Title 1 Table of Contents 2 Abstract 3 Introduction 4 Market and Industry 5 Problem & Solution 6 The Product 7 How does Restaurant P.I. work? 8 • For Individuals • For Restaurants & Eateries Monetization Plan 9 • Cryptocurrencies • Restaurants Restaurant P.I. Rewards and Lunch Money 10 Technical Partners 11 Competitors 12 Why Blockchain Technology? 13 Marketing Plan 14 • Online Marketing • Offline Marketing • Grassroots Marketing Securities Law Framework 15 Road Map 18 Team 20 Social Media 21 Conclusion 22
Restaurant P.I. is a decentralized app that rewards restaurant patrons with Lunch Money and other cryptocurrencies when they successfully submit feedback via their platform. This paper describes how we use Blockchain technology and smart contracts to procure loyalty rewards programs via the Restaurant P.I. decentralized application. Through this platform all feedback left by users will be profitable and in result, the owners can improve and grow their businesses. This whitepaper have been forged after its founders years of experience in customer service, business consulting and from advice given by Blockchain experts. The Restaurant P.I. platform will create an ecosystem in cities worldwide where its users will be able to receive deals and earn tokens for leaving feedback. Users will be able to store their rewards in various crypto wallets or use them toward the cost of their meals at participating food businesses. Our goal is to improve the customer experience at every point of service through anonymous customer oversights. The platform is available at https://Lunchmoney.io RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
In the US, customers often complain about poor customer service at restaurants. Restaurants on the other hand find it hard to retain loyal customers, scale their business and increase their revenue. According to restaurant and food marketing research, loyal repeat customers of a restaurant account for at least 33 percent of the total revenue. While they may only account for as low as 15 percent of the total customer base. With so many emerging and existing restaurant options in the market, customers have developed very little tolerance for the compromised service quality at restaurants. Their most common and crucial complaints include poor food quality, poor customer service, finite menus, lack of healthy options, lack of hygiene, inconsistency in quality, lack of loyalty incentives and negative feedback from other restaurant visitors. To rival these issues, what can be the possible solution for a win-win situation for customers and restaurant owners? Enter Restaurant P.I., a blockchain loyalty rewards service for restaurants and eateries. Customers can submit feedback via the platform and earn cryptocurrencies. Restaurant owners can post exclusive deals and discounts on the Restaurant P.I. platform and earn crypto when their customers accept and redeem their offers. The Restaurant P.I. platform has been designed for restaurant and eatery owners who are looking for boosted exposure and increased customer recognition. According to a Harvard study, by just increasing the repeat customer rate by as low as 5 percent, the restaurant can increase their potential profits by 25-125 percent. Hence, Restaurant P.I.’s concept aims at improving the value delivery from food serving businesses to the customer. Owners can boost their businesses by improving customer service per the feedback, gain positive recognition and retain loyal customers. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
As of October 2017, the restaurant industry in the US has been valued at $245 Billion, with a total of 294,633 businesses already in place. The annual growth rate of this industry has been 3.1 percent monitored during 2012-17 and it employs approximately 4.5 million people in the USA. Q U I C K FA C T S Following is a list of restaurant industry threats and opportunities that will justify the creation of the Restaurant P.I. platform or the stated reasons. Customers continue to seek healthy meal options within an array of menu items. Restaurant owners need to rapidly adapt to the changing demands to flourish in this industry. Customer retention and loyalty is another crucial factor when it comes to the success of a restaurant. Increasing the repeat rate and number of loyal customers is necessary for expanding the business. International expansion is an essential on the pages of long-term strategy for a restaurant. The strong price-based competition will emphasize the restaurants to deliver higher-quality at reduced prices for the customers. New businesses struggle to gain customers their first few years. Having access to the Restaurant P.I. app will help new food businesses gain customers at an accelerated pace.
