I just completed my studies several months back, and ever since then, have been spending quite a great deal of time exploring new ICO projects online. Personal opinion on the markets is that the big guys (bitcoin, ethereum etc.) might still go sideways for a while; they have already benefitted tremendously from the spike in mainstream recognition of crypto since late-2017, and more importantly, the mainstream understanding of the blockchain technology underlying the tokens.
It is on that note that I would like to share my views on the LOYAKK project. I found the ICO last month, and was already relatively interested in what they had to offer. What impressed me especially was their product positioning in the crowded blockchain space. They knew that data collaboration, security and transaction processing was going to be a high-potential segment in the next few decades, and devoted their full attention to fulfilling this market need, especially catering to demand among high-performing corporates (who would be especially interested in such services).
Best-in-class Blockchain Business Platform
This line from Loyakk's whitepaper sums up their use case rather well.
"Loyakk's mission is to transform how businesses create and deliver value in the new decentralized economy with their globally distributed network of partners, channels, distributors and vendors. Businesses today face multiple challenges related to data security and privacy, data reconciliation, contract disputes, inefficient processes and limited governance within their business networks leading to billions of dollars lost annually due to increased costs and lost revenues. Zdnet estimates the cost of data leaks to the global economy to be $2 Trillion USD by 2019."
In essence, they're gonna address the key issues vital to the new global digital economy.
- How will vital business info be secured?
- How will different stakeholders in business ecosystems input, transfer and interact with various critical information or data components?
- How will the validity or robustness of data be verified, to minimise conflict among stakeholders?
These business challenges will be addressed in a comprehensive manner through Loyakk's patent-pending blockchain-enabled Vega Enterprise Relationship Platform. Importantly, Loyakk Vega will be an enterprise-grade platform customised for secure business-to-business engagement featuring permissioned sharing of data, standardized communication interfaces, efficient value transfers based on smart contracts and consistent propagation of business rules & security policies.
Ensuring secure info exchange, facilitating the design and setup of effective workflow processes, helping various stakeholders to perform their differing roles in business relationships with ease, these functions will anchor the usefulness of Loyakk as a business data platform.
Why the need for a Token?
"All parties using the Loyakk Vega platform require the Loyakk token to interact & transact within the Loyakk-powered Business Network."
Three key functions will be fulfilled by the Loyakk token.
- Permissioning - Permissioning rules that set the appropriate visibility and access control rules for the network will be embedded into the token design.
- Propagation - Network-specific data, governance rules and policies that control how the data is used and propagated and updated based on identity, relationship, location, segments and user behavior will also be propagated by the token.
- Provenance – The Loyakk token specifies the common interface, standard formats and the rules for data interchange and interoperability. Data can be verified against a "single source of truth"; i.e. provenance and auditability will be made possible via the blockchain design and all data can now be tracked across company boundaries via audit trails.
More on the Loyakk Vega App
The app layer will feature various customised modules as shown in the graphic below, to help fulfill functions such as partner collaboration, sales channel scaling, managing vendor and customer relationships, as well as optimising supply chains.
At the same time, various features will be provided to platform participants, including (i) content publishing and management, (ii) secure business conversations and data sharing, (iii) value-added data analytics capabilities, (iv) personalized user experience based on user profile, relationship, location, behavior.
Use Case Examples
A Gartner study estimated that the size of business value-add of Blockchain will grow to more than $176 billion by 2025, and Loyakk's product will appeal to a huge market segment of cross-border and cross-industry MNCs who are looking to optimise their internal processes via blockchain.
Three interesting examples of specific use cases are included in Loyakk's whitepaper, encapsulated in these infographics.
Business Network for High-Tech Industries
Insurance industry & Wealth Management [personal opinion is that if this is achievable, various forms of banking or fin intermediation relationships can easily be replicated on the Loyakk platform as well]
Life Science & Healthcare
Tokenomics
The revenue model for Loyakk includes Platform Licensing and Usage of LYK Tokens for each and every interaction. More importantly, as Loyakk's Enterprise clients are on-boarded, the need for the LYK Utility token for transactions is expected to grow. Loyakk may acquire Tokens from the exchange via a Token Acquisition program on behalf of larger enterprise customers.
Token Distribution Details:
Token Contribution Proceeds Details:
Bottom-line
Loyakk will be targetting a high-potential segment in terms of corporate blockchain usage. Data sharing/security/governance is vital to businesses in the digital economy and facilitating this in a LOW-COST and EFFECTIVE manner will be key to the transformation of many MNC's business models. The crux of the issue will be platform design, customer acquisition and stakeholder engagement. The team's experience with providing multi-billion dollar solutions at SAP, Oracle-Siebel and VMware is a huge plus in this aspect.
Links and Resources:
Web: https://loyakk.io/
Whitepaper: http://loyakk.io/#white-paper
Telegram: https://t.me/loyakk
Twitter: https://twitter.com/loyakkvega
Facebook: https://www.facebook.com/loyakk
Author's Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1478675