Date: 3rd of July, 2021 at 1:00 PM UTC
Hosted by: Satoshi Club
Speaker: Waqas Siddiqi and Syed Hamed Quadri
- Introductory Questions:
1.Introduce yourself, please. How did you get to be involved in crypto & GoMeat? Tell us please about your position in GoMeat? And, of course, tell us more about GoMeat.
Waqas Siddiqi: 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 project for some of the largest companies in the world — I started my career from South East Asia and after working in Middle East and Europe for few years, I am finally based in New Jersey in USA since last 6 years.
Since I've been working in tech space for a long time so I was truly fascinated with the concept of blockchains. GoMeat idea came in 2018 when we wrote our first white paper but we didn’t launch an ICO at that time as we wanted to prove the concept and business model first.
GoMeat is first of its kind business venture catering to $1.7 trillion global (halal+ Kosher) market, already in operations in the United States with 200+ stores on-boarded on GoMeat platform with 6,000+ orders processed, generating a gross volume of $300K in 2020 — we have already proved the concept and have a valid business case for expansion globally.
Yes!! I am okay!! Having fun writing the answers :)) thank you!
2. Wow! Awesome concept 😁 So, it’s already working business! Could you tell me how many team members do you currently have?
Waqas Siddiqi: We have an awesome team who are highly organized and passionate for the success of GoMeat — so far we are 15 team members excluding 5 co-founders who are organized in diff dept and geographically spread around the globe supporting GoMeat operations.
3. What event influenced the project the most? Your business is international. I love how elegantly you do mass adoption of crypto! 😊 Thanks for the introduction, we will have a question selected for Part 1, ready to start? 🚀
Waqas Siddiqi: I would say that the origin of GoMeat itself was a compelling event as it was based on a genuine problem existing in the market and there were no others trying to solve the problem and myself as a specialty meat consumer when did some research on the market — it compelled to get it started and solve the problem for the community and then Covid had a huge impact on our business as we suddenly became very relevant in the “new normal”. Yes! Sure.
- Telegram Questions:
1.⭐️ Reading your website is realized that your ICO was programmed for June 24th, but you didn’t do it, can you explain why? Also when is going to be your first official ICO? from Telegram user @Manugotsuka
Waqas Siddiqi: We are moving as per the plan — June 24th we started with the Pre-ICO event which will run until the end of Aug — our plan is to launch our official ICO in September.
Can you tell us more about Pre-ICO event?
Waqas Siddiqi: As mentioned we are currently running a pre-ICO event offering 500k GOMT tokens with a 20% bonus priced at $2.5/token. This would continue Burke end of Aug — we are offering a 5% bonus on referrals (3% for referrer and 2% for referee). Our token is deflationary and we also have a burn mechanism as defined in detail in our white paper.
Do you already know on which platform your ICO will take place? Everyone can participate?😁
Waqas Siddiqi: Yes! Everyone can participate! Let me send an executive summary for specific details.
Do your users need to pass KYC?
Waqas Siddiqi: Yes!! We are very respectful of all regulations and compliances especially because we already have operations in the USA — there is a KYC process and we encourage all to initiate that process.
2. According to your Whitepaper, GoMeat business model developed on Hydra Blockchain system. Why do you build GoMeat Platform on Hydra blockchain network while more effective & reliable blockchains are available in crypto space nowadays such as binance smart chain? Did you audit your smart contract? How Does Hydra Chain help to solve GoMeat problems? from Telegram user @Asela1112
Waqas Siddiqi: That’s a great question — let me answer Hydra and how it is aligned with GoMeat first.
Our primary Blockchain use case is to make the specialty meat industry transparent and traceable. We want to build upon the infrastructure which facilitates stores and the certification boards and so needed a chain that is closest to our model. Hydra stands out as our clear choice due to the following key reasons:
1) Hydra provides a low and predictable transaction fee. Hydra Chain provides gas price predictability through a node governed mechanism and its binding to a fiat value.
2) Hydra is highly scalable and also offering UTXO accounting model that allows a single wallet to have multiple addresses and a user can send out hundreds of transactions from the same wallet simultaneously.
3) Hydra offers gas royalty for businesses, an incentive for smart contract creators which is not available on traditional chains — while we grow our business on the chain, we will be rewarded based on our transactional economy.
4) And the key reason is that GoMeat is one of the early projects on Hydra chain and we are getting phenomenally strong advisory support not only from Hydra but also from the growing Hydra community.
We believe that we are aligned with their vision and our interests and benefits are mutual with great support from the Hydra team and so we ended up deciding to build up our use case on Hydra.