Problems and customer challenges in the existing restaurant market Since the success of a restaurant business in the US depends upon the customer satisfaction level, understanding the problems that the customers face regularly will help the businesses improve gradually. Following are some crucial problems and challenges that the restaurants need to improve upon • Poor food quality: Customers demand quality in every item that a restaurant serves. The items should be prepared in hygienic conditions, must be sumptuous and freshly served. If the order is poorly prepared, takes too long to be served or arrives cold, the restaurant is already losing the customer. • Poor customer service: This is one leading reason as to why customers never return again to a particular restaurant. The pointers include long waiting time for a customer, negative behavior by the staff, not fulfilling specific demands, and lack of welcoming treatment by the staff. • Limited menu: Customers are growing more and more health conscious and want more options on the menu. For example, gluten-free and organic dishes are high on demand and restaurants need to adapt healthy options accordingly. • Lack of cleanliness: This is another crucial insight that many restaurant owners might overlook. Hygiene and cleanliness should be the top-most priority for any food vending business. From cutlery to washrooms, cleanliness must be maintained at all costs. • Lack of consistency: Loyal customer-base is formed with consistency in everything a restaurant has to offer. For example, if a customer loves a restaurant’s service and food quality, lack of quality in any of the two aspects will be compromise with his/her loyalty. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
• No incentive: A strong loyal customer-base is formed when a restaurant rewards its returning and repeat customers. The gist here is not to bribe them but to show that the business owner values them equally. Lack of incentive or rewards might feign-off returning customers because they cannot see their loyalty being valued. The above listed problems are customer-centric and if solved, can help bridge the quality gap between restaurants and customers while complimenting each other. But, what remains are two questions. How will restaurants know what to improve? How will customers give their valuable feedback without being exposed or being biased. The above questions can be answered with “continuous and anonymous customer oversights.” This protocol can improve the customer experience at every point of service. This can be achieved via a Blockchain technology platform that contains the necessary features for the customer as well as the business. As an incentive to the individual users of the platform a virtual token can be introduced as a reward/incentive. Participating restaurants and eateries will be listed on the app. They can upload information which will show potential customers the exclusive deals and discounts that are being offered and they can reply to submitted feedback regarding their businesses. A customer can visit a particular restaurant and judge it on the service quality parameters. Then they can leave feedback on the platform on which the restaurant can improve. For doing this, the individual user will be rewarded with the native Blockchain tokens of the platform which can be transacted toward their meals. Restaurant P.I. is the solution to meet customer-service challenges in the restaurant industry. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
Restaurant P.I. is a Blockchain platform that serves as a portal between local restaurant owners and customers. Blockchain technology ensures transparency and trust in the business and customer relationship. Exclusive deals and discounts are offered to loyal customers and authentic feedback is rewarded with cryptocurrencies. INDIVIDUALS Make a mental note of Go to Fill in the required data their experience https://lunchmoney.io and upload their receipt Patronize their eatery Save their receipt Click Post Your Wait for approval of choice Feedback of feedback and receive crypto R E S TA U R A N T S & E AT E R I E S Access & Manage Post deals and discounts Earn Crypto their page Subscribe Reply to customers Advertise RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
Restaurant P.I. is free for individual users It is a subscription-based platform service for restaurant businesses. The cost is $19.99 USD per month. This allow restaurants and food vending businesses to take advantage of all offered services at a low cost. Crypto projects will be able to list their token/coin on the platform for a listing fee of 2.5 Bitcoin. Advertisements will allow for a third stream of revenue. This will be implemented when the customer and commercial base increases sufficiently enough to generate returns from the ads. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
