【Plato】DePIN of EatLog to realize Eat2Earn / Earn cash back by taking photos of restaurant receipts / Season 1 is now underway / @Plato2Earn
Japanese marketing seems to be focusing on it.
Good morning.
Mitsui from web3 researcher.
Today I researched "Plato".
🔴What is Plato?
🎫DAO with increased return pass and on-chain reputation
🏃♀️ currently holding Season 1!
💬DePIN for food looks like a good match.
🔴What is Plato?
"Plato" is a DePIN of EatLog that enables Eat2Earn.Users can visit real restaurants and receive cash back by submitting photos of their visit (photos of the restaurant, posting reviews, taking receipts, etc.).
Its usage is simple.
After downloading the app
① Check in to a real restaurant.
Restaurants can be anywhere listed on Google Maps; open that restaurant in Google Maps and link it to the "Plato" app to complete the check-in.
②Take receipt photos.
Take a picture of that receipt after you finish eating.
③ Receive cash back.
You will receive your cash back in tokens called $FAT dollars.
The $FAT is Plato's proprietary token, but $1$FAT dollar is equivalent to 1 USDC. $1 USDC worth of $FAT will be airdropped to users after TGE.Specifically, $1$FAT equivalent to $1 USDC at the 24-hour average price after listing will be provided to $FAT dollar holders via TGE airdrop (presumably in staked tokens).Tokenomics details have not been disclosed, but up to 4% of the $FAT supply will be used for airdrops to $FAT dollar holders.
The key point is that it is linked to Google Maps, allowing check-in even at stores not listed.Moreover, cash back is almost the same as cash back in cash, as it is a token equivalent to USDC, although it is a proprietary token.After the TGE, cash back will be given in USDC or other stable coins.(*But there is also a statement in WP that $FAT will be distributed after TGE, so it is unclear which is which.)
The reason why this cash back is possible is because of advertising fees from restaurants.However, restaurants will not pay for advertising unless there are enough users on Plato and it is worthwhile to advertise, so to that extent, the ecosystem will work by distributing a large portion of the revenue from airdrops and Plato Eats Pass, which increases the cash-back rate, as advertising credits to the restaurants.Plato Eats Pass is a new service that will be implemented by Plato Eats.
Below is Plato's flywheel model.
🎫DAO by Reduction Rate Increase Path and On-Chain Reputation
While Plato is free to use and receive cash back, you can increase your return by purchasing a paid Plato Eats Pass.
Below is a table of Plato Eats Pass prices and cashback percentages, starting at $50 and upgradable for an additional $40 or $80.
For example, if you purchase a $50 Plato Eats Pass, you will receive a 10-30% discount.In the table, "In-Network" and "Out-of-Network" are the differences in whether the restaurant is in Plato's network or not, which can be confirmed in the app.
This is a guess, but we think that In-Network restaurants are those that are already listed in the app, and Out-of-Network restaurants are those that are not listed in the app but are checked in via Google Maps.The cashback rate for each is very different.
Plato has also introduced a system of on-chain evaluation badges, where check-in and other activities are engraved on-chain and assigned a role.Based on these evaluation badges, DAOs called "Plato City DAOs" will be created, and the concept is to expand the system in each region.
Each Plato City DAO will be managed by a Plato Pioneer, Plato Ambassador, and Plato Cuisine Connoisseur.
Plato Pioneer
Contribute to creating a database of restaurants by checking in and reviewing new restaurants.Levels will increase based on the number of new restaurants you open, and each level will give you a bonus multiplier for earning $FAT dollars in Plato Eats dApp.Plato Ambassador
Expand your network by bringing in new restaurant merchants.Receive a portion of the revenue from the participating restaurant merchants' marketing expenses.Plato Cuisine Connoisseur
Cultivate and review a particular type of food repeatedly (for example, 20 curry stores in Tokyorestaurants in Tokyo, for example).Depending on the level, a bonus multiplier is given for earning $FAT dollars in Plato Eats dApp.
These will be awarded according to on-chain reputation badges and the Plato City DAO will be built.It also appears that as the community grows, it will move to a more independent governance model, allowing for the election of a Plato Deputy Mayor and a Plato Governor.
In addition, there is another role.
Plato Supper Club
Holders of Plato Foodies (NFT) sold in December 2022.Foodies collects 15 Foodies, users earn Plato Supper Club status, which entitles them to rewards such as shorter cooldowns between acquisitions in Plato Eats dApp, airdrop allocations, and other IRL benefits.
The current floor price is about 0.1 SOL, so you would need about 1.5 SOL to collect 15 pieces now.The price is still within reach for those who are interested in joining the Plato Supper Club.
🏃♀️ currently holding Season 1!
Now, as I have written, we actually do not have a TGE yet, and the DAO structure is still in its infancy.The Season 1 campaign is currently underway, and they plan to hold 3 seasons and unlock 10 cities by the end of 2024.
Tokyo is probably included among these 10 cities.
This is because recently we have been seeing a lot of Japanese influencers sending out messages, and we have also been seeing a lot of explanatory articles in Japanese.
And, when I look at the website, I see "CyberAgent Capital" as a supporter (probably an investor).
In fact, "Plato" is a project that has been active since 2022, and since that time we have been working to bring people to IRL restaurants, and with the rise of AI during that time, we recognized the importance of an accurate response engine.It is a form of collecting human data, like DePIN, and optimizing those data with AI.
And we are demonstrating this model in a beta version in 2023, with over $1.2 million invested in local restaurants in over 60 countries.
After those activities, full-scale development finally began in 2024, with Season 1 starting in April.
It is thought that this will be a very exciting time in our country in the coming days, so if you are interested, you may want to join now!
💬DePIN for food seems to be a good match
Finally, a thought.
Plato" is very interesting.First of all, what users have to do is simple.All they have to do is check in and take a picture, so anyone can participate.It is also free to participate and requires no prior web3 knowledge, so it has the potential to expand to web2 users.
One of the main reasons I see potential in DePIN is that what we do is simple.It may not immediately build a network effect or expand globally because of real-world activities such as eating, driving, and taking pictures, but I feel that the network will steadily and steadily expand because of the simplicity of what the participants do.
And since initial users are rewarded with tokens, there is no particular problem even if the network is small.Of course, it is meaningless if it does not expand at the end, but rather the smaller the network at first, and the longer it takes to expand, the larger the initial user's share will be, which is beneficial.
It is hard to read how far DePIN can replace the food sector, but the food sector seems to have a lot of potential.If local support can also be expanded on its own as DAOs are created in each region, the operating company will be able to reduce labor costs considerably.This in turn increases the percentage of cash back from tokens, which is beneficial to users as well.
This model, if it works, would be one of the use cases for DePIN and would establish a new business strategy.I would like to play along too!
This is my research on "Plato"!
🔗Reference/image credit: HP / DOC / X
Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.
About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.
Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.
Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:
Telegram：@mitsui0x
*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.