In recent years, cosmetics and skincare (“beauty”) as an industry has blossomed and become a ubiquitous presence throughout social media, communities, and commerce platforms. The global cosmetics market has been registering steady annual growth of 3%, and in developing countries, (including China) the growth rate has been at 5% annually1; however, within the market, hundreds of cosmetics companies have entered a zero-sum game with nearly identical product lines, brand, and sales channels. Simply speaking, it is becoming increasingly difficult to find players that provide differentiated and personalized services or products catering to individuals with tastes and qualities that are outside of the “average” user. The focus on the “average” is ironic because beauty products tend to be one of the most polarizing products in terms of user experience between different individuals, yet due to traditional marketing strategies, the overall industry has been forced away from personalization to generalization and mass marketing, effectively functioning in a declining state of innovation. In an attempt to solve this dilemma, cosmetic companies are perpetually seeking ‘innovative’ ideas that will bring creative disruption to the traditional value chain, but in the absence of a marketplace or channels that provide reliable consumer data and actionable data insights, such measures face an uphill battle.
At the other end of the market, consumers have to cope with different difficulties. As mentioned above, “cosmetics” is one of the hottest buzzwords and industries regardless of gender, age, and nationality, and among such heated discussions, customers face three major difficulties. First, it is difficult to distinguish real information from fake or manipulated information as companies sponsor and fund most of the current cosmetics content and so-called “studies”. Secondly, only a select few ‘power influencers’ are currently benefiting from pro-rata ownership or enjoying appropriate rewards for their meticulous contribution to various platforms. Thirdly, cyber security has become a dire and pressing issue as the amount of personal information shared throughout social media grows exponentially.
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. Those who contribute their scarce time and attention toward producing and curating contents for others are compensated with tokens and receive pro-rata ownership of the contents they create. On the other hand, cosmetics product suppliers are able to actualize a wide variety of “on-demand” services on the platform by utilizing API that Cosmochain provides.
Two different tokens and one internal virtual index make up the Cosmochain ecosystem:
The cosmochain ecosystem comprises three different asset classes: two tokens managed by the blockchain (Cosmo Coin / Cosmo Power) and a third in-platform index (Cosmo Level) for expressing the contribution level within the platform.
From a user's perspective the platform has five key features:
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Size of Potential Market
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. Competition 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.
Blockchain Advantage
The essence of the Cosmochain platform is the collection and management of data using blockchain technology, and the key data here is each customer’s basic demographic information, and also cosmetics-specific data such as skin type. Such personal data are used only within the Cosmochain platform and are selectively filled out by customers. Cosmochain’s architecture is made up of three layers – the database, platform, and application layers. All information created and shared within the platform are managed securely by the blockchain. All individual customers and participants can exercise ownership and management right of their own content, and all platform users can receive compensation when data and content are shared with company participants. To put it in a nutshell, Blockchain technology allows Cosmochain to offer extra security for all of the platform stakeholders.
Transparency
Cosmochain has made their Github public and are transparent enough to highlight where they stand in terms of development of the platform so far. However, the information about their progress in regard to the Alpha version is not available. Also, the selection of EOS as the main Blockchain used for the Cosmochain platform has been recently announced which is not touched upon in the documentation.
Vision
The roadmap highlights the major milestones for the next 12 months, and the team presented a vision on how they will expand their business and potential reach in the market. In fact, Cosmochain is targeting cosmetic companies based on their varied use cases. The team also have a plans in place to onboard various bloggers and social celebs who should give initial boost to the live platform once it will be in place.
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