Greetings and courtesy and respect to the great ICP family.
Thank you very much for reading our article and giving us guidance on the idea of building an on-chain accounting platform.
Why an open source accounting platform?
When we think about the integration of traditional businesses with the structure of the crypto world, we see that this integration requires compliance with frameworks. Frameworks that record the financial input and output of businesses in a scalable and decentralized platform.
After much research, the COE project believes that if the on-chain accounting platform is developed, it can be easily integrated with the token structure of the ICP ecosystem if the transparency frameworks of traditional businesses are followed. The implementation of this plan can involve thousands of real people with the ICP blockchain ecosystem and tools every year.
The initial design of the platform
The basic principles of a public platform can be considered as the primary criteria for implementing software in the ecosystem. We don’t need to reinvent the wheel, we can rewrite the basic principles on the chain from a public accounting platform.
- Create account using wallet or NFID
- Try with a test plan
- If needed, purchase one-year accounts for use
- Pay more for each additional access
If we can record traditional business financial transactions on the chain in an immutable way, transparency will be formed in financial input and output. If we consider this issue as one of the frameworks and conditions for the integration of traditional occupations, we can hope for the future of this idea.
Traditional businesses in every country trade with traditional money, what solution do you have in mind for this issue? One of the relevant platform tools should be a calculation tool so that the currency units of the countries can share their data in the form of ICP units.
We are going to continue in a live example
For more detailed reviews and real statistics we are going to open the first traditional business, let’s continue in a live example.
This traditional business is a delicatessen. The approximate capital to open this business is close to 5000 dollars. This traditional business uses the tools of the ICP chain to implement a creative marketing plan aimed at growing in-person sales.
After ensuring the quality and profit margin of the product, we planned on a creative marketing plan. After becoming a member of the customer club, in-person customers can receive NFTs related to the brand of this business on the ICPswap platform.
In three 15-minute training videos, you can teach the use of platforms and make customers enthusiastic about using this plan.
Customers get a NFT gift from buying a product in the traditional market and keep it in ICPswap wallets. At the time of data archiving, customers’ subscriptions are stored in the name and contact number. The relevant business can archive all the wallets of the customers in order to provide clear reports to the government bodies if financial reports are needed.
In this plan, the respective business has stipulated to convert 10% of its financial input into ICP every 24 hours. and inject these ICP reserves into the token structure at the end of each month. Distribute purchased tokens to NFT holders with the help of claim option. In this case, some of the customers who are members of the customer club can profit from the sale of these products.
We know that in this scheme, maximum 10% of face-to-face customers may be involved and receive NFT. In this case, 10% of customers can profit from 10% of the purchases of 90% of customers.
The traditional business will be advertised by word of mouth, and in the region, the goal of sales and income growth for these traditional businesses was envisioned. Clients store ICP-backed tokens. In the long-term plan and integration of more businesses, a clear vision can be imagined.
Viral sales in the region
The implementation of such a plan can bring the sales to the maximum capacity of the traditional business only after a few months.
In the second step, a bigger branch is planned to be opened in another part of the city. FOOD.COE became the first brand that plans to implement this idea in the form of a practical experiment. In this research program, we can examine real statistics so that in the future we can attract representatives from all over the world to this idea.
The main conditions of incorporation of a traditional business
Using an open source and online accounting platform is one of the main criteria.
Transparent financial reports of the financial turnover of the business in the form of ICP currency
Providing a live camera from the store checkout on the website of the relevant brand
Before the merger, the traditional business must define what percentage of the financial input will be provided to the society
The concerned business shall submit a complete development plan before the merger and be approved by the DAO of the project
Traditional businesses can be financed and supported by enthusiasts. The COE project can guide enthusiasts to use this idea and write tokens for new brands and grow an ecosystem. The main condition for cooperation in such an idea is to provide rewards in the form of COE tokens. New brands create trading pairs and buy from their own trading pairs with COE tokens and offer them to the community for monthly liquidity injection.
Explain more about FOOD.COE
In the first step, this brand starts its activity in the form of testing this idea. The financial reports of this brand can be presented with the help of Google Sheet. Also implement the condition of the online camera.
The maximum production and sales capacity of this business in the first stage of the road map is 300 sandwiches per day. This number of sales can store $100 in ICP tokens on average daily. Within a month, the collected amount can reach 3000 dollars in the form of ICP tokens.
Providing reports and ensuring capital injection can increase COE token investors. Face-to-face customers of traditional business who are involved as the first people can withdraw money in the shortest time and increase the amount of word of mouth advertising of this idea.
FOOD.COE has thought about the development of its brand from the beginning and considered target areas for opening a second branch.
The miracle of community-oriented economy
- Creating employment in different areas
- Creating integration between interested communities in a decentralized manner
- Cultivation in society
If we look at this idea in a larger frame, in 10 years:
We can turn our region and city into the tourist and commercial center of our country. Consider a city where more than 1,000 traditional businesses have used the COE system to integrate.
Tourists can find integrated businesses with the help of the COE platform and buy from these agents to prepare the necessary items.
People from other cities can travel to our city on vacation and consume this brand. Everyone knows that the price of COE token increases during the holidays, because the amount of tourist transactions is affected.
Invited to cooperate
Sincerely, we need the help of programmers who are familiar with the structures of the ICP ecosystem. The COE team, as a creative and young startup, cannot afford high costs to programmers. But this issue can be financed in the form of a cooperation. Thanks to the financing ecosystem tools, the implementation and construction of the required platform can be done by the interested community. If we are interested in implementing the idea of this article, please help us in the development and creation of this idea.
in the end:
Our first business is FOOD.COE, and this brand has paid $2000 in construction costs so far. There is a possibility that part of the completion amount will be financed with the help of the community if the DAO is approved by the community.
This issue can be important, because the international community cannot buy in person and become a member of the customer club. Therefore, the sale of a limited number of participation tickets can be the desire of the community.
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