Cosmochain is an open platform which aims to revolutionize the cosmetic industry, by connecting cosmetic products consumers and content creators to product suppliers.
Through the Cosmochain platform, the team is aiming to help companies build better products by providing them with proper insights about customer behavior.
This behavior will be based off of customers’ activity on the platform, and by collecting information from feedback and reviews. Furthermore, companies can consume relevant customer data to help them in the R&D phase of the product development.
On the other hand, customers will be rewarded in tokens for sharing their private data, participating on the platform, and for performing certain tasks such as content creation, watching ads, participating in sponsored events, and other.
Cosmochain has a very large potential market that it can tackle. Furthermore, the clients in the cosmetics industry market are usually below 30 in age and are open to experiment with new technology offerings that have a better service and some type of advantage over the current alternatives.
The only problem with the cosmetics industry is that it has a relatively slow growing rate over the years. With that said, Cosmochain’s strong team and impressive advisory board compiled of individuals with experience are near-perfect in Cosmochain’s instance. The presence of high-profile partners and investors will also help with marketing and exposure among end-users.
Although, Cosmochain is unique in its niche, it may face indirect competition in the Blockchain space. Nucleus Vision is one such competitor, aiming to do something similar for the retail industry, and it plans to enhance the average individual’s shopping experience. Nucleus Vision can easily take over the market from Cosmochain as it is operating in a much broader niche and is further ahead in the development.
Moreover, Cosmochain is trying to build a reward engine for content creators which is very similar to Steemit. The only advantage Cosmochain can have is that it would be targeting a particular niche while Steemit is more for the general population.
Two different tokens make up the Cosmochain ecosystem. The Cosmo Coin is the first token that can be traded externally. Individuals use Cosmo Coin to buy the second token-Cosmo Power that is needed for platform activities. Cosmo Coin also acts as a medium of exchange to convert Cosmo Power acquired to other currencies.
The second token is referred to as Cosmo Power and can be used to make payments within the system and give out rewards to participants for the provision of information on the platform. It is also a measure of contribution on the Cosmochain platform that can only be acquired through the contribution of activities within the Cosmochain platform.
Cosmochain is targeting the cosmetic industry which is growing at a rapid pace. In the absence of any direct competitors, Cosmochain has the potential to become the market leader for the cosmetic industry within the Blockchain space. However, the idea of Cosmochain is not unique, rather it is niche based. As evident from their whitepaper, Cosmochain is trying to replicate the model of Steemit for the cosmetics industry and therefore, the success of the project majorly depends on the participation of the users on the platform.
Cosmochain is a complementary Company-to-Consumer platform that connects cosmetics product users and content creators to cosmetics product suppliers, including cosmetics companies, OEM/ODM manufacturers, R&D centers, and distributors. Through this platform, the Cosmochain Team aims to solve the aforementioned unmet needs of both companies and customers. All data collected from platform participants are kept confidential in this customer-centered ecosystem.
The cosmetics industry has seen tremendous growth over the past few decades. Analysts at Goldman Sachs estimate that the global beauty industry market is growing up to 7% each year, which is more than twice the rate of the developed world’s GDP. If Cosmochain can have cover a small chunk of this rapidly growing market, its valuation would be big enough to ensure sizable profits investors and a sizable market capitalization.
