Topic: Goodomy [GOOD] - Launching May 24, 2018 // From the creator of the first ICO - page 10. (Read 23139 times)

Hey, thanks for your questions.

For Shopomy to succeed, Shopomy will have to be used by at least 300 users in one city, I think. However, there are other use cases for Goodomy in development. Shopomy is just the first one and the focus for now.

That is to say, the success of Goodomy won't depend on the app's success.

The growth would be measured weekly per location. 60 users is the approximate test base for the first market (e.g., Los Angeles) with other cities being pushed after that. The March-June period being about 12-15 weeks and about 50% growth week-on-week across all locations until it hits a saturation level. 200-500% weekly growth for the first few months is not uncommon for apps that have similar economic or gamification features.


You can think of FITE as store listings, and REMI as the process behind the listings.

I may create a "bluepaper" that details the logic behind these processes when phase 2 is released. But it's also good to see it in action.


These won't be the typical mobile ads but promoted listings, like ebay or Amazon. It won't interrupt the user experience in any way.


A pleasure! It helps the process and lets me know what people are thinking. If you have any other questions or suggestions please feel free.

So I think that for this to succeed the app will HAVE to be used, your projections go from 60 users in March 2018 to
18,000 users in June. This is pretty rapid growth, how do you plan to achieve this?

Im sure that you have answered this somewhere but sorry I don't want to dig through the ANN, we kinda need a centralized source
of information here.

Also FITE is part of REMI that will help businesses make use of the platform, they also have a projection going from 12 to 850
in those months. I'm still not sure what they are though? Are they like a different type of user?

I noticed that virtual products are aimed to be added in 2019, this could be huge if done right.

Lastly I noticed Ad revenue projected for 2018, how do you intend to integrate this? An ad free app would be ideal in my opinion.

this is all constructive criticism at worse, i like this project or i wouldn't be here

Still working out bugs with the developers (some of whom are on holiday break). I'm really pushing to have the package released before the end of the month. It's already behind schedule. (Apologies for the delay!)

What is the potential future value of Goodomy? Let's think of it in terms of value per user by comparing against value per address for a few peers.

It is important to note that, although cryptos may have several hundred thousand active addresses in the past 24 hours these could be possibly from only tens of thousands of actual users since each transfer out may be from multiple addresses (per wallet code) and users can easily create new addresses for transfers in.



The cryptos that reach mass market adoption may very well be the first trillion-dollar cryptos.

Thanks. A lot of those projects are just cash grabs. The websites are tools to just get your money. Many of the people may not even be active on the team, judging by how unproductive some of the projects are despite having a 'glowing' and large team. It's may even be that people join the teams of many of these companies in the hopes of huge profit from the token sale.

For example, with a project like Storiqa people don't really care if their burn rate is likely to be upwards of $1M a month or more. They only care that there is a team, a whitepaper, and a way to buy in. This is no different than people buying Webvan in their 1999 IPO.

Online grocer Webvan Group Inc., announced Friday that it has filed for a $345 million initial stock sale to raise money to build and equip its planned brick-and-mortar distribution centers. https://www.technologybreakingnews.com/1999/08/webvan-ipo-shoots-to-raise-345-million/ People went crazy over these companies: http://money.cnn.com/1999/11/05/news/webvan/

Their investors included Goldman Sachs, Sequoia Capital, and Softbank, who in total invested over $800 million in the concept. The founder of Webvan was Louis Borders, who also founded Borders books. They recruited the CEO of (then) Andersen Consulting. They had an awesome team. But despite all this experience and oversight they racked up $830 million in losses within a few months of their IPO.

They could have taken $10,000 and made and marketed a website to connect grocery stores to an online ordering system, and allowed people to sign up as deliverers. People did this with other markets (e.g., travel and limousine rental) They might still be in business if they had a much different approach. But instead, it was probably a money grab. At least one of the guys involved in Webvan is still making $375,000 a year for the rest of his life (!)

But most of crypto can't see past this, it seems, because they don't remember (or think about) the 20th century internet bubble. These companies had awesome teams (echo chambers) and awesome investors (cheerleaders) but were trying to solve problems that were only imaginary. People in crypto scream more about tulip mania (nearly 400 years ago) rather than something that happened less than 20 years ago and is far more relevant. Perhaps they don't want to know that it's pretty much the same kind of environment all over again.

