Recap: GoMeat x ICOSpeaks AMA
Date: 06 September, 2021 at 4:00PM UTC
Hosted by: ICO Speaks
Speakers: Waqas Siddiqi, Syed Hamed Ullah & Rahat Ul Ain
Waqas Siddiqi Co-Founder & CEO @Waqas_Siddiqi Hello everyone! My name is Waqas Siddiqi and I am the co-founder of GoMeat! I have 20+ years of experience of setting up and managing consulting practices and successfully delivering large scale tech projects for 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 since last 6 years. Today I am accompanied by Hamed Ullah and Rahat
Hamed Ullah — Co-Founder and Company Secretary @syed_hamed_ullah_quadri_GOMT 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 launch our ICO finally has been a dream come true.
Project Manager for GoMeat ICO @RahatGOMT Hello everyone! My name is Rahat and I am the Asst. Project Manager at GoMeat.I have been a part of the GoMeat family for almost a year, mainly working in community management, marketing, and graphics. It’s enthralling to see the GOMTeam grow and become what it is today. Taking pride in our vision, we’re striving to make GoMeat a successful venture, I am excited for the future of GOMT.
1: Introduce yourself, please. How did the idea for GoMeat come about and how did you get involved in crypto? Tell us about your position in GoMeat?
Waqas Siddiqi: So before I answer a quick intro background about GoMeat: Specialty (Halal and Kosher) meat is only available in specific stores most of which are not digitalized where consumers have visited in person and to wait in a long line for their orders and no professional home delivery services are available — the authentication of such meat is also a big question to these consumers. With $1.7 trillion global Halal+Kosher market and 10,000+ stores only in North America, GoMeat is the first digital marketplace connecting consumers with specialty meat stores offering online ordering and home delivery services and providing traceability and authentication of specialty halal or Kosher meat via Hydra blockchain, which offers low transaction fees, high scalability world wide, gas royalty for the business project and strong advisory support. The idea came while as a consumer myself as I used to stand in long lines to get my halal meat and there was no reliable source of authentication of the halal meat — it was 2017 — at that time I sync up with our co-founders and position this idea as the market was huge and no one is catering to that market and no other such service was available — we wrote the first version of white paper in 2017! Since all our founders have Tech and management backgrounds we were always very blockchain/crypto savvy and we realized that this everyday consumer problem can be solved with Blockchain — then we also realized that's a $32 Billion market only in the US and $1.7 trillion globally! if we don't do it someone else will! And so we launched our GoMeat platform in 2018 with one Pilot store and with the traction we got, we never looked back and as of now we have about 300 stores on our platform, we are a revenue-generating company operating in the US and generated a gross volume of $300K last year
Now we are running our ICO as we have proven the model, learn the business inside out and in order to cater to the biggest challenge which is Adoption and Scale — we are raising funds to scale as fast as possible.
2: What problem is GoMeat solving? Tell us about the salient features of GoMeat Token and its tokenomics?
Waqas Siddiqi: yes! we are solving a real-life everyday problem of more than a billion consumers worldwide — all those consumers for halal and kosher meat who have difficulty in finding the store especially in Western countries — then there are long wait times and then there are no professional delivery services. Despite the $1.7 Trillion markets, there is no such marketplace that exists and this market somehow is not focused on by large players. Second, these consumers do not have a way to verify the authenticity of the halal/kosher meat — keep in mind that Halal / Kosher meat is sold at a premium price and is not available in generic superstores but only in specialty meat stores! 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 his doorsteps the 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 storefront 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 and will be added as part of our ICO scope, 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 ie transparency to the customer if the store is selling authentic Halal /Kosher meat. In the future, besides certification transparency, we also plan to provide traceability via our platform to the customers using blockchain from slaughterhouse to store to the customer taking it to the next level of confidence of specialty meat consumers! So our Pre-ICO was sold out two weeks earlier where we sold 400K GOMT 0 we have a limited supply of 5 Million GOMT Tokens and only 1.75 are up for sale in this ICO — WE have a robust burning mechanism and a deflationary token — we are running ICO event now and Tier 1 which has 750K tokens is 80% sold out with 10 days more. Our token price is $1 / GOMT and for more details pls visit gomeat.io and read our whitepaper
3- What makes your project different from the thousands of other projects we see running in crypto? Do you have any competitors?
