SPACOIN is the Ethereum – based blockchain platform regulated by smart contracts. SpaCoin develops the beauty care industry as well as creates market information via a cryptocurrency reward system, motivating and inspiring community to join the network.
KAYSPA (also known as SPA Foundation) is the biggest Spa chain in Indochina, is building SpaCoin, an Ethereum – based token regulated by smart contracts.
This blockchain platform supports the beauty community by gathering all beauty care solutions from Spa members and feedback from clients worldwide in order to improve the quality of beauty care. The company will hold a crowdsale between 13th – 26th November 2017.
Hereinafter the writer will provide a brief on SpaCoin, their upcoming Crowdsale as well as her investment – related thoughts on the project.
Platform
SpaCoin is the first cryptocurrency using a transparent decentralized platform in order to pay the rewards to clients and beauty care technicians who are recognized with positive contribution to the community.
SPACOIN is also the first blockchain in the beauty and healthcare industry that can help to solve the constraints of cross-border cosmetics trading and beauty care services through blockchain and smart contract.
Blockchain-Based Trusted Review Platform
By creating and implementing the first Blockchain platform for reliable spa reviews, Spa Foundation will facilitate the voice of the clients to be heard more. Beauty technicians will have access to valuable market research data and use them as strong tools to enhance the service quality as well as maintain the relations with loyal clients. Through a self-made smart agreement, Spa Foundation’s review platform will ensure optimum autonomy, confidence, speed and safety, thereby minimize any technical related risks.
Through this platform, users can find specific beauty technicians to support them with anonymous reviews. Each review shall be linked to blockchhain Ethereum and rewarded with a certain amount of SpaCoin. In return, the earned SpaCoin could be used to pay for the next treatments at one of our partnership Spas as well as to our beauty technicians.
By providing this method of earning and spending SpaCoin, SpaCoin shall be distributed in the whole beauty industry
Benefits
- Transparent reviews
- Once entering blockchain, the reviews can’t be adjusted nor replaced.
- Constant data storage
- Valuable market research
- Users will have access to reviews of each individual beauty technician. After making their own decision to choose a specific beauty technician, they can investigate further on the information provided by that technician.
- Users are entitled to present their ideas and made sure that their voices would be heard.
- Spa rewards system is flexible. Each review is rewarded differently based on the shares that they own at Spa Foundation.
The Creation of SPA Token And How To Earn It
The SPA token (SPA) is a native Ethereum divisible digital token with up to 8 decimal places.
There are two ways for people to get involved in Spa cryptocurrency:
- Purchase SpaCoin
Investors will use SpaCoin that they purchased to invest in the Spa Foundation projects in the future, thus earn shares dividends from those Spas. - Earn SpaCoin via work.
People who work for each other within the network will be paid by SPA Coin, this will help create a dynamic trading system
Token Sale
The presale will start on 6th November and end 12th November. The presale price will be 1 SPA = 1000 sts (0.000010 BTC). The total presale token distribution is 40,000,000.
The crowdsale will starts from 13th November and end 26th November. The Crowdsale price of SPA will be 1 SPA = 1200 sts (0.000012 BTC). The Token sale has a minimal objective of 6,000 ETH and a maximum cap of 24,000 ETH.
The maximum total supply of SPA tokens will be 150.000.000, with 57% being distributed to crowdsale participants and 25% for presales participants. 3% of bounties (equivalent to 5 million) is allocated to bounty campaigns (for individuals, groups or companies who want to promote SpaCoin) and will be distributed after the Crowdsale has completed.
The development team will receive 17% (equivalent to 25 million SPA), which is not to be sold nor launched to the market until the transformation from token to coin has been completed. Afterwards, these 25 million SpaCoins will be blocked and used either to burn coins to stabilize the market price or for the rewards.
After the Token sale, 40% of the Token sale funds will be allocated to business development activity such as headhunting legitimate CEOs, building sales team, establishing new SPA premises. 20% will be reserved for marketing, direct consumption and B2B channel. The rest is divided equally for software infrastructure and reserves.
Development Plan Post Token Sale
- Develop independent blockchain system with the commitment to transform tokens to coins after 6 months for investors holding our SPA token with a ratio of 1: 1.
- Develop phone application includes the functions of pre-order booking for Spa Foundation, locating your nearest Spa Foundation branch, latest promotion information as well as the most up-to-date effective beauty care tips.
- Integrated payment method via app using SpaCoin, transactions using SPA coin will be discounted from 5-10%.
- Build and enrich this Spa ecosystem together with the dentistry, cosmetic shops, other famous SPAs in order to develop a strong and dynamic ecosystem
Spa Foundation Team
Spa Foundation is the biggest Spa chain in Vietnam, Laos, Cambodia with 30 existing premises and over 300 dedicated beauty technicians. More than 3.000.000 clients have been served and fully satisfied with their chosen services. Spa Foundation employs more than 8 state-of-the-art technologies and uses only natural solutions instead of cosmetic surgery. The company aims to spread all over Southeast Asia with 55 Spas to be established till the end of 2019.
To facilitate the transactions via mobile app with Spacoins, Spa Foundation has signed strategic partnership agreement with Trustpay. Trustpay is one of the leading pioneer company in Vietnam launching prepaid Visa/ Mastercard TRUSTcard. TRUSTpay is in operations with more than 220.000 TRUSTcard issued, 30.000 users accounts, 1,200 accepted transaction locations, 450 locations giving discounts rate if transactions are done via TRUSTpay, 3.800 online shops, 220 franchise partners.
TRUSTpay’s strategic partners are well-known in the industry such as VNPT EPAY, Telepay, Webmoney Vietnam, Peacesoft. Having TRUSTpay as its strategic partners in this project, users can be at ease will all their Spacoins payment transactions via SPA mobile app.
Some Thoughts On The Project
Basically the use of blockchain technology is enable to trust. Similar to the other healthcare related blockchains that were launched before, this is quite relevant to beauty care industry and its need of information exchange and beauty knowledge sharing. SPA Foundation is building a platform for Asian market that potentially could have a great impact.
Transaction costs can be significantly reduced and information on beauty care solutions without using cosmetic surgery could be enriched. Issues with cross-border beauty products and services could be avoided and the voice of customers could be heard better via incentive review platform. In addition, as more people will earn Spa Coin and sue them in various ways, the value of this cryptocurrency will be widely recognized and thus leads to the increase in the value of Spa token.
Thus, from the writer’s point of view, especially at the position of regularly beauty care users, there is a huge demand for the product that Spa Foundation wants to build.
Being the first real beauty care project with an Crowdsale, SPACOIN could likely achieve a pioneer advantage. If they succeed to introduce their product in the Southeast ASIA, it could be a disruptive factor in the beauty industry that could possibly lead to a revolution to transform the whole way beauty industry operates.
