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What is Waivio
Waivio is an open distributed attention marketplace.
Mission
Empower users to trade their attention and knowledge on their own terms.
Vision
Waivio replaces intrusive advertising with incentive-based attention trading, of which users become the main beneficiaries.
The platform allows companies to publicly post attention bids on the Steem social blockchain, inviting eligible users to receive rewards for performing tasks, such as visiting a website, participating in a survey or sharing an experience.
Companies can reach their target audiences in a transparent and simple way, using customer intelligence data available on the social blockchain, such as the number of followers, the reputation acquired or the domain expertise as confirmed by the community.
At the same time, users retain full control and can choose to perform tasks and receive associated rewards, ignore offers or even monitor the blockchain for specific reward types.
Users can finally enjoy an advertising-free environment and choose to browse the attention bids whenever they want.
Strategy & Initial Focus
In order for the attention market to offer meaningful reach and value to larger companies, a critical mass of users is required. And even though Steem is one of the top 5 blockchains in the world by number of transactions, it still has a limited audience of one million+ users.
This is why the initial focus of the Waivio platform is on the monetization of restaurant coupons, because the system can provide considerable value even with a smaller number of engaged local users.
Rewards For Reviews Of Dishes
Currently, more than 11% of the U.S. population dine out 7 days a week. This is a trend that is accelerating among the younger generations, who are also technically savvy and price-conscious.
Each year, more than $26 billion in coupons, discounts and deals are claimed in U.S. restaurants, with 1 in 11 visitors receiving a discount of 30% or more.
The Problem
And although restaurant coupons and daily deals are a very important part of restaurant marketing, there are significant issues associated with them.
Problems for users:
- difficult to find and manage (advertised in different apps and media);
- users say they receive a "second class" service (and waiters complain about receiving smaller tips).
Problems for restaurants: - difficult to offer coupons only to new or lapsed customers;
- employee fraud (particularly on cash payments);
- ongoing discount programs devalue the restaurant's brand.
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The Solution
Waivio's attention marketplace allows restaurants to replace coupons with rewards for quick reviews of specific dishes.
Attention bids for dish reviews must be sponsored by an independent restaurant review service to avoid bias and ensure that users post honest reviews.
The customer journey:
- Discover an attractive bid for the review of a dish and reserve it.
- Visit the restaurant, order the dish and pay the full price.
- Publish an honest review with original photos, and
- Collect the announced reward (combination of STEEM and SBD coins).
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Benefits
The monetization of coupons and discounts provides considerable benefits to all parties.
For users:
- a personalized stream of rewards;
- the aspirational activity (helping others discover great experiences);
- build social capital (likes, comments, connections, reputation).
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For restaurants:
- no management overhead;
- pay for results only;
- no employee fraud;
- easy to target new or lapsed customers;
- drive traffic during off-peak days and hours;
- receive honest dish-specific reviews.
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For partners:
- restaurant listings, menus and food reviews can be integrated into any third party application;
- Waivio Labs can help to create custom sites and applications using Waivio technology.
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Guides
Guides are independent agents that help restaurants launch and maintain their rewards programs on Steem blockchain.
Guides may start by helping restaurants publish their business information, photo galleries and menus on the Waivio platform. Then guides can launch rewards programs on behalf of restaurants with specific targeting and budgeting requirements.
Guides can create their own restaurant review websites using the Waivio platform and help restaurants launch social websites.
Network Effect
Waivio is an open distributed platform and guides do not need authorization to start their projects. Guides are not required to launch their own Waivio nodes and can use existing infrastructure to manage rewards programs for their clients.
Waivio Attention Marketplace functions as a global clearing house for the announcement and execution of attention bids. But the distribution of rewards is administered by guides on behalf of restaurants in their respective territories, in accordance with local laws and requirements. The Waivio platform makes the reward distribution process very simple and transparent for all parties.
Unlike closed systems, each time a new social website or node is launched, this increases the combined network effect, as all user registrations, connections and content are recorded on the same public social blockchain. Software updates and technological innovations in the open software development environment also become accessible to all involved parties.
Future Plans
Waivio is an open platform and all reviews, restaurant listings and menus, which are published on Steem's public blockchain, can be easily integrated into any third party application, such as food delivery and pickup, table reservations, review sites and much more. These integrations further increase the visibility and effectiveness of reviews of dishes published on the social blockchain.