Waqas Siddiqi: So in short we have a REAL LIFE blockchain business case — we are a revenue-generating company operating in US with more than 4500 customers and 300 stores generated a business volume of $300K in 2020 with a very pandemic proof business, offering excellent token economics with deflationary, burn mechanism with revenue generation and an optimum price backed up with a very strong professional team with an excellent expansion planюwe are the first ones in this space and we will welcome any competition 🙂
4: Tell us about the goal you want to achieve this year. What’s your roadmap to expansion?
Waqas Siddiqi: Glad you asked. After 3 years in the business, we have refined our operations and learned tremendously along the way. Public feedback and the COVID pandemic situation have proven the need for a business like ours. Our plan now is to expand our operations to other cities in the US so we can bring convenience straight to the doorstep of more consumers! We currently have over 300+ stores on our platform, by the end of the year we are planning on having over 600 stores on board and increasing the number of customers through extensive marketing. Next year we plan to hit a target of 2000 stores and a substantial increase in business volume. After the ICO, we plan to list GOMT on multiple exchanges that best fit our needs! You can read our roadmap on our website gomeat.io and also join our TG community at https://t.me/GoMeatTokenPls note that we have an extensive execution plan which is well thought over by our very professional team
5: Since you are a relatively young company, what have you achieved so far? Can you tell us about your business model and why your project is sustainable?
Waqas Siddiqi: yes! and we are very proud of what we have achieved so far — as I mentioned, we already are a revenue-generating company with a proven business model — we have 300 stores operating in 10 cities and 7 states in the USA including Chicago, New Jersey, Orlando, Dallas, Houston, Miami, Atlanta, Philly, Austin, etc. -Our business model is simple — A consumer download the app, place an order from the nearby halal /kosher meat store and get it delivered by the GoMeat driver network — we charge convenience fee from the customer, a commission from the store and delivery charges — our business is sustainable to the extent that we processed 1000+ orders only in Mar/Apr of 2020 when the world was locked down with Covid-19 and we are a pandemic proof business catering to an essential consumer need in a niche market!
Questions from ICO Speaks Team
1: What improvements are you planning to make to the marketplace?
Hamed Ullah: 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. Let’s also keep in mind that the current GoMeat marketplace, apps, and service offerings are at par with any other online delivery services operating in the non-niche areas. Our biggest differentiator is our niche market, its specific problems, and pain points, and the resolution we have come up with using technology, blockchain, and traditional. Also, let’s not forget that it’s a $32 billion market in the US only and a $1.7 trillion market globally, and so far there is no such marketplace like ours catering to this 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 speciality 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 follow up to get it renewed in case they are expired. On the 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 his doorsteps the 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 storefront 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 and will be added as part of our ICO scope, 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 ie transparency to the customer if the store is selling authentic Halal /Kosher meat. In the future, besides certification transparency, we also plan to provide traceability via our platform to the customers using blockchain from slaughterhouse to store to the customer taking it to the next level of confidence of specialty meat consumers!
2: What are the plans ahead to increase the value of $GOMT in the market & to attract many people to trade & buy $GOMT? Any benefits for holding $GOMT for long?
Waqas Siddiqi: So we have already re-organized our company into two broad areas 1) Operations including executing our expansion plan 2) Token management — making sure how can we maximize the token value in the crypto world — both areas working parallel to produce the optimum results for Customers, Partner Stores, and Token holders. We have a professional and experienced team and some great advisors supporting us in both of the broad areas. Our plan is simple, add partner stores, increase more customers, keep our GoMeat team happy, generate more orders, increase gross volumes and revenues, increase token utility over time, burn tokens, regulate Token circulation and so increase token value. All of this is of course heavily influenced by the macro crypto economy and market trends which have been quite volatile as we all have experienced so far and this volatility is expected to continue for a good while. We need to keep in mind that we are not releasing a utility token based on a concept only but is backed up by an actual revenue-generating company with a well-thought-out expansion plan and an exceptionally professional team. However, there are always investors with short-term views, and without sharing much at the moment, we are exploring plans along with our exchange listing plans on how can we motivate the token holders to retain instead of selling. We are already in the process to define a robust staking plan for GOMT — we are already in conversation with some exchanges to list our token and the biggest benefit of holding the token is to grow with us as we grow the company with revenues globally!