I was there during all of this, working in financial PR. Every day I spoke with institutional investors about their positions in our clients' companies and worked on a Bloomberg terminal to try and figure it all out.

There will be many tokens that simply won't survive when the bubble pops because they are just like Webvan.

I think that's exactly the right approach. If i see all the project pages with a big team of suit wearing people I have the feeling it's more about marketing than real content. I have more faith in one real developer.
Currently I'm working on a project as a dev (not crypto related) just together with a graphics artist. We share the same big idea and I don't even wanna loose energy explaining it to someone else

from Telegram, for anyone to have an idea of what Goodomy will be about, and why this is currently a team of 1 (+app developers):

Whether we like it or not, the greatest companies are formed by 1-2 people, then others join as they mature. HP, Apple, Microsoft, Google, Ford, Standard Oil, Walmart, Amazon, even ebay.. the list goes on.

"Teams" sound great, but it's not so great when you're laying the foundation. It would be far easier to understand the vision once it can actually be seen in operation and use.

Can you imagine Jeff Bezos trying to get a team together to form Amazon? To explain the vision, not only about how books are just the entryway to dominate ecommerce, a sector no one really cared about at the time?  He tried. They laughed at him. So he built it anyway and now he's the richest man in the world.

Here is his original thinking: "The wake up call was finding this startling statistic that web usage in the spring of 1994 was growing at 2,300 percent a year. You know, things just don’t grow that fast. It’s highly unusual, and that started me about thinking, 'What kind of business plan might make sense in the context of that growth?" He chose books only after analyzing the top 20 mail order businesses and determining that books were the commodity for which no mail order catalogue existed, because such a catalogue would be too big to mail out. The internet would be his book catalogue, and a passion was born. The very next day, Bezos flew to Los Angeles to attend the American Booksellers’ Convention to learn everything he could about the book business.

There is currently no singular worldwide economy, because it is too complicated to manage. Just as the internet made it possible for Bezos to put a single book catalogue into the hands of billions by digitizing it, the blockchain allows us to put a single economic system into the hands of billions. Think about that. Goodomy will do what others have wanted to do since Alexander the Great, but could not because they did not have the means. I have simply found a way to make that possible by leveraging distributed ledger technology.

Goodomy is a new kind of worldwide economic system that speculators will want to buy into, and Shopomy is a kind of distributed banking authority that people will want to use.

I personally don't care about shopping apps or whatever, just as Bezos didn't care about books. But I do care about making the first trillion-dollar crypto with a new type of economic system that benefits nearly everyone.

So, anyone is welcome to go ahead and laugh and say we need a giant team to make it happen. I will just keep forging along, Bezos-style

An important question from a recent telegram, and my (rather lengthy) response. The tl;dr is, "Shopomy is fundamentally different from others.":

What is Goodomy/Shopomy's value proposition?



How is this different than what Storiqa is doing?[/b]

It's also almost exactly the same value proposition as Amazon and Walmart, but Shopomy and Storiqa have different interpretations of this successful model. They are not doing what we are doing anymore than Amazon is doing what Walmart is doing.

Storiqa is actually trying to do what Amazon does without much difference, complete with tremendous overheads and distribution centers. They're also focusing on the $2 trillion ecommerce market that Amazon leads, whereas we are focused on the $30 trillion local retail market that no one leads (because it is likely that only distributed ledger technology makes it possible).

They seem to have fulfillment centers as part of their logistics, so stores will ship to them first, they will check for quality, then ship to the buyer. From their front page, "...the item shipped to you is tested at the Storiqa verification center." It's not really clear how it will work, but it sounds like a logistical nightmare that won't actually add much value.

Can you imagine if Amazon did this for each one of their products? Or even 5% of their products? This is a highly inefficent way of doing things. How is this cost-effective? Amazon leverages its ratings and review system to bring the better retailers to the forefront of listings and it costs them nothing.

They seem to be focused on tokens and their ICO rather than the utility of their product and why users should care. For example, in their FAQ they state that users will have to pay their own gas on the Ethereum network. This tells me that they're not thinking about the mass market, and therefore it would be very difficult to get the momentum they need to have buyers and sellers on the platform at the same time.

Another way that Shopomy isn't like Storiqa is that we are mobile and local. They are not.

