Plato is an #EatToEarn application that gamifies the pursuit of food for customers and provides unique data sets for restaurants. They utilize a "Proof of Purchase" system that rewards customers for documenting their experience, this ensures that reviews and customer profiles are legitimate.
What is Plato?
Plato is a gamified dining that aims to create unique datasets around food, allowing users to discover restaurants, make reservations, and handle payments seamlessly while engaging in a social and interactive dining experience.
Their customers are on both ends of the app, dining data from customers is used to form profiles which restaurants can directly market to.
What is $FAT?
$FAT is the native crypto token used within the Plato ecosystem. It serves multiple purposes, including rewarding users for their engagement and participation in the platform. Users can stake $FAT to earn yields and participate in a bounty system that incentivizes the onboarding of new restaurant merchants.
- Rewards: Users earn $FAT by participating in the platform, such as sharing their dining experiences or staking tokens.
- Staking: Users can stake $FAT to earn yields, which incentivizes them to contribute to the platform's growth.
- Bounty System: A portion of the yields from staking is allocated to a bounty system that rewards users for onboarding new restaurant partners into the Plato network.
- Revenue Sharing: Users who stake $FAT can receive revenue shares from restaurants that engage with the platform, fostering a sense of community ownership.
Bounty rewards encourage customers to nominate their favorite restaurants (that aren't already onboarded to Plato) by staking $FAT at their location in return for a small staking yield. Users can see how much the bounty is at each restaurant and once they have a dining experience with Proof of Purchase they claim the bounty.
This is a gamified action that both onboards new restaurants and challenges diners at the same. By allowing users to stake tokens and earn rewards for onboarding restaurants, Plato fosters a sense of community ownership and involvement.
Traditional methods of acquiring restaurant partners often involve significant capital investment in hiring teams and conducting market research. Plato’s $FAT approach reduces these costs by utilizing its user base as a marketing force.
What does #EatToEarn mean?
The term #EatToEarn encapsulates Plato's model where users are rewarded for their dining experiences. This concept encourages users to engage with restaurants actively by sharing their experiences through photos, reviews, and receipts.
Eat to Earn, or gamified reward systems, is not new in the mobile dining space. Uber Eats, DoorDash and McDonalds all deploy loyalty programs with regular promotions which encourage repeat usage.
As users dine out and utilize the app, they accumulate rewards in the form of $FAT tokens. This gamified approach not only enhances user engagement but also creates valuable data about dining habits that can be leveraged for personalized recommendations and restaurant marketing.
What is UGC (User Generated Content)?
UGC stands for User Generated Content, which refers to any content created by users rather than by brands or companies. In the context of Plato, UGC consists of reviews, photos, and other contributions related to dining experiences that are backed by proof of purchase receipts.
UGC allows Plato to train its AI algorithms to provide personalized restaurant recommendations based on individual user preferences and past dining behavior (more on that later. Encouraging users to share their experiences fosters a sense of community within the app, enhancing social interaction among users.
The UGC collected is backed by proof of purchase receipts, creating a reliable dataset that can be used for insights into consumer behavior and preferences. This data helps personalize dining recommendations and enhances the overall user experience.
What is Plato Prepay?
Plato Prepay is a feature that allows users to preload dining dollars into the app, enabling them to pay for their meals at participating restaurants. Importantly, this system reduces transaction fees for restaurant owners compared to traditional POS systems, making it more cost-effective for them.
- Lower Transaction Fees: When users pay for their meals using Plato Prepay, restaurants benefit from reduced transaction fees compared to traditional point-of-sale (POS) systems (which can charge between 4% to 6%).
- Incentives for Users: Users receive discounts or perks when they use Plato Prepay for their transactions, incentivizing them to choose this payment method over others.
- Streamlined Payments: The prepayment system simplifies transactions for both users and restaurants, making it easier for diners to pay while providing restaurants with faster access to funds.
What is AskPlato and how does Plato deliver personalized restaurant suggestions?
Plato leverages its unique dataset of UGC backed by receipts to provide personalized restaurant recommendations. Unlike traditional platforms that offer generic suggestions, Plato analyzes user eating profiles and preferences to deliver tailored dining options through its feature called AskPlato.
Plato utilizes advanced AI algorithms alongside its unique dataset of user-generated content (UGC) backed by receipts to deliver highly personalized restaurant recommendations. The AI analyzes user preferences based on past dining behaviors, such as frequently visited restaurants, types of cuisine enjoyed, and spending patterns.
As users engage with the app, the AI continuously learns from their interactions and adjusts recommendations accordingly.
This feature allows users to ask for personalized suggestions based on their location and preferences. The AI leverages UGC data and user profiles to provide tailored recommendations that reflect individual tastes.
How does Plato benefit restaurants?
Who is building Plato?
Acquire repeat customers for restaurants
Target customers using eating profiles
Track in-person dining
Gamefied eating
Similarities to other apps - Pruto Prepay
Rewards UGC (user generated content) - Proof of purchase
Data is then available for restaraunts to use to target - unique data verified by proof of purchase
Utilizes an LLM
AskPlato
Makes reservations (not yet released)
Personalized restaraunt suggestions and then make reservations automatically -
Low cost for restaraunts using Plato Prepay
Crowdsource their way into IRL restaurants with incentives
Stake FAT at that location for a yield, person who visits that restaraunt first wins the bounty
Once restaraunt is officially onboarded with the Plato Prepay, those who staked FAT get rev share.
Team - much experience in software engineering. Background in restaurant business.
