StuffGoGo ICO: Decentralized eCommerce, Potential Indiegogo Platform Use?
When I first saw the name StuffGoGo, I immediately associated the project with Indiegogo, but to my knowledge there is no relation. Though, I do think it’s a great branding move considering the fact that Indiegogo is the second largest crowdfunding platform — a lot of startups with products that are being funded on the platform…can you imagine if StuffGoGo went into some type of partnership with Indiegogo to help create a decentralized eCommerce store for project creators on the Indiegogo platform to essentially automatically have their own eCommerce store, pre-set up and easy to use?
These ICOs truly get my mind racing with innovative ideas. The traditional crowdfunding space has been facing quite a few problems with distribution of products after successful reward crowdfunding campaigns. StuffGoGo provides the project creator or beginning entrepreneur with a free eCommerce store solution — something entrepreneurs are used to getting nickle’d and dime’d on. The StuffGoGo team plans to use the SGG token to fuel transactions between buyers and sellers on the platform via algorithmic risk-grading.
As you can see above, the StuffGoGo team has 5 patents in place or filed. The first they have revealed helps protect buyer and seller privacy/identity while still providing a risk factor to each participant so they understand the risks involved in the transaction. This would be equivalent to Amazon’s rating standard, but is run by algorithms instead of individual users and their rating of that seller.
Their white paper dives into some of the core issues they aim to solve:
- Decentralized services — this is a MAJOR way to thwart hackers from stealing your money and information. Centralized networks are GOLD MINES for hackers to steal heaps of customer data. Just look at the various credit card hacking incidents in 2016 — MILLIONS of customer credit card and personal information stolen off of their service, like taking candy from a baby.
- Buyer and seller freedom exchange — meaning, eCommerce platforms currently operating do not allow for the exchange of certain types of goods. From what I’m understanding here, StuffGoGo does not restrict what can be bought or sold over the platform. For example, some websites may not even allow for the sale of used goods, right?
- Convenient online payments — not only is StuffGoGo making it so you can easily purchase and sell different types of goods over the web, but they make a good point that some eCommerce platforms such as LetGo and Craigslist force users to meet in person where they are an easy target to become a victim. I’m assuming StuffGoGo allows you to create a “post it note” type customized item to invoice another user for.
- Auctions — this is exciting! StuffGoGo mentioned various types of auctions in their white paper along with a MAJOR focus on user experience. This is awesome because a lot of eCommerce platforms, Amazon namely, can be overwhelming on the eyes with tons and tons of drop down lists and links. StuffGoGo mentions keeping the platform and UI “tidy.” Something we can all appreciate!
Token Sale Details
The Initial Coin Offering starts in just 4-days on August 12th, 2017 at 6:00am UTC. The ICO will last for a total of 28-days and end on September 9th. 1 Ether will equate to 5,000 SGG — I’ve always been a fan of the token sales that have large volume of coins being sold per Ether or BTC because it makes receiving bonus a lot more fun! Speaking of — those who contribute in the first 2 days will receive an extra 20% SGG tokens.
For example, if you purchased 5,000 SGG with 1 ETH, you will actually receive 6,000 SGG — 5,000 SGG + 1,000 SGG as 20% bonus. Another reason the large quantity token sales are fun is because the minimums are typically lower. This one is .1 ETH. ETH is worth around $300 right now. Minimum contribution of $30? That’s not bad! If you do that in the first 48-hours, you end up receiving 600 SGG, who knows how much more you could buy on the platform if the tokens appreciate!
Looking at the token sale allocation above, we can see that a large portion of the funds will be spent on R&D — this makes sense considering the platform is currently only an MVP. A full service eCommerce platform can take infinite time to build considering the need to constantly be working out bugs. Also keeping it up-to-date and compatible with a variety of operating systems is important and can be very expensive as well. I think they should be spending more on marketing and legal considering the legalities of not just ICOs, but international ecommerce law as well.
Either way, this is a startup and is very risky. Make sure you look further into the ICO aside from this article. This is another article I’ve created to help inform YOU about what’s going on in The Cryptosphere! Please give me a follow or share to help grow our community and I’ll see you next time!
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