For every feedback an individual user submits, he/she will earn ‘Lunch Money’ or LMY tokens. They will also have the option to choose other coins or tokens as their reward. LMY is the native currency of the Restaurant P.I. platform and it is compatible with ERC20 tokens. In order to receive LMY as a reward users must have an Ethereum based wallet. Lunch Money is listed on Trust Wallet, Enjin Wallet, Eidoo Wallet and imToken Wallet. Each wallet is available on both the App Store and Google play and can be downloaded. 15% 5% 5% 10% 20% 10% 50% 5% 25% 10% 20% 20% 5% Talent Acquisition Strategic Partnerships Incentive Payment Reserve Fund Legal Fees Marketing & Promo Software Development Advisor Fund Brand Development Operational Costs Team Remuneration Team / Founders Bounty
Lapits Technologies Ltd. Entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless - especially since blockchain operates through a decentralized platform requiring no central supervision, making it resistant to fraud. Based out of Noida, Lapits is a company comprising of a Blockchain development and consulting team of engineers who are focusing on problems solved by bringing Blockchain to its core. In the blockchain services domain, Lapits provides wallet development, Crypto-currency exchanges, payment gateways setup, in-house blockchain development in hyperledger fabric and hyper ledger network and smart contract. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
Have you ever asked whether the reviews you’re reading are authentic, or whether they are fake reviews? Sadly, It’s not uncommon for “pranksters” or consumers that indirectly have a relationship with a restaurant to post a fake review. These reviews could be negative, or positive. In fact, anyone can go on either Google or Yelp, create a free account in seconds and post any review they wish! Sure, both companies seek to eliminate issues like this, but there are no defenses in place to stop one from diminishing a company’s reputation. A negative review by someone wishing to simply “prank” local businesses and write bad reviews about a restaurant they’ve never even been to. Or, perhaps a business seeks to pay people to leave positive reviews, whether they are actually buying customers or not. Both cases negatively impact the intrinsic value a business actually provides. A lawsuit in California illustrates this issue with a local tax preparer suing a customer who he accuses of leaving a false review. With Restaurant P.I. this is no longer a problem, and we’ll explain how and why. Another problem with review platforms like Google and Yelp, is that there isn’t a motivating factor for customers to leave a review. Some businesses falsely try to pay customers to leave reviews, which eventually leads to review platforms penalizing the business, but not everyone gets caught. Yelp seeks to provide a platform that only provides reviews from customers who choose to leave reviews, and penalizes business for even asking for a customer to leave a review. The problem with this is that in most cases, only the angry customers have a good reason to leave a review, and that is to get back at the business who gave them a bad experience (and of course it will most likely be a negative review). As you can see, this also falsely portrays the real reputation of a business, with only the angry customers having the motivation to leave a bad review. But what about all the happy customers? The problem is, the “What’s in it for me?” factor comes into play, giving satisfied customers no real reason or motivation to leave a review after shopping or eating at a local restaurant. With Restaurant P.I. this is no longer an issue.
Blockchain technology enables transparency and quick operations between the network ’s participants. The US restaurant industry witnesses a fair communication gap between both the customers and the restaurants. Customers often complain of poor customer service, but restaurants find it difficult to identify the exact ‘scope of improvement. 'Restaurant Private I is a modern customer review platform that solves these common issues that customers and businesses face by leveraging blockchain technology. The platform solves issues related to authentic reviews and gives all customers a reason to leave a review after doing business. Here’s how it works. Users can submit their reviews on their platform to earn Lunch Money. Each review submission is reviewed and verified before being publicly posted on the “Review Ledger.” The platform uses a unique three step verification method known as “proof of visit”, to confirm that all submitted reviews are authentic and relevant. Below is how the three step verification process works: Eat: When dining out at your favorite restaurants, simply make a mental note of your experience and the service provided. Snap: Once you’ve finished your night out, go to Lunchmoney.io, click on “Post your feedback” and fill in the data fields to submit your feedback. Be sure to have your receipt handy to upload to the platform. Earn: Once your feedback is verified with your uploaded receipt, you will receive Lunch Money to your ERC20(Ethereum) receiving address. Each verified review will be added to a ledger accompanied by a dated timestamp and an Etherscan transaction id The verification of customer receipts eliminates issues with false reviews from consumers, and the incentivized blockchain rewards provides the motivation for everyone to participate in sharing their genuine experience at local restaurants! RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
