Zwoop, an AI and blockchain enabled shopping ‘find engine’ today confirmed the dates for its Initial Coin Offering (ICO), with the pre-sale set to begin on August 28th, 2018 and public ICO on the 25th of September 2018.
The Zwoop team is looking to raise $20 million with investors receiving the native Zwoop (ZWP) token which will facilitate cryptocurrency payments on the platform.
Through the combination of AI and blockchain, Zwoop is looking to free shoppers from their dependency on search engines, price comparison sites and online marketplaces, saving them time and money, and giving them complete control of their personal data including the opportunity to monetize it should they choose.
How it works
Zwoop helps shoppers find the products they want from any retailer in the world, confirm the availability in their size needed, check for the best available price and check-out with a single click. It understands products and semantics rather than links or keywords, meaning it can identify products that are the same across any website, even if the descriptions are different or in a foreign language.
Years in the making
The company was created in April 2016 by its five founding partners, all of whom have a highly successful track record in the technology sector. The AI and machine learning technology underpinning Zwoop’s consumer services has been developed over the past 18 months, with 47 software engineers working on over 130,000 hours of coding.
The platform is currently in consumer testing in the UK and will be launched to the UK public in September 2018. Payments by cryptocurrency, even if the merchant does not currently accept crypto, will launch in Q4 2018 and the US launch expected in H1 2019. Additional blockchain functionalities, including loyalty, data and advertising services will roll out during 2019.
The team believes it has designed a perfectly balanced demand and offer system for the Zwoop token (ZWP), which is ERC 20 compliant and plays multiple roles inside and outside the Zwoop ecosystem.
- Users – receive ZWP as loyalty rewards, in turn they can use ZWP tokens to pay for any product from any e-commerce retailer or to buy and sell in the second hand (C2C) market.
- Miners – running the crawling and the AI software are rewarded in ZWP tokens.
- Merchants and advertisers – can use ZWP to access and pay for enhanced B2B and B2C services provided by Zwoop.
- Third parties – can use Zwoop’s open APIs and software to integrate the ZWP token in their services, it is already happening with some current business partners.
“Developments in e-commerce over the past decade have favored the merchant rather than the consumer. At Zwoop our philosophy is different – we are on the consumers’ side. We are their transparent and honest personal shopping assistant and we provide unbiased search results, simple one-click checkouts and total control over their payment and personal data. Handing back control of personal data to consumers rather than corporates is at the heart of Zwoop’s philosophy; whilst others are reluctantly responding to regulatory changes, we passionately believe that personal data belongs to the individual. Zwoop enables consumers to reap the financial rewards of their data asset should they choose to. Zwoop offers customers complete access to products and simplicity in any aspect of the purchase, including the opportunity to pay in one click with any cryptocurrency. We aim to be a mass-market blockchain and cryptocurrency solution, and this means removing the complexities that today plague the crypto world and stop consumers from adopting blockchain technology.“