TOKYO – Blockchain startup SynchroLife has partnered with 488 restaurants to create the world’s first social restaurant review platform that offers blockchain based token rewards to users for high quality restaurant review content.
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GINKAN Inc., the managing company of SynchroLife, has partnered with Tokyo Stock Exchange-listed major restaurant company SLD Entertainment Inc., along with funding from DD Holdings Open Innovation Fund, managed by DD Holdings Venture Capital and restaurant and amusement brand DD Holdings Co., Ltd.
SynchroLife aims to build a worldwide restaurant review platform that solves the problems of restaurant discovery with AI and a token economy.
The SynchroCoin (SYC) is used as a reward for posting restaurant reviews and as cashback rewards for dining at participating restaurants. In the future, the SynchroCoin will also be usable for payment at restaurants.
GINKAN and DD Holdings Co., Ltd. are also considering the following initiatives through collaboration between the DD Holdings Open Innovation Fund and SynchroLife:
- Research on new restaurant marketing methods
- Research on reward programs using blockchain technology
- The creation of a new point and CRM marketing model for restaurants with numerous locations
The company’s restaurant service can be used on any major smartphone or tablet device, so there is no need to purchase any new hardware.
With no registration and monthly fees, the service is free for restaurants to join. The only payments required for SynchroLife’s participating restaurant service are a 5% results-based compensation fee.
Restaurants can advertise and list on SynchroLife just by paying 5% of the total bill of users they get from SynchroLife.
The company allows restaurants to use automated customer relationship management tools to reach out to users who have dined at their restaurant before.
Customers earn 1%~5% (set individually by restaurants, with the maximum campaign rewards being 20%) of their dining bill cashback in SynchroCoin (SYC) cryptocurrency just by dining at participating restaurants.
By scanning a QR code at the restaurant during payment, users automatically receive an amount of SynchroCoin directly in their SynchroLife in-app wallet as cashback.
With this capital and business alliance with DD Holdings Co., Ltd.’s group company SLD Entertainment Inc. and the third-party allotment of shares investment from DD Holdings Open Innovation Fund, GINKAN plans to incorporate new partner restaurants into SynchroLife, and get real feedback from restaurants while improving features and developing new services.
SynchroLife aims to disrupt the traditional advertising model prevalent in the restaurant industry today and build a service that can coexist and grow alongside restaurants.
SynchroLife hopes to work with restaurants to offer users new and fun food experiences.