Buying.com Announces July 14th Token Sale on TrustSwap Launchpad
Buying.com, the team that founded the on-demand delivery platform and order management system, announced today that they will collaborate with TrustSwap to aid in the execution of their token offering on July 14th, 2021 at 9:00 AM PST.
Buying.com caters to businesses looking to upload products to its native platform and offer 1-hour delivery. The Buying.com delivery infrastructure is currently available in 22 US states in which hundreds of retail outlets are using the platform to make thousands of deliveries every day.
At a macro level, Buying.com is a hyperlocal micro-distribution network fulfilling last-mile delivery within 1-hour, and the $BUY token is used to facilitate transactions in this ecosystem that involves Manufacturers, Distributors, Delivery Companies, Distribution Centers, Consumers, and more.
Buying.com is rolling out in phases starting with a focus on Food Order Fulfillment. In this ecosystem, the Buying.com platform will be used by restaurants for internal orders, online orders, and order fulfillment for orders placed through major apps such as Doordash, GrubHub, UberEats, Postmates, and more.
Later phases will expand upon this model with more upgrades and features including:
- Consumer Incentives: Consumers placing orders through the BUY app will receive tokens as Loyalty rewards. These tokens can be redeemed at participating retailers.
- Social Group Buying: Consumers willing to participate in Social Group Buying to receive economies of scale from manufacturers to meet Minimum Order Quantity(MOQ) requirements. The BUY token will be used by such Buying Groups to purchase products.
- Distribution Centers: Similar to AirBnB, Buying.com enables any consumer or retailer with excess space to convert their garage or storage facility into a Distribution Center. Such facility owners would receive BUY tokens as payment for their services. Distribution Centers will need to stake tokens to participate in the network.
- Delivery Companies: Similar to Uber, Buying.com enables any consumer or business to do deliveries as part of its Hyperlocal Microdistribution Network. Delivery operators will receive BUY tokens as payment for their services. Delivery Companies will need to stake tokens to participate in the network.
- Supply Chain Management: Retailers and Distributors can place orders through the Buying.com app. To participate, Distributors and Retailers would need to stake tokens. The Buying.com network’s smart contracts will also optimize order deliveries as part of reducing the Carbon Footprint (CF) of e-Commerce. Order optimization will involve encouraging Supply chain participants to enter Social Group Buying for MOQ and CF reasons. BUY Tokens will be used as incentives for participants to be active in group orders.
The 4 Pillars of the Buying.com Ecosystem:
The BUY token creates loyalty across its platform for everyone from businesses to individuals. Some aspects of Buying.com’s loyalty program for businesses include rewards for using Buying’s hyperlocal micro-distribution infrastructure. Businesses can also use the BUY token to offset fees owed to Buying.com for delivery fulfillment.
All order details are stored on the Buying.com blockchain and a final reward calculation is carried out at the end of the day based on the number of delivery orders placed. At the end of a month, when the final settlement between the business and Buying.com takes place, the business can redeem the BUY token to offset payments for deliveries.
The BUY token will be used as a Platform Loyalty Token for incentivizing retailers to participate in the program by placing delivery orders with buying.com.
Businesses face a challenging dilemma when it comes to embracing a wide range of payments. They are often forced to pay exorbitant fees to accept certain transaction types. This trickles down to the bottom line price for customers so these expensive payment fees affect consumers as well. To avoid this, BUY presents an attractive alternate exchange of value for businesses and customers.
The use of the BUY token is an attractive option when it comes to:
- Micropayments where the transfer of funds to/from fiat is prohibitively expensive
- Transaction fees levied by banks and others make transferring funds to fiat incur at a minimum 2–3% if not more in transaction fees.
- Discounts off of products and services
There are a wide range of ways for stakeholders to use BUY for payment. Those include:
- Hyperlocal Delivery participants
- Hyperlocal Storage participants
- Retailers participating in the Buying.com marketplace
- Consumers using the BUY App
- Businesses using the Buying.com Hyperlocal Delivery or Storage services.
Participants wanting to play the role of a Delivery Partner and Storage Partner (and possibly other roles in the future) will need to Stake Tokens. Staking involves the stakeholder purchasing a set amount of tokens, (e.g. 10,000 BUY tokens) and leaving that as a deposit in their wallet. This reduces the velocity and increases hold time of the token.
