Seal Network ICO REVIEW
Seal is a blockchain solution for authenticating genuine products and keeping its members safe from merchants who sell counterfeits. Its public sale is about to go live on 13th May and below we will take a look at the ICO.
It uses a combination of NFC chips which are embedded in the product to be authenticated via the Seal network and the Seal app.
A token is produced for each product and maintained on the blockchain including records of ownership transfer, insurance, and other specific information. Using the Seal app, anyone can check the authenticity of the item with their smartphone. Brands protect their products from counterfeiters and purchasers are guaranteed the authenticity of the items they purchase.
Master plan – Phase 1
Infrastructure of Authenticity Seal’s investments in the platform will lay the groundwork for the world’s infrastructure of authenticity. This infrastructure is the basis upon which a service ecosystem can be built upon. Perhaps most notably, it would provide a way for brands to gather data and perform geographic and time series analysis on product streams. This is a leap forward in the maturity of insight-driven organizations. Other services are not limited to the previously highlighted services. In the future, Seal may further expand its service offering, for example with special customs and law enforcement software.
Master plan – Phase 2
Convergence of E-Commerce & Retail Seal has both E-Commerce and Retail applications. In retail, Seal can become a no-checkout method to pay for genuine products. Simply scan, pay and walk away. In E-Commerce, verifying and claiming the ownership of products could occur even before the product is shipped, or listed on sites like eBay or Amazon. Should the seller fail to send the product, the new owner can lock the product by marking it as lost or stolen.
Master plan – Phase 3
Currency of Authenticity Seal establishes itself as the currency of authenticity. The currency is optimized for transacting consumer goods. Using Seal to pay for products while directly claiming ownership provides both buyer and seller a guaranteed exchange of goods. With regular FIAT transactions, there is no way to tell with certainty whether (a) the product is genuine and (b) physical money / banknotes are not counterfeited
Counterfeits are a major problem globally, with major brands such as Nike suffering the most. Around 85% of such counterfeits originate from Asia and represent approximately 20% of China’s production. With literally hundreds of millions counterfeit items being shipped it is estimated that by 2022 the counterfeit market will reach $1,954 billion.
The profits from such enterprises frequently fund organised crime and terrorism, while fake goods such as drugs, airbags, and automotive parts jeopardise safety. The further problem is that manufacturers of genuine products produce unlicensed copies during ‘midnight shifts,’ thus undermining the original brand.
In addition to primary markets, secondary and second-hand markets are also affected with many buyers on markets such as eBay and Amazon falling victim to fraud.
Existing anti-counterfeit technologies include water-marking, invisible inks, holograms, micro-print, Mire patterns, etc. Most of these, however, can be overcome by dedicated counterfeiters. In fact, all offline antifraud methods offer only limited protection.
The Seal online platform disrupts all counterfeiters. By embedding a proprietary NFC chip in the physical item and matching that to a token on the blockchain, guaranteed authenticity can be checked simply using a smartphone.
Online marketplaces such as eBay and Amazon would be able to integrate the technology with their distribution network to verify product authenticity before listing.
In additions to guaranteeing the authenticity of items, there are many additional benefits, some of which have been developed already and others still in the pipeline including:
• Authenticity verification
• Ownership registration
• Ownership transfer
• Theft protection
• Marketing information
• Product recalls
Initial Product Seal has developed a working version of the product. The Seal app is compatible with Android and iOS (iPhone 7 and up). Current features include authenticity checks, ownership transfers and inventory management. The product is scheduled to be downloadable in the Google Play Store and Apple App Store later this year.
Current implemented features
• Android and iOS compatible
• Authenticity checks
• Ownership transfers
• Inventory management
Brands are charged a commission fee for access to the Seal network, typically 1.5% of the product sales value. 25% of that would fund the Seal network, 5% of which would be burnt. Additionally, the brand would be charged a mining fee for each token generated.
Some brands would be able to offset the fees by tapping into the second-hand market. The system would enable the original brand to charge a fee when the product is sold on. Various pricing options are possible including dynamic and static pricing.
Seal will generate additional revenues through sales of the NFC chips to brands; subscription SaaS services; and consulting and API integration.
Tokens will be allocated as follows:
• Token sale: 41%
• Team and advisors: 13%
• PR: 7%
• Retained for building the business: 22%
• Future R&D: 17%
USE OF PROCEEDS
We plan to use the funds generated in the token sale as follows:
• SEAL APP The basic application is created with NFC scanning. The authenticity check is implemented.
• BACKEND The basic backend portal is created which allows brands to configure products for their production lines.
• CROWDSALE Q 1 2018 Token sale and distribution.
• PRODUCT DEPLOYMENT Q 3 2018 The first commercial products are deployed on the Seal Network.
• PRODUCT DEVELOPMENT Q 4 2018 The Seal App and backend will be further developed.
• EXTRA SERVICES Q 1 2019 The services portfolio is extended with other and brand-specific services.
• ANALYTICS Q 3 2019 An analytics dashboard made for executives who wish to better understand their customers’ behavior.
• BLOCKCHAIN R&D Q 1 2020 A Seal blockchain is created and tokens are migrated from Ethereum to the Seal blockchain.
• CHIP DESIGN R&D Q 1 2021 A more advanced proprietary NFC is developed together with a development partner.
FOR MORE INFORMATION PLEASE VISIT THE LINKS BELOW;
White Paper: https://seal.network/seal-whitepaper.pdf
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=2929809.0
Bounty program: https://bitcointalk.org/index.php?topic=3217735
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409