The Waivio platform offers substantial benefits for e-commerce systems. Suppliers can post product and service descriptions on Steem blockchain, making them easily accessible to customers and partners. This ensures that product descriptions on different e-commerce sites are accurate and always up-to-date.
Product listings on Steem social blockchain serve to collect customer feedback in the form of reviews, ratings and tags. And these customer reviews can also be integrated into the websites of suppliers, their partners, resellers, rating services and lifestyle social apps and sites. Customers appreciate receiving feedback directly from product manufacturers and now suppliers can communicate with their customers across multiple sites using the Waivio platform.
Steem's open social network provides in-depth customer data and business intelligence to help companies locate their target audiences. And the Waivio attention marketplace allows companies to bid for the attention of their potential customers in a simple and transparent way, while ensuring that users maintain control and can trade their attention on their own terms.
The Waivio platform makes users the main beneficiaries of their social reputation and attention. The growth of audience on the Steem social block channel would make it possible to offer many new services and business models using the network's distributed infrastructure, ease of payment and access to social content created by the community.
Product Roadmap
Waivio's original whitepaper was published in October 2018.
A month later, a Global Cloud DevOps team started the development.
And 9 months later, the production version of the Waivio platform was released (including cloud & CDN servers, blockchain indexing servers, bot posting services, processing of news streams, object reference protocol and a lot more).
Testimony:
I am Alex Gruntsev (author of the Waivio whitepaper) and I have more than 25 years of experience in building products and managing software development teams, both on-site and remotely. I highly recommend the Global Cloud Team (Ukraine) for the development of sophisticated blockchain projects, websites and apps. Not only did they prove to be cost-effective, but their productivity exceeded all my expectations (and I had a lot of experience using outsourcing and outstaffing services). The DevOps team was ready to go in 10 business days and they work in a continuous product delivery cycle since then. I am very impressed with their capabilities and execution discipline.
As of August, 2019 Waivio platform supports Object Reference Protocol, which allows users to:
- create listings on Steem social blockchain such as companies, products, services, places, terms, hashtags and more;
- add different types of fields to objects, such as title, description, gallery, address, price, links, phones and so on;
- integrate other objects, such as lists (catalogs, menus, locations) and pages (long descriptions, specs, notes);
- reference objects from posts using permanent links;
- accumulate community knowledge about objects in the form of reviews, ratings and tag clouds;
- compare objects using their system-wide ratings and examine users' expertise in that object;
- review expertise of users in all objects, including hashtags.
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Other Waivio platform innovations:
- quick search for objects and hashtags;
- custom news streams for objects;
- simplified editor for posts and support for simultaneous drafts.
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Next steps:
Q3, 2019 - Basic RewardsThe initial version of the Attention Marketplace would allow companies to post attention bids using basic targeting (user reputation, number of followers) to write quick reviews (with original photos and product links). Users will be able to view a customized stream of eligible attention bids, reserve them and submit posts that match the criteria. Companies will be informed of the successful bids and will be able to distribute the rewards in the SBD.
Q4, 2019 - Social SitesUsers will be able to launch social websites on the Waivio platform by selecting a template, a subset of objects (e. g. business, products) and customized news feeds. Waivio hosting service will support administrator privileges for managing object descriptions and social feeds.
Q1, 2020 - Accounts for Non-Steem Users To further simplify the on-boarding experience for new users, the Waivio platform would allow customers to use their emails to post to the Steem blockchain and accumulate their earnings on centralized accounts until they become comfortable opening a standard Steem account and managing their own keys.
Q2, 2020 - Attention MarketplaceAt this stage, the Waivio platform would allow advanced targeting options, such as user domain expertise, quality of followers, response rates, as well as new types of attention bids, such as website visits, promotional videos, polls, comments, and more.
Q3, 2020 - Tools for Guides, AnalyticsThe guides help companies manage their rewards programs on the Waivio platform and they would benefit from advanced financial reporting and analytics. These tools will further increase the transparency and efficiency of the attention bidding process.
Q4, 2020 - Personalization of FeedsCustomer feeds must be optimized to maximize user benefits, including the discovery of great content, high-value attention bids, new opportunities, object updates, upcoming events and much more.
Waivio makes this Product Roadmap public with the understanding that development objectives can change to better adapt to the everchanging business and technology landscape.
Waivio Reviews
If you have comments, suggestions or just want to show your support for the Waivio project, you can make a Steem post and include the following link:
https://waiviodev.com/object/ylr-waivio
Your post will appear in the Reviews section under the About menu on the Waivio.com site. Thank you.
