The Tokenisation of Food
Food is the second most important thing humans need to survive, right after oxygen. That explains why restaurants never stop cooking, even during lock down.
However, running a restaurant or other food-related business hasn’t been a “good” business model in the last few years. Wondering why? That’s what we explain in this article. And then, we get to how we have figured out how to incorporate food into the blockchain technology to make this industry awesome for everyone.
Let’s dive in.
Food glorious food!
First things first, food is inevitable.
No matter what happens, people won’t stop eating. Well then, cooking and selling food should be a pretty good business, right? Well, there are some complications.
Let us explain.
Restaurants don’t make a lot of money…
In the list of profitable businesses in 2022, restaurants are nowhere to be seen. That’s because the food chain is taken over by massive names that have already captured the industry. The average profit margin of a successful restaurant staggers between 3% and 5% annually.
Smaller food businesses simply can’t compete with the bigger names. If they price their food higher, people won’t order from them as bigger names are more “trusted”. If they price their food lower, they simply don’t make enough money.
Delivery platforms are painfully expensive
A small restaurant has two ways to handle its food deliveries. It can either set up its own delivery chain, which, as you might have guessed, is a lot of financial heft, or it can partner up with a food delivery service. This is fast becoming the go-to option for food businesses across the globe due to the low operations and infrastructure costs required. In fact, studies suggest that restaurants on delivery platforms see between a 20% and 40% revenue increase by being on delivery platforms.
However, the consequences of this revenue increase can be sometimes more dire than restaurant owners realise. Some big consequences are high commission rates (up to 30%) and the loss of brand recognition. Due to the aggressive marketing employed by some delivery platforms to assist with new user acquisition, independent brands sometimes get lost in the crowd and no longer own their customers.
Foodies on the other hand are also hit hard by aggregators. They have to pay as much as 40% above market value in order to utilise the services of a food delivery platform.
These are just some of the many negative effects aggregators have on small, independent food businesses and food consumers.
Esca changes things
Esca is a food service making things better for foodies, as well as for food business owners.
On Esca, people can start their own food businesses from their homes, no need to invest in a restaurant. All they must do is apply to become a cook on Esca. If their application is successful, they’re ready to start selling food to their customers through Esca’s in-house delivery service.
At the other end of the spectrum, foodies don’t have to pay the intensely high commission fees to get their food.
It’s a win-win situation for everyone!
But that's not all...
Food & Crypto intersect
We have come up with an exciting new idea to put food and crypto together.
Cryptocurrency has made more people millionaires in the last decade than anything ever before in human history. However, due to societal, governmental, and technological barriers, the technology has not grown at the pace it should have. We plan to bridge the gap between wealth generation, food production, and consumption through the use of free cryptocurrency cashback incentives.
Whenever a foodie orders something on Esca, they receive cashback in the form of a cryptocurrency in their Esca wallet. Our currency is, of course, called $ESCA.
Furthermore, when a food business sells something on Esca, they also earn cryptocurrency.
It’s that simple — there are no complex setups required to get started. Simply sign up, order, and earn.
After the transaction is processed, both the food vendor and the food consumer get $ESCA tokens in their Esca wallet within 48 hours.
We will be revamping escamenu.com to incorporate this new functionality and will be releasing more announcements as development continues.
For now, follow us on our twitter and telegram channels @escacrypto and click here to learn more about how we're making food the next gold rush.