OFFLINE MARKETING The primary marketing plan includes marketing the App through our commercially listed restaurant channel. The listed restaurants and eateries on the App platform will be provided with a marketing kit. This marketing kit will be comprised of Table tents, pamphlets, door decals, and other marketing props to create the awareness amongst the restaurant visiting customers. The customer upon recognizing and knowing about the Restaurant P.I. App will download the App and decide to continue further ONLINE MARKETING The secondary marketing plan includes marketing online and through social media. This will include paid advertising on Facebook, Google and Twitter. The specialized ads about the App will drive usage and increase our customer side user-base. This will be followed by referrals and word of mouth awareness by individual users. Relevant ads in the print-media will also create awareness among restaurant and eatery owners as well as their customers. GRASSROOTS MARKETING Tertiary marketing plan involves an awareness campaign through events, street attractions and on-foot pamphlet distribution to boost the customer base. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
ELEMENT 1: INVESTMENT OF MONEY Is there an investment of money? Characteristic Points Explanation Examples Y or N Tokens which are not sold for value do not There was never any token sale for Bitcoin. There is no crowdsale. involve an investment of money. The only way to acquire new bitcoin is via New tokens are given mining. away for free, or are 0 For example, if all tokens are distributed for Y earned through free, or are only produced through mining, A token which is randomly distributed for mining then there is no sale for value. free A token which is sold for bitcoin in a Tokens which are sold in a crowdsale, at crowdsale. Tokens are sold for any time, regardless of whether sold for fiat 100 Y value (crowdsale) or digital currency (or anything else of A token which is sold for ether in a value) involve an investment of money crowdsale. Total for element 1: 100 ELEMENT 2: COMMON ENTERPRISE What is the timing of the sale? Characteristic Points Explanation Examples Y or N A sale of tokens before any code has been deployed on a blockchain is more likely to result in a common enterprise where the A developer has an idea for a new profits arise from the efforts of others. This Pre-deployment 70 protocol, writes a white paper and does a N is because the buyers are completely crowdsale. dependent on the actions of the developers, and the buyers cannot actually participate in the network until a later time. If there is a functioning network there is less likely there is to be a common A developer has an idea for a new The protocol is enterprise where the profits arisef rom the protocol, writes a white paper and deploys operational on a test 60 Y efforts of others. The closer the sale is to a working test network before doing a network launch of the network, the less likley there crowdsale. is to be a common enterprise. If the token is sold once there is an operational network using the token, or Live network is The crowdsale is done at the same time the 50 sold immediately before the network goes N operational network is launched. live, it is again less likely to result in a common enterprise What do token holders have to do in order to get economic benefits from the network? Characteristic Points Explanation Examples Y or N ‘HodlToken’ holders are automatically paid an amount of ETH each week, based on If returns are paid to all token holders fees generated by other users of the equally (or in proportion to their token All token holders will network holdings) regardless of any action on the always receive the 25 N part of the token holder, then their same returns ‘FoldToken’ does not pay any return, and interests are more likely aligned in a there is no way to earn more tokens within common enterprise the network (but they can be bought, sold or traded) There is a possibility If token holders’ returns depend on their ‘CloudToken’ holders can earn more tokens of varying returns own efforts, and can vary depending on by providing data storage on the network, between token -20 the amount of effort they each put in, then or can spend tokens to access data Y holders, based on there is less likely to be a common storage. Holders who do not provide data their participation or enterprise storage do not earn any more tokens. use of the network Total for element 2: 40 RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
