One of the most prominent features of the Blockchain is its decentralization. It does not rely on any one single entity to operate as effectively as it does. Instead, it relies on the consensus of a great number of stakeholders working towards a common goal.
A new platform will take advantage of this feature in an attempt to bring together the fragmented parties of an industry under one roof. JOLYY is a one-stop shop for the beauty and personal care industry. It will serve clients, beauty salons, manufacturers and vendors, connecting them in a single blockchain ecosystem.
Opportunity for disruption
The current state of affairs within the industry is balkanized and outdated, causing inefficiencies and losses for all involved, says the company of the same name. This issue however, represents a huge opportunity for disruption.
The company is an already operating beauty bookings system, which works in its home country – Bulgaria. Now it will upgrade with the Blockchain creating the new network, which will allow clients, salons and vendors to interact, make appointments and transact in a seamless, cost-effective and secure fashion through smart contracts using native tokens.
The platform will be based on the Origin Protocol. This will give it access to the Ethereum ecosystem allowing to take advantage of the protocol’s network, as it steps up its marketing efforts.
The Origin Protocol uses the Ethereum blockchain to help buyers and sellers transact in a decentralized environment without traditional intermediaries. Its founders described it as “a sharing economy marketplace and set of protocols that enables buyers and sellers of fractional use goods and services to transact on the distributed, open web”.
The model lends itself well to JOLYY’s project. It allows individual users and businesses to interact and make transactions in a secure and cost-effective way, based on shared data and goals. Furthermore, it allows for multiple use cases form a variety of verticals to build similar ecosystems on top of the Origin Protocol.
In the case of JOLYY, the platform will bring many features to salon managers and vendors, combining capabilities of different networks that they may be using currently.
For instance, currently salon managers are working with trade representatives of large brands like “Avon, L’Oréal and Estée Lauder”, to restock their stores. Then, they need to use multiple outlets to advertise their business. Ultimately, when a client calls to book an appointment, they rely on pen and paper to manage their schedule. Payments between each party take place in a variety of ways.
The picture looks equally fragmented for the rest of the players in the industry, resulting in great losses along the chain. The new platform aims at putting the pieces together. It will allow salon managers to take appointments and receive instant payments, as opposed to weeks or months now. They can interact with vendors and order beauty products, making payments via a special native token, called JOY.
The company plans to release JOY, based on the Ethereum protocol, in the second quarter of 2018. It will act as the main payment method on the platform. Initially, bookings will be free. Commissions will go up to 1% later, compared to as much as 20% on current platforms.
Clients will choose from a variety of providers and book appointments in tokens or fiat money. They can refer friends, recommend and comment on salons and products in exchange for bonus tokens.
The so called JOLYY Store will provide cosmetic products manufacturers and vendors with “a direct marketing channel” to reach salons. They will filter salons based on different criteria and place highly targeted ads to promote their products. Vendors will also have access to detailed analytics on searches, keywords and other data, which will help them improve their offering.
Ad space will also be available for sale in exchange for tokens. By attributing an advertising value to tokens, the company hopes to increase the intrinsic value of the currency, long term. Tokens used for buying ad space will get burned, reducing the total supply.
The platform will also incorporate a social network, called JOLYY Live. It will allow salons, clients and vendors to interact, publish content, advertise their products, follow and like each other. The company hopes to turn the social network into the go-to place for the beauty industry with users uploading and sharing content, following experts, finding deals, advertising products, etc.