simplyBrand is an advanced ecosystem that draws on artificial intelligence, blockchain technology, and crowdsourcing to eliminate counterfeit products in digital commerce. Their goal is to restore trust in e-commerce and online product sales. Offering results-driven and viable solutions to this global marketplace problem will lead to a safer and smarter industry for both online consumers and merchants. More information about the company can be found on the simplyBrand official website.
With the expansion of digital technologies and marketplaces come the proliferation of both good and fake products. Which is pretty much expected. granted, people tend to follow the money and will do what it takes to survive, even if it means vandalizing or indulging in nefarious practices. In this case, piracy and counterfeiting of products and commodities.
I had given a thorough explanation of what simplyBrand is doing and how the economies and individuals can benefit through participation. I covered them in this post - simplyBrand Introduction and this post - simplyBrand's solution to affected parties.
In this article, however, I intend to delve deeper into their solution framework to explore how exactly these lofty goals can be achieved on the simplyBrand ecosystem.
The simply Brand platform will combine AI, human ingenuity and blockchain technology which will be used to create an immutable “blacklist” of counterfeit product vendors available for the world to see, while the tokens within the blockchain will incentivize crowdsourced participants to utilize the simplyBrand platform.simplyBrand whitepaper
For simplyBrand, the solution framework for cleaning up the e-commerce industry is quite simple and will be carried out in three stages as stated below:
simplyBrand's AI technology will constantly scan several e-commerce libraries and websites for new product data and listings to contribute to an ever-expanding database. The data received will be stored on the immutable blockchain. This is important because for simplyBrand to function effectively, it needs to be able to capture even the remotest of information about an existing product in the industry. With scanning and proper data identification, more accurate actions and decisions can be taken.
After the simplyBrand scours the internet for product data and stores them on the blockchain, the data will be analyzed using the platform's powerful AI technology, Natural Language Processing (NLP), Semantic analysis, image recognition technology and of course, crowdsourcing! Employing the wisdom of the Crowd is genius in this instance because a large group of people will be involved in the vetting process. That way, very controversial or complex data not easily processed by AI can be correctly proved by humans. Using a large group of people also leaves no margin for organized cheating by a small group. In return, involved humans are incentivized for their work after the information received has been matched and processed to be true.
Final information collected from the various intelligent processes are stored permanently on the blockchain to be accessible by anyone in the world. Items discovered to be counterfeits are blacklisted so it is easily accessible to anti-counterfeit agencies to take the necessary actions. Anti-counterfeit agencies can act on such information by taking down the web pages or e-commerce stores that were set up by blacklisted parties. They can also employ technologies to track the products to the fake manufacturers for apprehension!
simplyBrand has partnered with Cobinhood, a commission-free cryptocurrency exchange and ICO service firm to launch its first Private Token sales. Token presale started on the 10th of January 2019 and will be open till the 23rd of March 2019. Private sale participation is open to every country except citizens of China and the US, due to the restrictions placed by the governments of these countries. More Presale details are as follows:
The total number of tokens up for presale: 160,000,000 SBA tokens.
Presale Duration: 10 January 2019, 9 AM --- 23rd March 2019, 4:59:59 PM
Token Price: 1 SBA = 0.00025 ETH
Presale Soft Cap: 4000 ETH
Presale Hard Cap: 40,000 ETH.
It is important to note that there will be presale bonuses when cumulative ETH received reaches predetermined points as indicated on the simplyBrand presale page on Cobinhood. Also, there is an active affiliate program running for this presale as contained in the aforementioned link.
As regards project ratings, simplyBrand scored an average of 4.8/5 across a number of third-party ICO rating platforms. You're welcome to find more information on websites like ICO bench ICO top, and ICO creed.
For more information about simplyBrand and the ongoing presale, do not forget to check out the links to the official website and the Presales page on Cobinhood below:
This article should not be taken as investment or financial advice. As always, readers are advised to conduct proper research before considering a financial opportunity.
