White Paper

For more details, read the full white paper on Service Time.

This section provides a concise overview of key points discussed in the whitepaper, including a summary of the problem and our proposed solution. Download a PDF version of the complete whitepaper here.

Problem Summary

Independently owned service businesses struggle to find loyal, long-term consumers for their slow (off-peak) periods at a cost-effective consumer acquisition rate. Consequently, these small-scale, independently owned service businesses frequently face a substantial revenue gap, which strains their cash flow and undermines their survival. The existence of this problem was substantiated and validated by the Groupon business model. During its early days, Groupon used amazing deals to attract customers and connected them to local businesses that provided the deals. The rapid global rise of Groupon's stature substantiated that they were solving the off-peak revenue problem faced by local service businesses. However, over time, the Groupon solution proved inadequate for two reasons:

• High consumer acquisition cost – the deals were a financial burden to the businesses

• Non-loyal customer – deal consumers were not loyal repeat customers for the businesses

These factors led businesses to discontinue using the Groupon solution to address their slow-period issues. Service Time aims to address the challenge of connecting loyal, long-term consumers with local, independent service businesses at a reduced cost of consumer acquisition.

Solution Summary

Groupon and LivingSocial introduced Web2 solutions to address the challenge of connecting consumers to independently owned businesses, but these approaches proved inadequate. Their models primarily benefited consumers while imposing a one-sided negative economic impact on service providers. By offering deeply discounted, one-time deals, these platforms attracted local customers but failed to create long-term value for businesses. Once the deals were redeemed, service providers were left with the same issue: revenue loss from underutilized off-peak days and times.

In contrast, Service Time's Web3-based solution offers a more comprehensive and sustainable approach. The Service Time proposed solution includes the following features and utilities:

• Proof of Loyalty

• Subscription Token Model

• Cost Reduction

• Shared Risk-Reward

• Decentralized community

Combining these components into one decentralized protocol and ecosystem offers a last and superior solution than previous attempts. Please read the whitepaper for the detailed solution.

Whitepaper

574KB

WP_ServiceTime.pdf

pdf