EkkBaz (EKK) ICO Review – ICO Token News
At EkkBaz, we strongly emphasize the Lean Startup methodology, which drives all aspects of our business. For the uninitiated, the Lean Startup methodology is a practice for developing products and business based on “validated learning”, which means getting customer feedback quickly and often. The first version of the EkkBaz Business mobile app, which was released in July 2017, was built in stealth mode. As per the Lean Startup methodology, we ran closed pilots with select manufacturers and grocery stores to quickly gather and iterate on feedback, which allowed us to further enhance the app. In a short period of time, without much sales and marketing activities, and while still in stealth mode, more than 25 manufacturers across Singapore and Bangladesh have shown interest in joining the platform. These manufacturers are now in various stages of the pipeline to join the current platform, and we have acquired hundreds of stores during the pilot. Below are some of the early adopters that are piloting the EkkBaz platform and shaping the future of FMCG B2B collaboration around booking and ordering.
Led by Enam and backed by a team of established advisors, EkkBaz team has all the prerequisites to perform the ambitious task of bringing innovation to these small businesses and facilitating the transformation the FMCG industry based on our practical industry experience, deep technical knowledge and already proven adoption of the current solution in countries where we are operating. We are everaging the best minds from the technology and industry fields to transform small businesses and the industry as a whole by connecting and empowering grocery store owners around the world.
The EkkBaz platform will become the first global, decentralized and intelligent direct-to-store engagement platform where store owners and manufacturers can collaborate, buy goods in bulk, and enjoy transparent prices for a wide array of FMCG products. Manufacturers can also rent store space for physical in-store promotions at grocery stores and provide loyalty rewards to grocery store owners directly. All orders, bookings and rewards transactions on the platform will eventually be powered by EKK in BAZ Protocol.
Current EkkBaz Business Mobile App
EkkBaz has developed a solution that will ease the daily operations of those in the FMCG industries through a mobile application. This mobile application is called EkkBaz Business and it is currently available in both the Android Play Store and the iOS App Store. EkkBaz Business is already being piloted by selected manufacturers and grocery stores in Bangladesh and Singapore. The app was developed with business hierarchies mind, implementing role-based access controls for Administrators, Managers and Staff to allow for business privacy.
Grocery stores can place direct orders for products with the manufacturers and distributors of the products, or with the assistance of field forces. All stakeholders (such as sales representatives, retailers, managers, etc.) associated with daily orders are kept up to date on operations in real time. This is achieved through SMS and push notifications. This allows managers to actively and conveniently monitor order activities at any time. The respective business inventories are also automatically updated in line with order operations.
Grocery stores often have open spaces or empty shelves but due to the lack of proper communication channels with the manufacturers, they are unable to inform them about these available spaces. If a manufacturer wants a new brand or product to reach consumers, they need to reach out to each retailer individually. EkkBaz Business bridges the gap between manufacturers and grocery stores and facilitates product showcasing through Booking. With this feature, small grocery stores can earn extra revenue by listing their store spaces and manufacturers gain access to more opportunities to advertise and reach untapped physical stores based on location.
Analytics & Forecast
EkkBaz Business provides analytics based on the businesses’ transactions and forecasts demand to help optimize the demand for the businesses. By analyzing data based on different times (daily, monthly, yearly) and different dimensions (product, location), businesses can accurately estimate the market demand and market size. This will assist store owners with making strategic business decisions.
The EkkBaz platform is designed as a very high-load system. The market potential for the EkkBaz platform consists of millions of users. The focus is on performance; we will prioritize predictability, stability, and easy-to-use technologies in the building of the platform. We plan to use the most proven and scalable open-source technologies, and we will constantly monitor alternative technical implementations. To support the needs of the EkkBaz platform, BAZ Protocol will be designed by utilizing best-in-class blockchain technologies available, artificial intelligence, social and collaborative technologies, as below, for maximum performance and scalability.
During the EkkBaz ICO, EkkBaz will be offering ERC20-based EKK Tokens for the project on the Ethereum platform for crowd sale. For the purposes of liquidity, we will be issuing the EKK Token that is pegged in a 1-to-1 ratio of the EKK in BAZ Protocol. By making use of hashed time-locked contracts against a central reserve wallet, we will ensure that the exchange of EKK across blockchains is an atomic operation. Additionally, after BAZ Protocol is ready, we will do a 1-to-1 atomic swap from EKK Token to EKK and incentivize more businesses to adopt EKK. The EKK Token is fractionally divisible, transferable and fungible. The token balances and transfers will be tracked by EkkBaz. In the case of any force majeure, such as a large token theft, contract compromise, or a disrupting change of Ethereum protocol, EkkBaz may opt to freeze token transfers and issue a new token contract with balances replacing that of the original token registry by a certain date. In the case of an Ethereum fork, EkkBaz will properly announce which branch it will support. To know current trend of ICOs, you can check ICO stats.
- Enam ChowdhuryFounder, CEO, CTO
- Zobaida SultanaManaging Director, Bangladesh
- Shariar MhaboobCOO, Bangladesh
- Shivasangarry RajuSingapore Business Development
- Osman Goni NahidLead Software Engineer
- Saiful BasharSoftware Engineer
- Sabbir AhmedSoftware Engineer
- Abdullah Al MosabbirSoftware Engineer
- Perry LimBusiness Advisor
- Viju ChakarapanyBusiness Advisor
- Nizam IsmailLegal Advisor
- Leonard TanBlockchain Advisor
- 1Q1 2017
EkkBaz conceptualization and team formation in stealth mode.
- 2Q2 2017
Ordering mobile app released in Google Play Store and Apple App Store.
- 3Q3 2017
Booking feature released to mobile app.
- 4Q4 2017
Piloting with manufacturers and grocery stores for feedback.
Chat module released.
- 5Q1 2018
Analytics & Forecasting module released based on feedback.
Announcement for Token Offering using ICO.
- 6Q2 2018
ICO Token Sale & Distribution.
- 7Q3 2018
General availability in Bangladesh & Singapore.
Release of BAZ Store and EkkBaz Business web app.
- 8Q4 2018
Release of in-market fiat payment support.
Expand to Malaysia and select states in India.
- 9Q1 2019
Release of blockchain privatized network alpha.
- 10Q2 2019
Release of blockchain privatized network beta.
Expand to Indonesia.
- 11Q3 2019
Release of blockchain identity alpha.
- 12Q4 2019
Release of blockchain identity beta.
Release of TestNet
Release of blockchain smart contract alpha.
- 13Q1 2020
Release of blockchain smart contract beta.
Release of BAZ Brain alpha.
Expand to Thailand.
- 14Q2 2020
Release of BAZ Brain beta.
Expand to Vietnam.
- 15Q3 2020
Release of BAZ Protocol beta.
Expand to Philippines.
- 16Q4 2020
General availability of BAZ Protocol.
Expand to Australia and New Zealand.
Growing the platform and further expansion to more countries in Asia, Africa and Latin America.