ELEMENT 3: Expectation of Profit What function does the token have? Characteristic Points Explanation Examples Y or N Ownership or equity interest in a legal A developer releases and sells 100 100 N entity, including a ‘BakerShares’ tokens. Each token entitles general partnership the holder to 1 share in Baker, Inc. Entitlement to a share Tokens which give, or purport to give, of profits and/or traditional equity, debt or other investor A developer releases and sells 100 100 N losses, or assets rights are almost certainly securities. ‘BakerProfit’ tokens. Each token entitles the and/or liabilities holder to 1% of the profits of Baker, Inc. for Gives holder status as the next year. 100 N a creditor or lender If one or more of these characteristics A claim in bankruptcy apply, the token is almost certainly a A developer releases and sells 100 as equity interest 100 security, notwithstanding the results of the ‘BakerDebt’ tokens. Each token entitles the N holder or creditor other elements holder to principal and interest repayments A right to repayment based on the initial token sale price. of purchase price 100 N and/or payment of interest A token which does not have any real function, or is used in a network with no A developer releases and sells 100,000 real function, is very likely to be bought ‘SocialCoin’ tokens to fund the with an expectation of profit from the No function other development of a new Social Network. 100 efforts of others, because no real use or N than mere existence However, SocialCoin is not required to participation by token holders is possible. access the network and has no real function after the sale. Voting rights alone do not constitute real functionality. A token which has a specific function that is Specific functionality only available to token holders is more 'CloudToken’ is the only way to access and that is only available 0 likely to be purchased in order to access Y use a decentralized file storage network. to token holders that function and less likely to be purchased with an expectation of profit. Does the holder rely on manual, off-blockchain action to realize the benefit of the token? Characteristic Points Explanation Examples Y or N A token whose value depends on someone Manual action is A developer releases and sells ‘FreightCoin’, taking specific manual action outside of the required outside of which will allow the holder to pay network means that the token is not the network (e.g. off- FreightCoin to access capacity on a new functional in and of itself. Instead, the token blockchain) in order 80 real-world freight network. The network N relies on a level of trust in a third party for the holder to get relies on legal contractual relationships and taking action off-blockchain. This sort of the benefit of the manual actions. (This alone does not make token is more likely to be bought for token FreightCoin a security) speculation - i.e. the expectation of profits. A token which is built with all the necessary technical permissions means that the token All functionality is Holders of ‘SongVoteToken’ can sign holder does not rely on manual actions of inherent in the token transactions on the network as votes for 0 any third party. This means that the buyers Y and occurs their favorite new songs and earn rewards are more likely to purchase the token for programmatically for doing so. use rather than with the expectation of profit from the efforts of others. What is the timing of the sale? Characteristic Points Explanation Examples Y or N A sale of tokens before any code has been deployed on a blockchain is more likely to A developer has an idea for a new protocol, Pre-deployment 20 result in buyers purchasing for speculative N writes a white paper and does a crowdsale. reasons with the expectation of profit, rather than practical use cases. A developer has an idea for a new protocol, The protocol is If the sale occurs after code has been writes a white paper and develops a operational on a test 10 deployed and tested, the token is closer to Y working test network before doing a network being able to be used crowdsale. If the token is sold once there is an operational network using the token, or Live network is The live network is launched before the 0 immediately before the network goes live, it Y operational crowdsale. is more likely to be purchased with the intention of use rather than profit. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