Buying.com is enabling stakeholders to participate in governance. These stakeholders may be token holders, delivery partners, storage partners, retailers and more. These stakeholders may collectively vote on decisions such as rate of burning tokens, rewards % for consumers etc.
Buying.com Token Offering Details
Secure Launch Process
To ensure a smooth launch, Buying.com has agreed to:
1) Have their domain fully SSL certified one week prior to launch date.
2) Have their domain protected by Cloudflare and share proof with TrustSwap one week prior to launch date.
3) Disclose the vesting schedule of all tokens, including team, strategic investors, private presale, influencers, etc.
4) Add no less than $200,000 of ETH liquidity on Uniswap immediately upon listing.
5) Distribute tokens to launchpad participants within one hour of DEX/CEX listing using a token distributor like disperse or multisender.
6) Lock liquidity within 3 hours of listing for no less than 60 days at http://team.finance/.
7) Provide the timeline for token distributions, and distribute tokens within a one hour window of the agreed upon time.
8) Lock 75% or more of team & dev fund tokens for a minimum of thirty days on http://team.finance/ within 6 hours of funding liquidity on Uniswap.
9) Have at least one community moderator on each social platform (Discord, Telegram, etc.) actively available 24 hours a day for the first 7 days following the launch on Uniswap.
Participation and Allocation
Anyone, including those outside the TrustSwap ecosystem, are eligible to apply to participate in the $BUY token offering granted that individuals (and entities) meet jurisdictional restrictions. Take note that application does not guarantee an allocation and that the $BUY token uses the Algorand blockchain.
If the $BUY token offering becomes over-subscribed (due to pledges exceeding the $1.5M hard cap), priority will be given to the TrustSwap community based on total staked SWAP and SwapScore as follows:
1. On July 14th, 2021 9:00 AM PST the application window will open and remain open for 24 hours. During this time, go to the TrustSwap Launchpad at https://dashboard.trustswap.org/app/launchpads to apply. Make sure you have an Algorand wallet. For example https://wallet.myalgo.com/.
2. Complete all of the steps listed, including uploading all of the necessary KYC documents.
3. The portal will close after 24 hours. Following its close, there will be a waiting period of up to 48 hours as the Buying.com team finalizes internal processes.
4. Upon the success of your application, you will receive an email confirming the maximum amount you are allowed to contribute to the token offering. Within 24 hours, you have the opportunity to send these funds in to get your $BUY tokens. However, after 24 hours hours, your position will be given to the next in line and you will lose it.
5. This offering is on Algorand blockchain and requires an Opt-In to receive the $BUY tokens, stay tuned for our manual!
What should I do to prepare for the token offering?
- Based on the requirements set for a guaranteed allocation, stake your $SWAP tokens here before the deadline mentioned above.
- Take a photo of your government issued ID card (Passport, Drivers License, or any other form of government issued ID card that has your photo in it). (This is not required if you have an active registry with Sekuritance KYC.)
- Take a selfie of yourself holding the ID card along with a note that reads: “Buying.com 14th July 2021”. (This is not required if you have an active registry with Sekuritance KYC.)
- Create an Algorand wallet in case you don’t have one yet.
For example: https://wallet.myalgo.com/
- Make sure to follow the TrustSwap Announcement channel for updates and confirmations.
- Submit your details and documents at any point during the 24 hour window at https://launchpad.trustswap.org/.
Where Can I Learn More About Buying.com?
Who can participate in the Buying.com Token Sale?
Anyone not domiciled in the USA or UN sanctioned countries can participate in the Buying.com token sale.
*The eligible countries list is selected by Buying.com . If your country is not listed, this does not mean you are ineligible for future TrustSwap Launchpad projects.
** Launchpad dates are subject to change. This is not an endorsement, partnership or an offer for investment by TrustSwap. Buying.com is using the TrustSwap Launchpad as a customer, with specific requests as to how they need their launch to operate. TrustSwap is a provider of non-custodial, smart-contract-based software services. Digital assets carry a high level of risk. Participation is performed at your own risk. Exercise caution and conduct your own due diligence.