On the somewhat-amusing side of things, they are using a strategy that I invented to raise funds.

I prefer to lead, not follow. That being said, it is best to go with what is proven to work already but doing it in a new way. I can't think of any successful product or service that isn't a new interpretation of an already-successful model or thing. I don't see their unique value proposition and how it solves the problem that Shopomy is designed to solve.

It also doesn't seem to save the buyer any more money. So why should buyers care? Because they can buy something with their NXT or DOGE coins? The market is far too small for this.

They have so far raised over $5M and they will need far more than that with all of their overhead. That won't even cover the cost of one of their distribution centers. (And right now they have a staff of 24.. and that's just for management and developers. They'll need to hire lots more people for shipping, logistics, inventory, quality assurance, etc.. at each distribution center.)

Shopomy: "What if you took the outrageously successful Amazon business model, removed the need for warehousing and logistics, opened it up to a consumer market nearly 15x bigger, made it mobile and local, and attached it to a blockchain?""

Storiqa does not remove the need for warehousing and logistics, nor are they going after the same market, or focused on local businesses (again, the largest goods and services market in the world).

Very different. But they also don't have the secret sauce that I invented (which see)

But I am sure they will be following that, too, in a year or so. By which time they may be just a footnote in crypto-history.

Further, I don't think they understand what decentralization means. From their FAQ, "Decentralization and the opportunities presented by the use of cryptocurrency in the project can cover the needs in speed, global market access and transaction security." Yet, they will have warehouses and shipping centers. How much "speed" is there when there are so many factors involved such as currency conversions, shipping, customs, quality control, warehousing, etc?

They will also charge a fee to list products. 1 token per item per DAY to list your product.

They will also allow buyers to pay in a variety of fiat and cryptocurrencies, which will be a tremendous accounting headache for sellers (and confusing for buyers, perhaps)

Warehouses are expensive to run and ship from. They need at least $100M for this if they want to expand to more than a couple of cities. Are sellers in Singapore supposed to ship their products to Russia for the first year? The mark-ups will be huge if tremendous economies of scale are not employed (which is something only the very big companies can handle).

I'm not sure they thought it through.

Storiqa will have:

Payments in cryptocurrencies and fiat money. [probably a bad idea; see above]

Low fees and transaction costs. [Shopomy is free to use, with premium features. Sellers must first purchase 1 of their tokens in order to simply list a product on their system in the hopes that someone will buy it. And that's AFTER paying their 18,000 STQ yearly fee. Already too much friction even with one token, and far more with an additional 18,000 needed]

24/7 customer support for customers. [I can't imagine the headache in handling customer support for "1,000,000 shops", or even 100 shops]

They're solving a problem that doesn't really exist, I think...and charging sellers for it.

The way Shopomy is designed, sellers won't need to think about cryptocurrency. (The average person doesn't care about buying something with cryptocurrency, either.)

Their platform doesn't seem to have any benefits for buyers. But the benefits for sellers and shops seems okay. Without buyers, though, there is no transaction.

Shopomy is fundamentally different.

Again, Amazon focuses on the 7% retail market (ecommerce) and leads it. Amazon = platform for retailers, supported by distribution centers and requisite logistics

Shopomy will focus on the 93% retail market (physical stores). Shopomy = platform for local retailers, supported by mobile and blockchain with a little 'secret sauce'

"Local" being wherever the retailer happens to be.

DLT technology (distributed ledger) makes things possible that could not be conceived before. This means that there will be a tremendous amount of innovation in the coming years. What Shopomy will do is one of those DLT innovations, I believe.

Others have tried to do what Shopomy will do and have failed because they could not conceive of how to leverage DLT to make it work. This isn't just about putting stores online or allowing people in the neighborhood to find stuff locally.

Amazon has warehouses. We will have the distributed ledger. The blockchain is our "warehouse".

It's really just the same thing that works for Amazon, with updated execution, rather than trying to copy Amazon directly like Storiqa is trying to do. There's no need to add more friction and make the selling process far more complicated than it needs to be. Nor is there a need to make the operations more complicated that it needs to be (unless they made it that way in order to justify their ICO?)

Blockchain is supposed to make things more efficient and decentralized, not more complicated and centralized. I guess not everyone got the memo, however.

