Lipchain: Reshaping Surfing ICO Review

Lipchain: Reshaping Surfing 

In the United States, about 1.73 million people go surfing at least once per year. They join a total population of surfers that is estimated to be about 23 million people. The average annual revenue that is generated by the global surfing industry is about $7.3 billion each year. The sale of hard goods is the largest segment of the surfing industry. Surfboards and accessories account for over $3.1 billion in annual sales. Footwear is the largest specific product segment in the industry, accounting for $1.6 billion in sales each year on its own. The global market for the surfing industry is projected to reach total sales of $9.5 billion by 2022. Australia is forecast to lead this increase with a projected CAGR of 5.5%.

Problems with the industry

Overcrowding spots – as the sport of surfing advances and becomes more convenient, it also gains popularity. As a result, every surfer has those days when it seems that the entire world has descended on the same break. Weather condition – onshore winds come from behind or from the side of the waves, turning a swell into surf that is bumpy and more difficult to ride. Lack of funding for beginners – most surfers relies on sponsorship as their main financial support but sponsorship opportunities are either so sparse or monopolized under the ownership of a single party. Other challenges plaguing the sport include issues of a big price per wave, limited access to world championship, lack of dedicated channel for advertisers, duration to reach a professional level, and pollution of seas and oceans.

The Solution

Lipchain is launching a decentralized social network. This is to tackle the sticking issues in the industry. What is obtainable currently is that a sportsman can have followers in their multitudes, also a lot of the content that is released today is through social networks and this explains the reason behind the millions of followers these networks have. This scenario creates a valued content which is turned into real wealth – millions of Euros as the space is sold to private organizations. The sticking issue here is that the Athletes and those that do the sourcing of the content do not get to be rewarded in any way for the costs they incur. There has never been any moment when Facebook or Instagram shared earnings with the Athletes who uploaded valuable content and actually attracted the community audience. Another related question borders YouTube and how money is earned on it – the answer as to how money is made is based on apps engagement with the ad. This means clicking or viewing an ad for more than 30 seconds. Advertisement on YouTube is managed in the ad words platform.

Apart from the share of profit, all the contents that you wish to share are centralized in servers of an entity. A deeper analysis of how the current system works will reveal a situation where you can’t control your own private content. Lipchain will create a decentralized social network dedicated to surfing which would allow users to be paid for the content they will publish on the app through sponsoring a system secured through smart contract, thereby maintaining control over their content. A sponsor may want their business to be seen by people in its region with the traffic of the athlete’s fans. On the other hand, the athlete will be obligated to create a short video dedicated to the sponsor, expressing his gratitude. There is also an app on the platform that enables relatives of the athlete to take pictures and create videos and get paid as they share the proceeds with the athlete who has been filmed. This truly is a win – win situation.

Useful Link:                           Website | Whitepaper 

Author Detail:

Profile Link:      OrangeSeller
ETH Address:   0x1461C3727dC461EfF7B32751dFf56c51c2218d5E

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