Serve ICO Overview
Serve is a service platform that provides users, enterprises, and providers in the delivery industry with a channel for conducting multiple digital transactions. The peer-to-peer platform allows for direct transactions between patrons, businesses, and providers, which is key to enhancing transparency and accountability.
Serve will be releasing and distributing their tokens in the fourth quarter of 2018 as part of their ICO start-up project. These ICO tokens play a crucial role in the verification of services and in the validating the quality of goods and services.
What is the project trying to solve?
Serve seeks to address several challenges in the market including:
High platform fees, which currently are up to 40% of the transaction amount. This means that the profits for providers are decreased, while the patrons pay more for the products. However, with the Serve platform, users can pay a platform fee of a maximum of 25%. Serve achieves this through the use of smart contracts for all transactions. Additionally, they use an Enterprise Software Suite that facilitates all logistics transactions with no additional costs to the users.
High competition for small vendors
Small vendors using blockchain platforms for their products and services often face a lot of completion from larger and established brands in similar niches. However, Serve platform provides a level playing for all users. This creates equality and equal opportunity for all vendors. Additionally, Serve allows users to create, customize and rebrand marketplaces to meet their company needs and requirements.
Limited service areas
Serve is a universal platform that offers a variety of service areas by allowing flexibility for anyone to be a patron, an enterprise, a provider or any combination of the three. Moreover, Serve provides a platform for selling any and all products an enterprise wishes. Another unique element that helps eliminate the problem of limited service areas is the flexibility of the program is being adapted for various businesses and industries including food, e-commerce, on-demand, same-day, and the next-day delivery services, rideshare transportation, logistics and gig services.
Unclear accountability systems
Many blockchain platforms have unclear accountability systems which may leave users without a safe channel for raising and solving disputes. Accountability is crucial for enterprises, patrons and providers, which is why Serve have set up adequate and effective accountability mechanisms for enhancing and maintaining accountability for users. Serve achieves this by setting up smart contracts. Smart contracts consist of a series of mechanisms including trustless escrow, staking and accountability, arbitration contracts and trustless transactions among others.
Trustless escrow allows customers to directly stake their Serve tokens thus eliminating the need for third parties to complete the transaction. The trustless escrow holds transaction and Serve tokens until the successful completion of a transaction.
Staking and accountability is a dispute resolution mechanism that lets users use the dual-staking program when raising a dispute prior to or after the successful completion of a transaction.
Arbitration contracts are used when parties cannot settle a dispute after a double staking. Serve protocols provide a verified arbitrator. The platform may also integrate existing blockchain arbitration solutions. Arbitration contracts are used to provide clear, transparent and unbiased dispute resolution processes.
Smart contracts are capable of handling deposits, recurring services, and payments. This is possible due to the automation of transactions with smart contracts, thus eliminating the need for trust from the parties involved. A deposit or a full payment, depending on the service as well as the full transaction amount, can initiate the contract. In trustless transactions, vendors are expected to state whether their services are fully inclusive or whether there is a need for a provider to deliver the products to customers. Smart contracts handle recurring transactions and payments through subscription-based services.
Lack of quality control
Product and service quality are at the core of Serve’s fundamental principles. Serve’s open platform allows users to remove inadequate products and services, which raises the standards for quality. Products and services are also tied with reviews which enable customers to evaluate the quality of a product before they purchase it Tied closely with product quality is the provision of the best customer experiences at affordable rates by eliminating the need for intermediaries.
Serve’s ICO startup project aims to become instrumental in establishing a and open source and trustless economy which is decentralized, transparent, reputable and accountable. Additionally, the platform project will establish a global economy that allows access to everyone and provides an equal platform for fair competition.