BITE Token: ‘Chefs Club Collective’ Restaurant Mobile App To Be Deployed On Tezos
The BITE Token: ‘Chefs Club Collective’ restaurant incentive mobile app is to be deployed on Tezos. In this article we take a deeper look into the project and what it hopes to achieve.
The ‘Chefs Club Collective’
‘Chefs Club Collective’ is an initiative that aims to help the restaurant industry by allowing consumers to provide direct funding to participating restaurants.
Through an app, consumers can directly support their favorite restaurant and their employees. Consumers can register on the mobile app, buy BITE tokens and will be able to redeem those BITE tokens in any of the participating restaurants.
When buying BITE tokens, consumers choose the restaurant they want to support and 100% of their payment is sent to that restaurant before the tokens are spent. Spending BITE tokens at a later point in time, will give the consumer a 20% discount on their bill.
Chefs Club Collective’s BITE is a project led by Elevated Returns and is deployed on Tezos. The tech stack is ready for phase one and they are currently working on their ‘go to market’ strategy. The smart contract is currently deployed on Tezos’ Delphinet.
We know Elevated Returns created the Aspen Coin, an STO that is currently trading on tZERO. This year, Elevated Returns will also launch a Digital Asset exchange called ERX that uses the Tezos blockchain to register its transactions. All tokens that will trade on ERX will be Tezos-based STO’s.
With the Chefs Club Collective, Elevated returns steps into new territory: the BITE token will not be an STO. Elevated Returns has had the project audited by their legal experts.
Their own security law analysis shows BITE not to be a security. One of the main reasons: the value will be known in advance to the penny. BITE tokens will cost $80cts, and will be redeemable at a fixed rate of $1.
It’s not an investment, but a voucher that will give you a discount on your food. At least 50% of your bill can be paid with BITE tokens, while the rest will be paid in cash, or with a card. Restaurants can decide for it to be more than 50%, but not less.
Payment will be done through an app on your mobile phone. For every user, the app will create an underlying Tezos account.
When a customer creates a voucher to be used in a particular restaurant, the corresponding number of BITE tokens will be transferred from his Tezos wallet, to the restaurant’s wallet.
In the future, restaurants and customers will be able to resell their unused BITEs through an exchange portal.
Incentives To Participate – A Win-Win Situation
For participating businesses, BITE tokens are sold as a way of providing immediate funding to restaurants. COVID has hit the hospitality industry hard.
The Chefs Club Collective gives customers an opportunity to support restaurants of choice. (To be applicable, restaurants do need to be participants in the Chefs Club Collective.)
Customers can pick a restaurant when they buy BITE tokens, and 100% of the money goes straight to that selected restaurant. Restaurants can also combine BITE token sales with ‘Go Fund Me’ campaigns.
For customers, the incentive to pay for BITE tokens upfront is primarily to support their favorite restaurants in the current state of the hospitality industry.
Additionally, they will get a 20% discount on the part of the check/bill that is paid with BITE tokens once they spend their BITE at a partner restaurant.
Creation of addresses and transaction costs will be paid by the platform and therefore there is no need for the customer to even be aware of Tezos running under the hood of the application.
The initial phase is planned to be held in the US in Q1-Q2, but this is a very loosely set date. Initially, Tezos will be used to replicate all token balances every 10 minutes on-chain.
In a later stage, if all regulatory hurdles are overcome, each transaction will be recorded on-chain in real time.
It was stated:
The Chefs Club Collective is an open and inclusive initiative. As such, we welcome any constructive input, or suggestion coming from the community as we are determining the best go-to-market strategy.
If you want to contribute, don’t hesitate to send us an email at [email protected]
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