CookUp project in general terms is a food ordering/sharing platform which is also going to promote knowledge sharing related to cooking. The main goal is to connect everyone who cooks or people willing to share cooking advices with people in need of quality home-made meals. Also, project has a humanitarian note where it’s going to help fighting the world’s hunger problem. Team claims that project has number of advantages over its competitors due to use of the blockchain technology. With pointing out potential market value for delivering food in global, team wanted to present a cake from which they will try to take a slice. The cake estimation is around EUR 83 billion for global market and this number has a positive trend, implicating that it will continue to grow over the coming years. Besides being the platform, CookUp plans to achieve a social network level so people with cooking interests can connect and follow each other, share advices, experiences, recipes and order food from other members of the community. There will be two options where people can just have a user profile and make orders or those who offer cooking services (chefs). Chefs will have their own CookUp Shops in which they will present all the dishes that can be ordered from them. Other interesting possibilities will be hiring a chef to cook at your place, have a meal at the chef’s place or to have some other custom orders. Considering technological and practical aspect, platform is based on the Ethereum network and every buy or a review is going to be proceed/processed through smart contract and the blockchain. This way platform´s trustworthiness is going to be build up without intervention of a third party. The prices listed in the application will be stated in a fiat currency and procedure will go as following. Firstly, you will need to buy CHEF tokens with a credit card or some other cryptocurrency using CookUp application, then you can make an order where tokens will be uploaded to smart contract and after order completion tokens will go to chef. Secondly, chef can convert tokens to any other cryptocurrency or fiat currency using one of the exchanges listing CHEF tokens. Revenue model is based on in-app advertising and average 10% fee for every transaction within the app with pointing out that 3% is deducted for charity. CookUp will make an exclusive contract with organization evaluated as the best partner which deals with the hunger problem and the funds will be donated automatically through smart contract.
2. TOKEN METRICS
- soft cap 7000 ETH
- hard cap 22 500 ETH
- max token supply 630 million (UNSOLD TOKENS DURING THE ICO WILL BE BURNED)
- four AirDrops will be organized during the ICO with fixed number of 5.55 million CHEF tokens. Upon completion, tokens will be evenly distributed among all users who participated in the event.
Figure 1. Bonus levels
Figure 2. Token distribution
Figure 3. Funds distribution
3. TEAM REVIEW
The team consists of 15 relatively young people with remarkable board of advisors. Advisors like Vlaho Hrdalo, the chairman of UBIK and one of the prominent layers in Croatian crypto sphere, then Nikola Skoric, UBIK board member and the main founder of cryptocurrency brokerage firm Bitcoin Mjenjačnica in Croatia. Bruno Skvorc, as a CEO of Croatian Bitfalls exchange and a blockchain expert, who will undoubtedly contribute to project optimization.
3.1 KEY TEAM MEMBERS
Ivan Ivusic – CEO
- Master of Computer Science graduated on one of the most prestige Croatian IT colleges Fakultet elektrotehnike i računarstva (FER)
- without previously realized significant project but co-founder of energIT – energetics orientated company making project evaluations and building systems based on renewable energy sources
- above average LinkedIn network with more than 2000 followers
- co-founder and currently also CEO of Mint media marketing and consultant PR agency which works on CookUp project
Ivan Grbavac – CTO/Blockchain developer
- PhD student on one of most prestige Croatian IT colleges FER
- co-founder of Mint media and energIT
- only person in whole CookUp team to work on blockchain
Josip Tetlo – COO
- business oriented career with managing positions from Henkel to Croatian shipbuilding industries
- according to his LinkedIn profile “Senior manager with IT background, an MBA degree and more than 10 years of experience in managing key positions within large (production) companies with international presence”
- very neat LinkedIn profile with above average number of connections
Project Pros and Cons Pros a) legally very backed up due to seen disclaimers through the whitepaper which ensures investors in legally conducted and legit ICO b) visually very distinctive and colourful design of the website, whitepaper and almost every aspect of the ICO c) airdrops during the ICO will probably give them visibility d) project CEO is at the same time CEO of Mint media agency, which gave the project very good starting point with visual identity e) main blockchain benefits to project: user reviews will be transparent and immutable, secure and fast transactions, smart contract will forward percentage of every transaction to charity dealing with hunger problems f) widely targeted groups of users including professional chefs, amateur chefs, housewives, busy foodies, travellers, people interested in learning etc. Cons a) still long time to gain users and make fully working project – chefs and users pre-registration is expected in Q3 of 2019 b) the token value will be susceptible to price volatility which means chefs can lose money by accepting a booking in advance c) just one team member (Ivan Grbavac) is dealing with a blockchain part d) project is planned to be fully realized in Croatia which is in some way breakthrough due to potential conservative national policies e) there is no viable product yet
The token seems as a fundraising mechanism and not something that has an essential purpose, which is not a disadvantage but a good way of boosting an idea development. Many of team members are also members of Croatian crypto association UBIK, and some of them like advisors Vlaho Hrdalo and Nikola Skoric are in leading positions, so this way project has full backup in Croatian crypto industry. Further on, marketing agency Mint media – where some of the team members work – did a very good job with a visual identity. Idea behind the project is the only part why some of the investors are probably sceptic due to not so innovative concept. Food sharing/selling startups are amongst the most frequent ones, but very often they lack initial investment. If we quote CookUp´s CEO they are aware of this situation and he adds that there were already similar attempts, but they did not succeed, because they appeared on the market too soon. We can say that the team and advisors are world class, very dedicated to bringing idea to life and eager to develop the project in the future. Idea is an average but at the end we all know the story about social networks before the Facebook, and after all, one day we would gladly use the platform.