From the developers of Babystep, the world’s biggest online provider of educational content video catalogs, comes parenting start up FamilyPoints. The new company aims to use the innovation of blockchain technology to transform the global parenting market — estimated to be worth $6 trillion.
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FamilyPoints has also announced the appointment of Shaoming Yang as its chief business development officer, hoping to benefit from the seasoned capabilities of the former Alibaba senior manager, also recognized for his role in founding China’s first e-commerce website focused on providing for parents.
Yang will be leading Babystep and FamilyPoints e-commerce development, in addition to forming strategic partnerships, with the ultimate goal of helping parents to minimize the costs of childcare products expenditure. His motivation derives from his own personal situation.
Yang described his motivation for joining this project:
“My little boy is being raised in Shenzhen. Compare with the kindergarten system in Singapore, I am worried which kindergarten to send him to as most are privately run and there is no proper accreditation in place. A lot of people need connections just to get in a good school. With FamilyPoints, parents can properly review kindergartens and share genuine feedback with fellow parents. If this can solve my problem, it can also help others.”
While other similar platforms are available, FamilyPoints will be the first to be based on blockchain. This is expected to bring about several innovative improvements, such as more secure transactions, with a transparent channel for reviews on services and products. The platform will also integrate a rewards system and a referral program to build user loyalty.
FamilyPoints intends to create a blockchain-based ledger that will serve as a yardstick against which the quality of products and services will be measured. Thanks to the immutability of ratings and reviews, the ledger will create a natural system of trust within the parenting ecosystem, one that is cross-industry and scalable for the establishment of trust on any system.
This will set a higher standard for manufacturers and service providers to attain, ensuring that consumers across the globe are better protected against misinformation in the industry, which is becoming increasingly problematic in the modern context of widespread information.
In order to raise the funds necessary to develop, market and expand the platform, FamilyPoints will be hosting a token generation event to issue its native FamilyPoints tokens (FPT) to potential backers. FPT are ERC20-based tokens issued on the Ethereum protocol, which will function as app tokens used to access the FamilyPoints platform through subscription fees.
Potential users of this platform will include:
- Retail users: These are individual parents and other online shoppers desiring access to the best-rated educational services and who want to purchase trustworthy mother and child products, getting the best value for their money.
- Service Providers: Companies, organizations and institutions such as kindergartens, education centers, language schools, financial institutions and tourism companies who want to open up new, targeted customer bases to relay information to about their products and services.
- Merchants: Online retailers specializing in selling mother and child products.
- Product Manufacturers: Producers and manufacturers who offer white label products or those who want to access customers directly without going through the retail industry.
- Other Stakeholders: Potential partners who can choose to join the FamilyPoints platform at various strategic stages in future development.
Babystep was founded in 2015 and today owns the largest video library of educational parenting content in the world, featuring over 1,150 videos in 8 different languages. After winning China’s biggest start up competition, the prestigious G-Startup, Babystep launched its own mobile video platform that currently generates 15 million organic views every month thanks to a base of 1.5 million established subscribers this year.
The company has initiated an expansion into furniture retail in China, with a growing presence on Taobao, Xiaohongshu (小红书), and Yidoutang. Babystep is now a Top 3 parenting channel in Baidu app for mothers, a Top 10 educational content provider for Alibaba, and is Touttiao and Le.tv’s fastest growing educational content provider.
FamilyPoints’s blockchain-based solution is fully scalable, with parents potentially earning up to 40% rewards from mother and child product purchases. Rewards can be redeemed towards a range or products and services within the platform, including children educational services, professional expert consultation, live stream webinars and early education classes.
Higher rewards are possible because of direct partnerships with selected manufacturers and brands, significantly lowering mark ups. FamilyPoints is considering to offer other services in the future, including banking, insurance and travel.