The buzz about cryptocurrency is increasing, people have heard about it, and more and more people want to find more about it, and find a way to be a part of it. When blockchain technology came, so many things changed, for better, we say. So many businesses have improved, so many companies have started using crypto currencies in their work. The new ideas are coming every day. People want to invest in the new projects. We have the biggest tool in the world, and it is called the Internet. The internet is a enormous base of information where we can do anything. Internet has connected the entire world. One of these projects is SEAL network, a block chain based product verification and services network.
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Now, let's break it down.
SEAL network is a blockchain based product verification and services network. Basically, SEAL network aims to allow everybody the ability to quickly confidently and economically identify the verification of an item that's SEAL enabled and to claim to move the hold of it applying the SEAL application.
The tech behind the SEAL network is the usage of NFC chips, which upon integration connect the product with its virtual counterpart on the block-chain. This is done with an easy tap or simple scan with any Smartphone device via the SEAL App. So basically, you only scan and let SEAL network to the rest of the work for you!
The idea of the network
SEAL network goals to disrupt a counterfeiting field that is worth about one Trillion USD, by joining NFC chips and modern block-chain tech. I think this is an enormous use case for modern block chain tech that could help hugely decrease the wide amount of fake products that presently exist.
Bloomsix Established in 2008
Founded Bloomsix as a publisher and developer of premium social mobile games
Based in Amsterdam, the Netherlands
Pivot to blockchain
Started mining Bitcoin and Litecoin in 2012 using gaming hardware
Developed primitive version of the Seal Network concept
Seal Network started
Developed first prototype in Q3’16
Set up the Seal Network team in 2017
Refined the proposition
Token sale preparations
Master plan - Phase 1 Infrastructure of Authenticity Seal’s investments in the platform will lay the groundwork for the world’s infrastructure of authenticity. This infrastructure is the basis upon which a service ecosystem can be built upon. Perhaps most notably, it would provide a way for brands to gather data and perform geographic and time series analysis on product streams. This is a leap forward in the maturity of insight-driven organizations. Other services are not limited to the previously highlighted services. In the future, Seal may further expand its service offering, for example with special customs and law enforcement software.
Master plan - Phase 2
Convergence of E-Commerce & Retail Seal has both E-Commerce and Retail applications. In retail, Seal can become a no-checkout method to pay for genuine products. Simply scan, pay and walk away. In E-Commerce, verifying and claiming the ownership of products could occur even before the product is shipped, or listed on sites like eBay or Amazon. Should the seller fail to send the product, the new owner can lock the product by marking it as lost or stolen.
Master plan - Phase 3
Currency of Authenticity Seal establishes itself as the currency of authenticity. The currency is optimized for transacting consumer goods. Using Seal to pay for products while directly claiming ownership provides both buyer and seller a guaranteed exchange of goods. With regular FIAT transactions, there is no way to tell with certainty whether (a) the product is genuine and (b) physical money / banknotes are not counterfeited.
Online authentication is the only way to ensure authenticity, but existing data on embedded product chips can also be copied. The copy will still show valid product entries in the database. To solve the problem there must be a way to ensure data can not be duplicated. Blockchain is only one part of the solution. The dynamic chip, which changes status every time you interact with it, prevents fraudsters from passing the chip as real because every time an attempt is made to verify it, the data itself changes. The original and fake products will come out synchronization information in it, which indicates the product is tampered with.
CREATE IT IS EASY FOR VERIFICATION
Checking whether the product you want to buy is genuine or should not be easy. Consumers can not be expected to assess the authenticity of the product by looking at minute details and knowing the production anomaly. The anticounterfeiting method should be anti-corrupted, but it should also be easy to verify the authenticity.
Seal makes it easy for anyone with a smartphone to recognize genuine or fake products.
DELETE FINANCIAL INCENTIVES
Counterfeiting is driven by financial motives. To stop cat-and-mouse games between counterfeiters and security specialists, the ability to monetize large-scale counterfeiting must be stopped. Instead of fortifying the product itself with special or counterfeit items, we instill an authenticated chip on blockchain. We bring all these technologies together in Seal platform.
Seal has developed a working product version. The Seal app is compatible with Android and iOS (iPhone 7 and up). Current features include authenticity checks, ownership transfers and inventory management. This product is scheduled for download on the Google Play Store and Apple App Store later this year.
Current applied features
Android and iOS compatible
Inspection of authenticity
Transfer of ownership
The Seal platform consists of several components:
1) Products with an embedded Seal-chip that uniquely identify physical products
2) The Seal-app installed on an NFC-compatible smartphone
3) The Seal-token which allows communication between the different parts of the platform
4) The Seal-network, an immutable blockchain database where each transaction is recorded and validated by its nodes
How does it work
At the simplest level. You scan a product and it can be verified by secure blockchain.
Brands can charge a variable fee depending on the product and added services and functions the chip provides. This helps fight counterfeiting and the consumer gets to support the designers and brands they love.
On the secondary market, it will be easier to sell your product at a higher price because other people can validate the authenticity. You can also claim an individual product as yours. There will be a small fee for change of ownership and claiming.
So brands can still make a very small cut on the secondary sale of an item and the seller can likely get a better price. Seal also cuts a very small cut of this fee which benefits token holders as a small percent of tokens are burnt with every transaction.
TOKEN SALE AND ICO
Token Cap A maximum of 1.2b tokens will be minted and will never exceed this amount. No more than 492m tokens will be allocated for the token sale rounds. Discounts and bonuses depend on strategic partnerships and deal size.
KYC and AML is required prior to buying tokens. Buyers need to provide their details and the address that will be used to send Ether from. If tokens in the presale round remain unsold, they will be offered in the mainsale. Offered tokens that remain unsold after the main sale will be distributed proportionately to ALL token sale participants. Example: a Buyer purchases 3.69m Seal tokens during mainsale, 123m (25%) of tokens remain unsold. Buyer receives 1.23m [ (3.69 / (492-123)) x 123 ] additional tokens for a total of 4.92m tokens.
Actual prices will be in Ether and will be available on the website, along with the bonus structure
Prices will be in Ether instead of dollars to reduce exposure to ETH-USD volatility.
We plan to allocate the tokens as shown in the following table
USE OF PROCEEDS
We plan to use the funds generated in the token sale as follows:
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
White Paper: https://seal.network/seal-whitepaper.pdf
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=2929809.0
Bounty program: https://bitcointalk.org/index.php?topic=3217735
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.