ELEMENT 3: Expectation of Profit Can the token holders exercise real and significant control via voting? Characteristic Points Explanation Examples Y or N A development team sells 100,000 Tokens for a total of 100,000 ETH. If the collective approval of token holders is Token holders as a required in order for the development 50,000 ETH will be released from the token whole are able to team to access the funds raised in the contract to the development team control the -20 crowdsale, then any value realized by the immediately, but the remainder is only N development team’s token holders is more closely tied to their released once milestones are met, which access to funds own decisions, and less reliant on the requires approval of a majority of the token efforts of others. holders each time. If the milestones are never met, the remaining ETH will be returned to the token holders. If the collective approval of token holders is Token holders as a required in order to make significant whole are able to vote changes to the protocol, then any value Changes to the protocol require a vote by N on significant -10 realized by the token holders is more token holders. decisions for the closely tied to their own decisions, and less protocol reliant on the efforts of others. Note: Voting rights must be in addition to functionality. A token with voting rights alone and no other real functionality is very likely to satisfy element 3 How is the token sale marketed? Characteristic Points Explanation Examples Y or N It is not possible to prevent some buyers from buying a token purely for speculation. However, marketing the token as an investment leads buyers to believe they can profit from holding or trading the token, Marketed as an 'Initial rather than from using the token in the ‘ProfitCoin’ includes potential of ‘high ROI’ Coin Offering' or 50 network. and ‘investor profits’ in its marketing N similar material. Using terms like 'Initial Coin Offering' or 'ICO', and investment-related language like ‘returns’ and ‘profits’ encourages buyers to buy a token for speculation, rather than use. Marketed as a Token Marketed as a sale of tokens which give the 0 Y Sale right to access and use the network If there is genuinely no economic return There is no economic Backers contribute to a cause and receive a possible for the token holders, then there is return possible from -100 ‘thank you’ token which has no economic N unlikely to be a common enterprise. This using the network value. will be rare. Results Guide Your results Total Points How likely is the element to be satisfied? 0 or less Very unlikely Total for Element 1 100 1 - 33 Unlikely Total for Element 2 40 34 - 66 Equally likely and unlikely Total for Element 3 10 67 - 99 Likely 100 or more Very likely Overall Risk Score 10 A token will only be a security if it satisfies all three elements. The higher the point score for each element, the more likely the element is to be satisfied. For many blockchain tokens, the first two elements of the Howey test are likely to be met. The third element has the most variables and the most different outcomes depending on the characteristics of the particular token. RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
Q1 2017.Idea Creation • Initial Idea Concept • Trademark Search • Copyright Search • Registration of Legal Entity • Logo Design Q2 2017.Product Development • NDA Signed with Developer • Product Development • Validate Concept • Beta Testing • Sign Up Users Q3 2017.Full Product Ready • Google Play Store Release • Gather Feedback • Create Awareness • Sign Up Users Q4 2017.Blockchain Phase 1 • Research Smart Contracts • Team Building with Blockchain Experts • Rebranding • Hire Smart Contact Engineer Q1 2018.Blockchain Phase 2 • Lunch Money Smart Contract • Whitepaper • Pitch Deck • Road Map • Expand the team Q2 2018.Business Development • Marketing and Branding • Launch Partnerships
Q3 2018.Token Exchange • Private Sale • Token Pre-Sale • Token Sale • Distribution of Lunch Money Q4 2018.Rebrand New Concept and Products • Restaurant P.I. Dapp Development Q1 2019. Exchange Cooperation • Restaurant P.I. Dapp Development • Community Building • Partnership Acquisition Q2 2019.Restaurant P.I. Dapp Development • Exchange Listings Q3 2019. Restaurant P.I. beta Launch • Partnership Acquisition • Marketing and Grassroots Campaigns • Exchange Listings Q4 2019. Restaurant P.I. Dapp Alpha Launch • Lunch Money Loyalty Card Programs • Lunch Money Card • Extra Lunch Money Card
Jeffery Varnado Adrian Triplett Founder Co-Founder Nikolay Shkilev Jim Blasko Derek Hawkins Blockchain Strategic Trademark Advisor Advisor Attorney Development Team Laxman Singh Pawan Kumar Gaurav Kumar Founder/Ceo Project Lead Jr Programmer RESTAURANT P.I, INC © Copyright 2019. All Rights Reserved.
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Restaurant P.I is an industry disrupting product with a specific and achievable goal. It’s native LMY tokens and enlisted projects will allow customers to save their fiat money and use their rewards toward their meals. Restaurants and eateries will also benefit by gaining valuable anonymous customer insights, improve upon them and grow a loyal repeat customer base. In the future, Restaurant P.I. plan to expand globally into various domains that requires boosting their customer service and scaling their businesses through quality and loyalty points.