I've also updated the website a bit: http://goodomy.com/

Please note, however, that the Goodomy website design is only temporary. We will provide a fresh new consumer-facing design for Shopomy first to go along with the launch the of the app, then make changes as needed to the Goodomy website.

I think positioning ourselves as 'Amazon for Brick-and-Mortar' will help make the benefits more obvious to retailers (and the cryptocurrency community).

Thanks! I'm excited, too 

It's good to see a promising project with an active dev who cares about the community.
Good luck with the beta relase kosmost

Not scientific, but I wanted to see how many Craigslist 'for sale' posts in the top English-speaking cities accept cryptocurrency as compared with the population. San Francisco, Phoenix, Los Angeles, and Houston ranked highest.


 (Note: San Antonio didn't have its own Craigslist page)

I compared it with the population because of the benefits of the network effects of each person who is interested in cryptocurrency telling others about it. The more listings there are per person the greater the chance that each would have to find out about being able to buy something with crypto. Also, if Shopomy takes off in any particular city it is better to have more room to grow.

However, if people in the San Francisco area are religiously devoted to Craigslist for buying/selling items (as shown by their exceptional usage) it may not be a good idea to launch there, as they might be resistant to change.

Listings in the Phoenix area have surprisingly high acceptance of cryptocurrency, but this might be from all of the auto dealers there that accept it.

If we take a look at non-dealer listings in the top 4 cities that accept cryptocurrency, Los Angeles has the highest percentage:

San Francisco - 44.01% of listings that accept cryptocurrency are non-dealers
Phoenix - 43.34% ""
Houston - 34.61% ""
Los Angeles - 49.21% ""

We can certainly try SF but it might be a wasted effort. We're also not sure which demographic would be more likely to use it (and SF has a much higher concentration of young and tragically hip liberals). The safer bets might be Phoenix or Los Angeles.

Phoenix might be filled with more close-knit communities (such as the large Scottsdale area) with people that may be more willing to share the app with others. Los Angeles is a more international city, however, which means some users will spread Shopomy to other places organically. It may also be easier to find people that live in the Los Angeles area to help or hire for a few days.

We'll try out a bounty (for top Reddit post) in a couple of days.

I've also created a poll to think about which city Shopomy should launch in first. Once that is decided we will either see if anyone from the community lives there and would like to help out or hire 5-10 people to go out and create the first listings.

Thanks, gunmaster! I've joined (though I'll be quite busy working on phase 2 over the next few weeks, so will pop in and out)

Poll added: "Should we hold a 10,000 GOOD bounty for creating a Reddit post with the most upvotes over the next 4 days?"

It's an idea to bring more exposure to Shopomy project during the holiday and shopping season, though I'm somewhat against bounties outside of the Shopomy platform (as it will have its own bounty system)

We could also do 10,000 for the winner and 5,000 for runner-up

Thoughts and suggestions are appreciated!

Just a note that I have recently registered limited liability company in Hong Kong for the day-to-day management of Goodomy and the Shopomy platform.

Quite a number of blockchain and FinTech-related companies are operating from there for its friendly environment, so I thought it was a good choice. (I also started my previous company in Hong Kong so know the territory well enough.)

Please note that if you're still using a phrase in Parity to secure your tokens or Ethereum you should probably use a more secure method.

here is an explanation from MyEtherWallet from their Github: https://myetherwallet.github.io/knowledge-base/private-keys-passwords/parity-phrases-are-no-longer-supported.html

• They are insecure: People are using them as brain wallets. Brain wallets are insecure.
• Humans are not capable of generating enough entropy and therefore the wallets derived from phrases humans make up can be easily brute forced.
• They are being brute forced as we speak. At the time of this writing, no less than 9 ETH from 15 accounts has been confirmed stolen. There is certainly much more that we are unaware of.
• Parity phrases have no checksum or ability to enforce certain standards, such as strength or length. Any characters work.
• They create confusion for new users: New users have typed their private keys in that field and then ask us why their address is different from the one they originally derived.

The myetherwallet.com website is a popular choice, but you can also download the website and run it off of your local machine. You can find the download link on their website, which will lead you to https://github.com/kvhnuke/etherwallet/releases/tag/v3.10.9.7

(however, always check to make sure you are on the correct MyEtherWallet website)

You can also download the Eidoo app and send tokens to your Ethereum address that way.

