Family Points aims to provide “smart contracts for smart parents”. Find out what that means today in our review.
What Is Family Points?
Family Points, found online at FamilyPoints.io, aims to create a scalable, blockchain-based platform where parents get rewards of up to 40% for buying baby and maternity products. Parents can spend those points on child education and other services.
The Family Points platform already exists, but it’s not based on the blockchain. The company was launched in 2015. Today, they have 1.5 million subscribers and 14,000+ baby products listed on the platform.
The creators of Family Points believe that today’s families are paying excessively high prices for certain products. The Family Points whitepaper claims that 60% of the price of a children’s product is linked to marketing and promotional expenses. By removing the middlemen from the process, Family Points believes it can reduce costs across the board. It will allow parents to connect directly with people selling family-oriented products and services – including everything from toys to diapers to early education.
Let’s take a look at how Family Points plans to accomplish these goals.
What Problems Does Family Points Seek To Solve?
The creators of Family Points believe that there are major problems in the industry today. Namely, both parents and companies are paying excessively high prices to middlemen. Here are some of the major problems:
- High markups
- Too many fake reviews in the family products and services industry
- Parents can’t afford to spend money on education
- Family and parenting communities online are driven by advertising
Family Points plans to solve these problems using blockchain technology.
How Does Family Points Work?
Family Points aims to solve all of the problems listed above by accomplishing the following key goals:
- Eliminate excessive markups and pass savings onto parents
- Encourage genuine reviews powered by community upvotes
- Provide parents with educational opportunities
- Operate a value driven community
The Family Points platform is built on blockchain technology. It primarily functions as an ecommerce platform. Parents can access the platform to buy, rate, and upvote different products.
Some of the listed categories on the Family Point platform include baby food, toys, books, furniture, clothes, strollers and carriers, feeding, and cosmetics and hygiene.
Parents can buy products through the platform, and the platform provides cashback of 5% to 40% of the product’s price in points. Parents rate and upvote their favorite products, then can spend points on more products, or on educational services for their children.
There are three target markets for the platform, including parents, service providers, and manufacturers.
Parents subscribe to Family Points, buy products, collect reward points, and learn more about new products and services in the parenting community. They can also watch educational videos, contact expert consultants, and upvote content and reviews from other users.
Service providers and manufacturers, meanwhile, subscribe to the platform to sell services and find new customers.
Who’s Behind Family Points?
Family Points is led by Ainar Abdrahmanov (CEO and Founder), who previously founded Babystep.tv, which created the largest parenting video library in the world. Ainar has also previously owned and operated a chain of kindergartens.
Other key members of the team include Aloysius Kee (Chief E-Commerce Officer), Shaoming Yang (Chief Business Development Officer), Dmitriy Lezhnev (Chef Technology Officer), and Mikhail Konoplev (Advisory Board Member).
Family Points made headlines in 2015 for winning the G-Startup Worldwide Competition in Beijing. This is the biggest startup competition in China. Winning this competition allowed Family Points to launch their platform in China, one of the world’s largest parenting markets.
Today, the Family Points platform has 14,000+ baby products and 1.5 million subscribers. Overall, the Family Points team has 40+ years of combined experience in various fields, including parent education, e-commerce and distribution, production and manufacturing, web development, blockchain, and more. The company’s Lead Expert also runs one of America’s largest Montessori school chains.
How Do Family Points Tokens Work?
The FamilyPoints token (FPT) is an ERC20 token built for the platform. All tokens are 100% pre-mined, and all unsold tokens will be burned. 65% of the total supply of tokens are available during the crowdsale, with the remaining tokens dedicated to the management team (25%, frozen for one year), advisors and services (8.5%), and bounties and community (1.5%).
- There’s a total supply of 225,000,000 FPT tokens.
- Payment methods include BTC, ETH, LTC, BCH, USDT, USD, and EUR.
- The token sale begins with a pre-sale on December 1, followed by a general crowdsale from December 10 to December 31, 2017.
- Family Points has set a hard cap of $12.5 million USD for the crowdsale.
Family Points Pricing
All Family Points subscription fees will be paid in tokens. All membership tokens are burned after being spent for subscriptions. Here’s how pricing breaks down:
- User Subscriptions: $1 per month
- Edu Expert Subscriptions: $10 per month
- Merchant and Education Center Subscriptions: $100 per month
Family Points Conclusion
Family Points aims to launch its platform in China by April 2018, although that goal could be pushed earlier with a successful crowdsale. Overall, the company aims to reinvent the parenting marketplace, making it easier for manufacturers and service providers to connect directly with parents while eliminating the middlemen. Family Points plans to initially focus on China, which is one of the world’s largest parenting marketplaces.
To learn more about Family Points, visit online today at FamilyPoints.io. The token sale for FPT tokens begins in December 2017.