Also, our smart contract audit is almost completed and it will be made available by early next week!
I see a lot of preferences for Go Meat from using Hydra👍 but do you know, that we are living in cross-chain times now😂 didn’t you think that you can add more blockchains support in the future?
Waqas Siddiqi: The best thing about blockchains in the current era is that we are still in the evolution phase. There is absolutely a possibility to cater cross-chains as we grow further and as it supports our business case as the business case will always be the primary driver for all such decisions — we are already in close conversations with our Advisors on this front exploring our roadmap on this end :)
By the way, please share your roadmap.
Waqas Siddiqi: So as you know that we are in operations since 2019 and have 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 200+ 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 — as we grow in the US, we will expand in parallel in Europe as we are already getting a lot of interest from the UK as such a service is really needed there as well — I would highly encourage to review our roadmap in our white paper and join our Telegram group for any questions :)
3. GoMeat will validate the products that it will offer through Certification, taking into account that there are several Certification Boards and Agencies across the USA and in each country globally, each with different quality standards, I would like to know how you plan to maintain control of the standard quality of meat, if in each part of the world the characteristics that it must have to be considered of quality, tend to be different? from Telegram user @NSZR1
Waqas Siddiqi: Wow! Great question and I am glad we discuss it! So let’s keep in mind that GoMeat is NOT a meat seller — we are neither a certification authority or a religious body — we are a technology company providing a marketplace/platform where a consumer will have access to the meat stores of his choice, where the consumer can have the transparency of which certification board the store is certified from and where the consumer can have the traceability of the meat from the farm/slaughterhouses — and where a consumer can order online and get it delivered at the doorsteps! We will be working very closely with our key stakeholders such as Meat Stores and Certification boards globally and are not replacing them or their expertise but bringing them on our platform for their benefits as well as it has a lot of value proposition for them too as defined in our white paper :)
Ultimately the choice will be with our customers and their feedback is very valuable as they will always be one of the most important stakeholders of our business :)
Hm, ok, but you will check all sellers for compliance, right? Or how this will work?
Waqas Siddiqi: Yes! We have a reward system for stores and one of the key criteria is that for they have to keep their certification updated and stay in compliance with the relevant certification board at all times!
4. Delivering food and groceries to the doorstep is great because of this prevailing situation. However, many companies across the globe offer this kind of delivery service. You have pointed out three reasons to choose Go Meat, namely, free delivery with discounts, cashback, and the referral program. Although these facilities are beneficial for customers, most of them are common to every delivery service. Therefore, what are your plans to face this competitive situation? What makes you unique? Why should customers choose Go Meat? According to your roadmap, you are going to make Go Meat a globally established business by 2025. Great! But that will need more effort. If you are going to introduce some unique features in the future, can you please explain them? from Telegram user @DK177
Waqas Siddiqi: Another great question! So we operate in the niche area of specialty meat (halal and kosher) and one of the reasons we started GoMeat was that none of the food ordering and delivery services even Uber Eats or others are offering halal / Kosher meat delivery. With this $1.7 trillion market globally and $32 billion markets in the US only there is a huge vacuum and an opportunity for us as this segment has not yet become noticeable! Our biggest challenge still remains the adoption and scale-like how fast we can scale where we become irreplaceable and our roadmap takes that into consideration and so is our funding utilization — as mentioned in our white paper about 50% of our funds generated will go into promotions and marketing as we understand industry practices and have enormous learning experience already — with this planning and funding targets we are confident that we will be able to scale and promote and become one of the next global players. Lastly, there is a constant review of features and we continue to enhance our tech platform and with blockchain integration, we will have a clear differentiator! Just to let you know that as I write, we are running a special July 4th Independence Day promotion in the US for our customers :)
and who can take part in this promotion? 🙂
Waqas Siddiqi: Wherever GoMeat is currently available in USA ie 200+ stores in New Jersey, Chicago, Dallas, Houston, Austin, Philly, Atlanta, Orlando, Miami, Tampa :)
By how much do you plan to increase the number of users due to the introduction of the blockchain?
Waqas Siddiqi: Blockchain is a clear differentiator providing transparency and traceability — as of now we 4500+ customers — we plan to take our consumer base from current to at least 150,000 by 2025 — considering a market of 1.8 billion consumers worldwide — it is still a conservative number :) please refer to section 10 of our roadmap in the white paper for more details!
Are you planning to expand the markets of other countries?
Waqas Siddiqi: Yes! As mentioned earlier, we are already a lot of people reaching out from the UK and Germany for such a service availability! However, while we are exploring and gauging interests, we are focused on our roadmap for execution.