If you have any questions about it please feel free to ask.

Somehow one of the main graphics in the OP got edited out over the past couple of days. Here it is, in case it was missed

Welcome, and thanks for your questions.


Management and Funding

The project was created and designed by me, but I lent money to Goodomy to pay for competent app developers. (This was lent in cash, to be repaid in cash plus nominal interest.)

Once phase 2 is launched and we have additional capital, then we'll look at getting some full-time help on board.

The Coin Before the Storm

The idea is to show you a working product first, then shift to high gear from there. Consider this like an ICO period, where you can pick up cheap tokens before we go live.


Branding

No worries. It's good we both have marketing backgrounds. I worked for a very large advertising firm that had Wendy's, Marlboro, Proctor and Gamble, and Kellogg's as clients in our group, and also Unilever, so have been thinking about consumer-facing products and branding for a while, especially for cryptocurrency. I also worked in financial public relations for EMC and Starwood (reporting directly to the boards of those corporations, and a few other big ones), so also have an idea of what the institutional investors might want in future. (However, the Shopomy ecosystem would be a hedge against corporate control, like what is happening now with Bitcoin.)

"Good" isn't brandable, I think. It's only useful as a ticker symbol. Imagine someone going to Google and searching for that. There are millions of websites with "Good" in their names and pages and the reason why generic names are usually avoided.

There's only one "Goodomy" however, and we show up in all 10 of the first 10 results on Google. It's also a play on words: "Good-of-me". But my original thinking was that every human being wants 'good' in their lives, and it's a neutral concept that most people can agree with, I think. It also stands for "the GOOD econOMY".

The core concept is essentially this: "You can be a good person by using Goodomy" with utility for nearly every archetype (explorer, caregiver, creator, outlaw, etc) all focused on their own interpretation of what it means to be "good". So the name represent different things to different people. For some, it will be an opportunity. For others, a way to find out what happening locally. Some may even wonder how they ever went shopping without it. And some may think it's stupid.

There will always be people who dislike the name, just as there will always people who dislike the most popular and profitable YouTube videos. But as far as branding goes, more people care about the product's utility and relationship with their everyday lives. People laughed at the name "ipod" when it was first announced, for nearly a year in the media. Now Apple has an entire line of i-products and people think far more about how to use them.

Our users will decide whether or not the name is good, I think. Just as people did with 'Google' or 'Yahoo' or even 'Unilever' and 'Marlboro', and hundreds of other successful companies. The more useful and popular a product becomes the less people will care about the product or company's name.

Marketing

For marketing efforts I see Goodomy more like the 'Tide' brand, focused on the markets where it will be used most and allowing people to just use it and see how it works for them, rather than trying to impress the chemical industry. Yes, the chemical industry was important for Tide but they weren't the customers. Now you can find Tide and its sister products on every consumer shelf in the world. So our primary focus won't be on the cryptocurrency industry like other coins and tokens, none of which have a foothold in the $30 trillion consumer product market or even seem to know how to enter it.

Opportunity

How much of the $400 billion cryptocurrency market do everyday purchases account for? Very little. And of the $14 billion transacted on Bitcoin over the past 24 hours, who would be confident to say that even 0.0001% was used to buy consumer products when transaction fees are averaging $27? This is much worse for consumers than any 'evil' credit card company could think up.

Can you imagine the price of GOOD when 2 million people who know nothing about cryptocurrency are using our app at least once a week to buy and sell everyday products using Goodomy? These people care nothing about crypto. They just want it to help them do what they already do, but better. That's our market, and that's our focus. The more of the masses that use Shopomy the more valuable GOOD becomes.

Too many other coins and tokens are good at explaining the wrong solutions well and overlooking the needs of the largest market on the planet in favor of shiny new methodology that only an infinitesimally tiny fraction of the population cares about.

We may very well re-write the rules of the crypto industry and dominate it simply by fulfilling the unmet needs of the society that allows cryptocurrency to exist in the first place.


Blockchain Platform

It's something to seriously consider. A platform with free and fast transactions is a must, I think. Only a few concerns are working on that: EOS, Raiblocks, IOTA, and perhaps one or two others (though POW isn't free). But EOS will have smart contracts and it's also an evolution of the lead developer's proven technology (Steem.it and Bitshares).