INTRODUCTION
Loyakk’s is a patent-pending business to business (B2B) blockchain platform called Vega Relationship Platform (VEGA). Loyakk helps businesses improve their relationship and responsibilities to other businesses within their network.
To understand Loyakk’s concept, think about all the components it takes to manufacture the iPhone. Apple needs to engage, transact, and, record their dealings with multiple businesses to ensure every component is produced and integrated on time. Managing those relationships can be done without blockchain, but it is inefficient and vulnerable to data leaks, IP theft, and contract disputes. Those inefficiencies and vulnerabilities can add up to billions of dollars of lost profit.
Loyakk can completely eliminate those risks because all transactions and data is securely recorded and stored on blockchain for all time. As such, Loyakks VEGA platform value is derived from providing the following three (3) key functionality areas:
- Secure and fast information exchange (transactions)
- Workflows
- Relationship Management
Loyakk outlines a several use cases from IT, insurance, wealth management, and life sciences health care (LSHC) industries in their whitepaper, but their platform can easily apply to just about any global industry.
For a deeper understanding of Loyakk’s VEGA concept and functionality, please refer to their whitepaper for examples such as their application layer’s set of application modules (customer engagement, partner management, channel acceleration, distributor management, supplier management) and platform core components that drive day-to day interactions/transactions.
Loyakk’s ICO is slated to begin on June 15, 2018 (see ICO DETAILS & PROCEED ALLOCATION section for more details).
REVENUE MODEL
Loyakk will require businesses to purchase licenses to use the platform’s services (see diagram in “FINAL THOUGHTS” section) and transact with other platform entities. From reading their whitepaper, it sounds as if they will offer a wide range of license packages and allow entities to purchase a level/size that will accommodate their expected usage, however it did not say if they plan to also charge platform transaction fees.
ICO DETAILS & PROCEED ALLOCATION
Loyakk’s native utility token’s symbol will be LYK. LYK will be required to conduct all transactions on the VEGA platform.
ROADMAP
FINAL THOUGHTS
I didn’t touch on a lot of ways Loyakk’s platform can support various industries, however here are a few examples of information/data that can be stored and used for smart contracts on Loyakk’s blockchain:
- Request for Proposal (RFP) process
- Request for Quotation
- Statement of Work agreements
- Design work
- Insurance policy agreements and info
- Customer data storage
- Customer credit data storage
- Contract deliverable agreements
- Payments
- Invoices
- Claims
Virtually any transaction that entities in an industry needs to record can be translated into a transaction/contract on Loyakk’s blockchain platform.
Loyakk’s value proposition is apparent, but as a result, they are not the first to come up with the idea. Multiple companies such as IBM are exploring supply chain and customer relation management blockchain solutions in one form or another. Perhaps the one big difference is Loyakk's platform is industry agnostic and has a patent-pending solution for cross-industry use cases.
I’m a little unclear at Loyakk’s token economics. Of the 177m tokens created for “this release”, 123m will be unmined and only available to license holders for their “Proof of Licensing”. The remaining 60 million (doesn’t even add up) will be available to the public. Loyakk didn’t explain why non-public token is needed (if anyone from Loyakk reading this please explain in the comments). The separation makes me wonder why an individual want to hold LYK other than investment? In other words, VEGA is a B2B platform, what use will an individual have for LYK other than to speculate on it appreciating in the future? I’m sure there are good reasons, but whatever they are they were not clearly communicated.
In sum, Loyakk’s platform has virtually everything a business would want (see graph below) and a solid team and advisory board (see Reference Links section).
I’m a little confused in regard to LYK’s token mechanics, but I’m probably missing the big picture. Regardless, I plan to keep track Loyakks progress, and look for a good time to support their platform.
ICO REVIEW SCORES
REFERENCE LINKS
Loyakk Website
Whitepaper
Loyakk Team Profiles
FAQ
Telegram
Twitter
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Traversing the Cryptosphere,
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