5. Currently, you have 3 apps for customers, partners, and drivers. But looking at your roadmap in Phase 2, you have an upcoming plan to integrate crypto wallet and Crypto payment solutions into the GoMeat platform. Does this mean that you will be creating an additional crypto wallet app for this? And for the crypto payment solution, will this only be used for transactions that happen within the GoMeat platform or you plan to diversify into payment services that can be integrated into various e-commerce or financial platforms? Will this be able to provide FIAT on-ramp and will you have your own debit card which could further simplify the payment process? from Telegram user @Highpee
Waqas Siddiqi: As of now our plan is to integrate crypto wallets to our existing apps and wallets — also it will be beyond GoMeat platform and we will integrate with payment services beyond GoMeat platform — also if you evaluate our business model closely we are a transaction-based company where we earn revenue on each every order/transaction, with complete control on the cash flows — the more volume we are able to generate the better it is. We will consider debit cards as well to simplify the payment process!
so, users will be free in their choice — fiat or crypto, right?
Waqas Siddiqi: Yes! As the transition to complete crypto will take some time and we have to offer this flexibility.
6. Currently, you are partners with stores in 15 different US cities and you’ve been in business since 2019. However I could note you have a delivery limit of 25 miles, this makes me curious, have you expanded this limit since your launch in 2019? Do you plan on expanding this further, or is it impossible because of food freshness? Also, how do you hire delivery people, and do they receive token bonuses and benefits? How has covid affected them specifically and how have you offered your help as they are the most vulnerable to infection? If you have, what have you done specifically? from Telegram user @orlemys
Waqas Siddiqi: Halal/ Kosher consumers are spread out and the stores are also not available everywhere in the US — we have experimented with our delivery radius. 25 miles gave us the best response in terms of accessibility to store / consumer and as well as freshness — however, let’s keep in mind that 25 miles radius can be delivered in 30 min in NJ but can take more than an hour in Chicago city due to traffic. So we have to review the radius for each city/area accordingly based on these factors — some people drive 200 miles in the midwest US to get Halal meat!
For the question on drivers on-boarding pls note that we have 3 major stakeholders and a firm and different approach and plan for each of them: 1) Stores 2) customers and 3) drivers
I hope that fast delivery thanks to you will soon be available quickly in all parts of the world!
Waqas Siddiqi: We have great learning so far on identifying channels and mediums where we can get drivers on-boarded — our drivers are also key stakeholders and we take care of them not only because we can lose them to competition but as a company policy! We will have a token reward system for our drivers too as mentioned in our white paper and during covid, we made sure to provide them not only with extra allowances but provided them with masks and sanitizers and encouraged both (customers and drivers) for contactless deliveries for their safety — none of our drivers were impacted by covid!
- Live Questions:
1.Robo Chur 1: Hello Sir, What are your top 3 things for GoMeat Platform priorities in 2021? Also, Can you expand our knowledge about GoMeat platform Roadmap this year and the future and any Updates on your Research and development progress? And what results has GoMeat achieved so far? How do you assure us of the benefits, safety, and transparency of GoMeat? Please tell me, How much progress has been made on the Roadmap of the GoMeat Platform? And What are your upcoming plans or events? Thank You.
Waqas Siddiqi: GoMeat has come a long way since 2019 — proving a concept with 200+ stores and $300k in volumes in 2020 speaks for itself with limited funding! Our topmost priority is Adoption and Scale which means increase our number of stores, customers, and delivery network — and so is the main reason for our ICO! We plan to expand in the USA and explore in parallel a few European markets as well as mentioned above.
2. Lio: ✅✅ Many projects are being abandoned after few months once they get attention. So how experienced is your team and what plans do you have to work in the long run?
Waqas Siddiqi: We are in business since 2019 and are an actual revenue-generating company! This shows our commitment to our venture. GoMeat founders are highly recognized and accomplished individuals and nothing is more important for us than our credibility! We can assure you of our best efforts, commitment, and passion to take this venture to next level of success. Please review all team members profiles on LinkedIn :)
3. Nguyenthanh: GoMeat claim that you have a very valid real-life business case with an actual need of such services for all of your user (customer, store, community). But I just wonder, what are the real-life business case looks like, maybe you can give the example about that?
Waqas Siddiqi: Some communities are very strict in ensuring if the meat is halal or kosher or not, to the extent that they don’t dine or eat in restaurants that do not offer that! They travel miles to get this kind of meat and pay an extra premium as halal/ kosher meat is expensive. These are reasons driven by strict religious guidelines or just because of health concerns — We are trying to solve this genuine problem and have proven the concept — the use case is to procure meat for these community members ensuring it’s halal or kosher as per their needs.
