project without any restrictions???,” from @md4044
Hamed Ullah: GoMeat is a global project.
However, Due to regulation uncertainties, citizens and residents of the following countries are restricted from participating in this ICO: United States of America, China, Canada, South Korea, Afghanistan, Bahamas, Barbados, Botswana, Cambodia, Ghana, Iraq, Jamaica, Mauritius, Myanmar/Burma, Nicaragua, Panama, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Zimbabwe, North Korea, and Iran. Such individuals can email firstname.lastname@example.org for private placement. Make sure you fill out KYC. Upon receiving substantial requests from a country, we will discuss inclusivity options with our legal team.
4- What are your plans, in place for global expansion are you focusing on the only market at this time?? from @ferdus1690
Kanwal Sultan: Hi gear, yes till 2023 we are focusing on expanding in the US as it is our pilot region and we have had great success here. The US alone has over 10k stores and a market worth over $32 billion so there’s still a lot of room for us to grow as we have over 300 stores on board currently.
After 2023 we will be focusing on Europe and Asia as these are very lucrative markets for a service like ours 😊
5- What is your revenue model? In which ways do your platform generate revenue/profit? from @jabri77
Hamed Ullah: Hamed Ullah: Our Business Model is one of the simplest in the Tech industry offering steady and consistent revenue streams with no cash collection risks and high cash flows. GoMeat Services is a Logistics Technology Startup and not a meat seller. We are providing a technology marketplace for the buying and selling of specialty (halal and kosher) meat. In simple words, we onboard a meat store and open their menu at a price to the customers who will buy via GoMeat marketplace and hence charging a nominal commission from the enrolled meat store while in return offering a range of value propositions as mentioned above. We will ensure that once the order is processed by the meat store it is delivered to the customer for which we will be charging service fees to the customer, thus offering our services to the customers with a range of value propositions as mentioned in the above sections.
Following is the list of our key Revenue Streams:
1. Commission from Retailers (10–15%)
2. Services fee from Customers (7%)
3. Delivery charges (if applicable): Scheduled, ASAP and shared
Keep in mind that an order placed on GoMeat is 90$ on average.