1: Where can I buy your tokens now, what are your current contracts and how can I buy them, and what are the benefits?
Waqas Siddiqi: We are in Tier 1 of our ICO and 80% of tokens are sold out already! Please visit Gomeat.IO to buy tokens.
2: What is the long-term plan of the project? Long-term goals? Can you share more about the strategies that benefit users?
Hamed Ullah: After 3 years in the business, we have refined our operations and learned tremendously along the way. Public feedback and the COVID pandemic situation have proven the need for a business like ours. Our plan now is to expand our operations to other cities in the US so we can bring convenience straight to the doorstep of more consumers! We currently have over 300 stores on our platform, by the end of the year we are planning on having over 500 more stores on board and increasing the number of customers through marketing. After the ICO, we plan to list GOMT on multiple exchanges that best fit our needs! You can read a summary of our roadmap here: https://gomeattoken.medium.com/introducing-gomeat-token-97235760f356 (https://gomeattoken.medium.com/introducing-gomeat-token-97235760f356)GoMeat has a well thought out plan to scale and adoption which are the two basic needs. Based on the funding, our plan is to scale in US in first step and to on-board 5000 stores and to develop and integrate the blockchain with our tech platform. Once that is achieved, we plan to scale the tech + GoMeat presence outside of USA to Europe and other counties. Please review our white paper section 10 for more details. Please visit our website https://gomeat.io/ and checkout Road map. The White paper has detail on each phases : https://gomeat.io/pdf/White%20Paper%20GoToken.pdfhttps://t.me/GoMeatToken
3: Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?
Rahat Ul Ain: You can read our whitepaper at http://bit.ly/35zZKjlOur pre-ICO sold out two weeks early! We’re currently amidst out tier 1 of our ICO.To register, head ontohttps://gomeat.io/icopanel/register
4: While you build your project, do you take into account community feedback and demands? While you build your project, do you take into account community feedback and demands?
Waqas Siddiqi: We have an amazing community and we always value the feedback from them! We take every feedback seriously and I invite you all to join and be part of our ever-growing GoMeat Community — https://t.me/GoMeatToken
5: Do you plan to burn tokens to increase token value and attract investors to invest? Which doubles the customer demand per project.
Waqas Siddiqi: Yes we have a great burning mechanism and pls read our white paper at https://gomeat.io/pdf/White%20Paper%20GoToken.pdf
6: Covid-19 has a bad impact in almost every sector. So, as crypto projects how did it affect you? How you and your team have done the work in the pandemic? Where can I buy your tokens now? What are your current contracts, and how can I buy them and what are the benefits?
Waqas Siddiqi: Covid -19 Pandemic has just proven our business case and have made us more relevant for the New Normal
7: Does your project support a staking program? If yes, how does your staking system work? What is the requirement for users if they want to stake in your platform? Do you have a token burning plan to increase token value and attract investors?
Hamed Ullah: Yes, Our Project has staking programs for GOMT and other incentive programs. Our system will be on Dex exchanges and Centralized exchanges. Please join our Telegram channel for detail. https://t.me/GoMeatToken
Yes, Our Project has staking programs for GOMT and other incentive programs. Our system will be on Dex exchanges and Centralized exchanges.
Yes, We are currently buying tokens today based on daily orders. we plan to burn all unsold tokens out of this 2.5 million supply for this round and as mentioned earlier we have a comprehensive token burning plan based on our revenue generations as we push our scale and adoption plan. Respecting all our token holders, we are very considerate and focused to ensure the stability of our token with a consistent increase in its value and utility over time. More details are mentioned in our white paper in section 7.