Mozo: The Token of Discovery

adebits (11)in #blockchain • 6 years ago

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According to Investopedia, Foot traffic is the presence and movement of people walking around in a particular space. It is important to many types of businesses, particularly retail establishments, as higher foot traffic can lead to higher sales. Driving foot traffic to retail spaces and stores has always been a challenge, however, loyalty programs seem to be an effective way to bring return customers back to the stores.

While loyalty programs seem to be a promising tool for increasing sales, existing point-based loyalty programs do not work as well as they should. According to Bond Loyalty’s Report 2017, more than half of point-based loyalty program participants (57%) don’t know their points balance and more than one in three of them (38%) are unaware of the value of their points, let alone how to use them. Single merchant membership reward systems are less effective and valued by consumers and hence not an effective tool for the intended purpose of increasing foot traffic. Hence, the search for a more effective earn-and-redeem loyalty program has been a challenge and subject of extensive studies in the retail industry for years but with the distruptive blockchain technology and IOT the search is over. Mozo aims to revolutinize customer loyalty market with their proprietary blockchain tecchnology.

Mozo Concept

Project Mozo started two years ago, backed by a US$1.0m private investment. During the first year of operation, they signed an MoU with Wanda e-Commerce Co., Ltd., part of China’s largest shopping mall operator for the deployment of Mozo as an indoor positioning system and shopping assistant app. The following year, another MoU was signed for piloting Mozo as an O2O system and consumer app for 361 Degrees International Co., Ltd., a leading Chinese sportswear brand. These MOUs were driven by the shopping malls’ and retailers’ need to combat the rapid encroachment of their market share by online marketplaces.

Project Mozo’s vision now is to build a universal platform to attract foot traffic to physical stores. Mozo allows consumers to mine and collect a cryptocurrency, called a Mozo token, when they use Mozo APP to discover new products at physical stores (i.e. sales floors which are digitized by the Mozo system). Mozo tokens can be converted into reference currencies such as Bitcoin or Ethereum, used as discounts for products and services at Mozo-enabled stores, and redeemed at the Mozo Redemption marketplace; making it attractive to build a universal membership and reward system for merchants.

Initially, Project Mozo will use the Ethereum blockchain network to support our transactions, and then switch to Solo when it becomes available. Our proprietary technology Solo is a new DAG type blockchain network that is designed to support peer-to-peer micropayment transactions (Retail, IoT, Microlending, Cybersecurity etc.). In the Solo blockchain network, each transaction initiated by a sending user is approved by the destination user and only the destination user itself, hence the name Solo.

How Does Mozo Work

Mozo works by using a “smart contract” which is tied to retail activities. This smart contract is established between the retailer’s smartphone or IoT device (such as a Beacon) and the consumer’s smartphone as they detect each other’s device. The consumer’s smartphone and retailer’s smartphone can accept and process a transaction under consumer’s command. In other words, the Mozo contract is a user-generated transaction that transfers control commands between user-device, user-user, or user-system. Hence, we create a smart contract where the object of the smart contract is to process the transaction on the blockchain network.

Before using Mozo, users and devices must first be registered with the Mozo System and the blockchain network through authentication procedures. In case the device (such as a Beacon or Sticker) is difficult to be registered by itself, the administrator must then first identify the unique ID (UUID) of the device and register that device. After that, the retailer’s salesperson must associate the device with the product that the retailer wishes to sell. The method to identify the device in case of Beacon or Sticker is to use a Bluetooth scanner, which will return the unique ID of the device. However, if this is not the case, the tool should hash the unique response information so that the device can be automatically disconnected from the blockchain network and reported to the administrator whenever it has been tampered with. This is to protect the retailer’s and consumer’s interests

APPS

Early adopters expect the Mozo user interface to be intuitive, fluid, high performance, responsive and frictionless. Mozo have developed two apps. These two apps will enable interactive services offline and online.

Consumer APP

Consumer App offers both online and offline modes, which is illustrated below:

When the consumer is at home, work, or wherever the consumer smartphone does not detect any beacons (placed in merchants’ locations), Consumer App will switch to online mode. In the online mode, Consumer App exhibits features similar to a typical e-commerce app (e.g., Tmall or Amazon), except that we support Mozo tokens and allow consumer to access his/her favorite store inventory (not just warehouse inventory). In addition, Consumer app supports buy online and pick-up at store which is another O2O feature. We also include a showroom to allow viewing of “new arrival” products which are only available at physical stores, before consumers decide to visit and discover the products in person.

Retailer App

Retailer APP can be used by either a Salesperson at an outlet, or as a Retailer, depending on their log-in privileges.
When logging in in the role of a Salesperson at a particular physical store, the APP upgrades the salesperson to smart person. One unique feature is the ability to detect loyal customers who come in the store through our custom-made beacon, his/her historical buying patterns, and physical endowments such as shoe and dress sizes. This helps salespeople to smartly engage and personalize services to consumers. Another feature, we intend to add in Mozo 3.0 is the ability for the consumer to select his/her familiar salesperson as the preferred service personnel for their particular favorite store. In this way, we bring personalization to the next level. In the salesperson role, the APP also allow salespeople to perform product association with Stickers to provide Mozo token mining/reward opportunities to consumers, enquire about inventory, and handle orders at store or pick-up at stores.

Opportunities

Worldwide loyalty market — US$300 Billion

Global number of stores — 91 Million Stores

B&M Market (90% of retail market) — $21.1 Trillion

Global foot traffic (annually) — 2.6 Trillion walk-in customers

Asia-Pacific loyalty market — US$60 Billion

Asia-Pacific (excluding Japan) number of malls — 6,600 Malls

Committed to use Mozo — 38,000 Stores

Forecast in 3 years — 300,000 Stores

Tokenomy

A fixed supply of Five Billion (5,000,000,000) Mozo tokens will be created for the operation of Project Mozo. It is an ERC-20 compliance utility token, on Ethereum Blockchain network. It will be used by stores and venue operators to reward customers who in turn will collect and redeem them for deals, discounts, and products.

Roadmap

Mozo Team

The Team Mozo consists of highlyqualified and dedicated experts, who have worked together to build the Loyalty program for Smart Malls and Smart Stores. The full details of the team members, advisors and developers can be found here