4. BJevery: So you have given what utility your GOMT has and why it should be bought/held. What then would keep the supply down? Besides the initial burn? What will keep the tokens from being oversupplied?
Waqas Siddiqi: We are launching a deflationary token — our total token supply is 5 Million GOMT out of which only 2.5 million will be available for purchase in this ICO. All tokens allocated to GoMeat team are vested with a gradual release plan — All unsold tokens will be burned and then we have a constant burning mechanism linked with GoMeat revenue generation — as it is a utility token with all details defined in the white paper, we are committed to putting our best efforts to increase the utility and so the value of the token over the period of time. Please review section 7 of our white paper for more details :)
5. Robocop: Do we only possible to order meat only? Have you sell other things besides groceries and do users need to do KYC to order using your platform?
Syed Hamed Quadri: Hello Robocop, please note that while our focus is on meat but customers can also order specialty groceries and food from our platform. A large number of our customers are neither Jew nor Muslim, our platform provides them with an opportunity to order from their local specialty/ethnic stores. To accommodate such customers, our platform also provides a “vegetarian” filter so they can browse the stores accordingly. A KYC is necessary to participate in our ICO.
6. Messi MA: What are the coins supported to pay for GOMT on your platform? Does your platform support USDC and will you add other coins too?
Syed Hamed Quadri: All major stable coins and crypto. ETH, BTC, LTC, HYDRA, USDC, USDT, BUSD, BNB, DAI, PAX are accepted for payment methods.
7. Ali Gul Baloch: How is your meat certification process executed? What makes it more efficient and accurate?
Waqas Siddiqi: The way it currently works is that all halal / Kosher meat stores have to get themselves certified with their relevant certification boards — there are multiple certification boards and the choice is driven by customers — if more customers are associated with a particular board due to their credibility, the more a store would want to register themselves with them! The entire process is manual where a board representative reviews the store and check where they are procuring their meat from (farm/slaughterhouse) approved by the board — the challenge is that at times stores can mix all kinds of meat (as non-halal/non-kosher meat is not that expensive) and the customer may not realize that and so results in this trust deficit — with the transparency we are bringing — it will be very transparent to all and will facilities not only the consumers but all help automate the process for certification boards, farms, and stores!
8. mucana: GoMeat’s goal is to win the COMMUNITY. Do you believe in the power of community? Do you have local community formations? Do you have language solutions especially for customers who live in places where English is not well-spoken?
Waqas Siddiqi: We strongly believe in communities and their constant betterment of society! We are an all-inclusive company and as per our data points which were very surprising for us too is that more than 50% of customers are neither Muslims nor Jews who are the primary consumers of halal/kosher meat — this gave us huge encouragement as we are serving cross communities and this also justifies the huge market size as well! Our primary goal is to solve the everyday problems of the communities and serve them better! Our current non-blockchain apps are available in multiple languages already and are available on Apple App Store and Google Play store in the North American region.
9. 🌟meins Walker🌟: 🌈Give one reason why we choose you over your competitors as there is much competition ?*🌈
Waqas Siddiqi: We are serving a niche segment where we are the first halal /kosher meat online ordering and delivery services — we are already 200+ stores, 4.5k customers ahead of any competition which may come. It’s a huge market segment and we believe that there will be competition soon! Therefore our biggest challenge is how fast can we scale and become irreplaceable for any large players in the market who have not yet focused on this niche! This is the primary reason for our ICO as well — Adoption and Scale to the next level when we have already proven the concept and business model, based on the enormous learning curve we have developed over the last 3 years or so!
10. Khalee: Researching on your website, I am amazed that #GoMeat has literally an actual use case and it’s a real business, which is great! But how will #GoMeat deal with regulatory issues or other limits when it comes to bridging the gap between cryptocurrencies and real-world business? When did you start tokenizing your business, and why did you decide to create a token out of it?
Syed Hamed Quadri: Yes, GoMeat has been operational and generating revenue since 2019. We will be expanding globally starting in 2022. GoMeat has a highly qualified legal team that is working closely with us to handle all regulatory issues. As per current regulations of European nation our terms & conditions, terms of sale, and privacy policies have all the details of regulatory compliance Our whitepaper was written back in 2019 and our vision had always blockchain integration but first, we wanted to establish our business case thus after 2 years of business we this is the perfect time to expand our operations and introduce GOMT utility Token.
We are excited to announce our third AMA with Crypto TiTans on Wednesday, July 5th, 2021 at 12:00 PM UTC. Don’t miss out! We’re zooming forward full speed now! 🚀🔥