Home Eats introduces the new cryptocurrency 'Eat Token' ("EAT") and the Home Eats platform to bring a blockchain based disruption to the food industry, food loving customers, cooks, and society at large. Home Eats thus aims to extend the Uber, eBay and AirBnB models into homemade food.
Ever known a relative or friend who is an excellent cook and should sell food? From the comfort of their homes, registered people can partner as "cooks" through Home Eats, sell their homemade food to the public using the Home Eats app, and be able to receive income for the food.
On the other side, people who don't have the time or skills to cook, or want a specific cuisine or healthier food, can still eat homemade food by ordering through the Home Eats app.
Home Eats aims to work with the relevant authorities and experts to ensure compliance with relevant food hygiene, health and safety regulations.
With the UK's restaurant and mobile food services turnover estimated to be more than (GBP)34.7 billion in 2017 and the global consumer foodservice market expected to grow to (GBP)2.4 trillion by 2021, Home Eats plans to capture parts of these markets, as described in its whitepaper.
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We plan that Eat Tokens within the Home Eats platform will provide various advantages and utilities. These are given as follows:
Through Eat Tokens, the holder will have the ability to purchase food through the Home Eats app. We envisage, in the long term, that Home Eats will be present in various countries around the world so the ability of a customer to go abroad, order from a cook of Home Eats in the foreign country using the Home Eats app, and not having to worry about changing one fiat currency to another fiat currency are major benefits that ideally save customers costs.
Those registered users who do not have Eat Tokens will be able to acquire Eat Tokens using another company or provider and then use the Eat Tokens on the Home Eats app.
Exclusive reporting and analytics (cook analytics)
Whilst basic reporting will be free for cooks in the Home Eats app, more advanced reporting and analytics about food will be purchasable by paying Eats Tokens through the Home Eats app. This allows the cook to know customer preferences better, what the trends are, and to determine things that can be improved, thereby enabling improved revenue and orders for the cooks.
If a customer really enjoys the food of a specific cook, the customer can ask the cook the teach the customer for a fee, payable in Eat Tokens through the Home Eats app. This can help the customer to learn new cuisines and is a positive step towards home cooking, whilst the cook can earn extra income.
Advertising and promotions
Cooks will be able to have their name appear at the top of specific searches or in higher slots by paying Eat Tokens through the Home Eats app. To be eligible for this, the cook needs to meet certain additional criteria, such as for ratings. This enables the cook to benefit through increased exposure and awareness in front of customers.
Polls and surveys
Cooks or companies will be able to organise surveys or polls through the Home Eats app and participants can be rewarded through Eat Tokens through the Home Eats app. This encourages people to participate, ideally leading to an increased sample size and more reliable results.
Recipes will be available through the Home Eats app and registered users will be able to use their Eat Tokens to purchase these recipes through the Home Eats app. This can help the purchaser to learn new cuisines and is a positive step towards home cooking.
There are various reasons for Home Eats deciding to create its own cryptocurrency Eat Token, instead of using fiat in the Home Eats platform.
Where the customer is abroad in a country where Home Eats is present, it allows the customer to pay for food using Eat Token through the Home Eats app. This can save the customer fiat exchange costs and provide convenience.
It also allows a cook receiving Eat Token in the domestic country to then use the same Eat Token when travelling abroad in a country where Home Eats is present and to buy food there through the Home Eats app.
It creates an incentive for participants within the ecosystem to continue to use the app, spend the remaining Eat tokens within it, and to support the development and functioning of the Home Eats ecosystem.
Supporting the blockchain industry
For the cryptocurrency and blockchain world to gain mass adoption, it needs a good business case with regular usage in real life. That is what Eat Token is aiming for. In a way, it can be said that Home Eats wants to promote blockchain technology and its adoption through the Eat Token, an Ethereum based token.
For the mission of Home Eats to be effective, it is important to create a strong brand and profile. Through Home Eats having its own cryptocurrency, the profile and branding of Home Eats can be enhanced compared to using fiat. Each time someone transacts in Eat Token, the transacting person can associate it to the Home Eats brand and the brand awareness can help Home Eats to grow.
Development of the Home Eats platform
Selling Eat Token during the pre-sale and ICO allows participants to contribute towards the development of the Home Eats platform.
Benefits for Customers
Home Eats plans to cater for a wider variety of dietary requirements, tastes and cuisines across a wider area by allowing cooks to prepare food from home and sell their food.
We expect that due to cooks through Home Eats having lower costs than restaurants, the costs of ordering can be reduced.
Homemade food can be more nutritious and healthy than takeaways. Where cooks have more time to prepare the food, it can also be more healthier and better quality as the food isn’t just a “number” to try to meet all the demand of customers who entered the restaurant or takeaway. The health benefits can further be the case if cooks that grow organic materials use them in their cooking.
The ability to pay using Eat Tokens through the Home Eats app whilst abroad allows customers to avoid converting local fiat currency to foreign fiat currency in such cases, thereby possibly saving them exchange rate fees and conversion losses.
Convenience for mothers
Where a cook makes lunches for school children through Home Eats, time constrained mothers don’t need to prepare the lunches and can worry less about kids eating unhealthily through canteen food.
Benefits for Cooks
Simpler set up
Cooks can set up their food business from home through Home Eats more easily than setting up a restaurant. This allows the cooks to have extra income when they need it.
Quicker set up
We expect that because cooks do not have to acquire new premises or hire new staff, cooks can set up their food business from home through Home Eats more quickly than setting up a restaurant. This gives cooks greater flexibility to meet their short term needs.
Cooks can have less costs in setting up through Home Eats than opening a restaurant or a takeaway.
By selling through Home Eats, cooks can earn income that they did not have before.
Having a home business through Home Eats can allow the cooks to work the hours that they want and to accept the orders that they want, giving them potentially significantly more flexibility than working in a full-time job in a restaurant.
Benefits for Society
People within the local community can interact and integrate with each other more. For example, neighbours can meet each other as they go out to eat each other’s food.
Increased wealth distribution
Wealth can be distributed to those in need within the community because they can earn income using their skills instead of being unemployed. Furthermore, it can support the local community by encouraging wealth to stay within the community and to develop it.