Matchpool is a decentralized matchmaking system that uses group dynamics to help participants match with each other – like for dating or recruitment. Find out how Matchpool works today in our review.
What is Matchpool?
Matchpool’s ICO raised over $5.7 million in 48 hours back in April 2017. Today, the protocol is in active development as “a platform that creates human connections”.
The vision of Matchpool is to create a platform for matchmakers by allowing anyone to create their own community “pool” for free. Creators can then invite members to their pool. End users of the platform can find connections on the app by joining pools that best cater to their needs.
Matchpool claims to be “the first platform for mainstream matchmaking powered by a cryptographic token economy.” You can buy or sell tokens (called “Guppies” or GUP) using real money. Matchpool uses a trusted algorithm to reward users automatically across the platform.
Why would someone want to create a community pool? Some of the possible use cases for Matchpool include for dating, membership clubs, leisure and lifestyle activities, businesses, recruitment, education, and health, among other community-based activities.
The two biggest opportunities, however, are in the dating and recruitment industries.
Overall, Matchpool is on a mission “to make the world more synchronistic and connected within communities by creating a fair, incentivized based community platform that will enable anyone to open their own community inside the network.” Matchpool will use an internal reward mechanism to facilitate connections in a positive way.
Possible Uses for Matchpool
So far, Matchpool might sound a little complicated and vague. To help explain the platform’s potential, the official Matchpool.co website features a number of different use cases for the protocol, including all of the following:
Today, it’s very expensive to create and maintain a dating app. That’s why there are few niche dating apps that survive. We all know about Tinder, Match, eHarmony, and others, but it’s hard to find high-volume dating platforms catered to specific niche groups. The ones that do survive need to invest a significant amount in advertising and promotional efforts (how many “Farmer’s Only” advertisements do you see on TV in America?).
There’s also the problem of subscription-based systems. This is a fundamental problem within the dating network world: dating networks want to keep customers subscribed as long as possible, but they also want to help customers find the perfect match.
Matchpool plans to change the dating industry using a balanced, fairer system that allows for a better type of monetization.
Matchmaking extends beyond the dating world. Recruiters can use matchmaking platforms to find the perfect candidate for the job. On Matchpool, recruitment agencies and individuals can become recruitment poolmakers, matching employers with employees.
This can extend to more than just traditional recruitment positions. It can also extend to freelancer positions or any industry that relies on reputation and services.
How Does Matchpool Work?
Matchpool’s core feature is its decentralized matchmaking protocol that uses group dynamics to help participants match with one another. It can also be used as a more generic platform for any kind of paid membership community.
To create that platform, the developers have built upon Ethereum smart contracts (which are used to handle trust-sensitive ownership and reward structures) as well as the core game logic.
Another key feature of Matchpool is the Guppy token, or GUP.
How Do Guppies (GUP) Work?
Guppies are a central part of the Matchpool platform. Why does Matchpool need its own token when it could simply denominate all transactions in Ether or other well-known cryptocurrencies? The whitepaper admits that “This is a fair point”. However, they outline for main reasons for developing their own in-app token, including:
- It helps them raise enough money to develop the platform
- It gives them a way to reward new users for joining the platform
- It provides a simple and universal measure of value across every pool
- It facilitates opening pools and paying subscriptions
When the Guppies ICO is first launched, the tokens will be a way to invest in Matchpool as an idea. In the future, the tokens will be used to pay for apps and services on the platform.
The company’s crowdsale was completed in March 2017. However, incentive tokens will continue to be released over the next two years.
Who’s Behind Matchpool?
Matchpool is led by Co-Founder and CEO Yonatan Ben Shimon, a hedge fund manager with 3+ years of experience in the blockchain industry and a history of successfully managing a portfolio of cryptocurrencies.
Other key members of the team include CTO Or Demri, a system architect at ICAP with 3+ years of blockchain experience, who also helped manage a portfolio of cryptocurrencies, as well as Max Richardson, Co-Founder, CCO, and serial entrepreneur known for founding Bloc Digital and investing in cryptocurrencies.
The company started developing its plan in December 2016. By January 2017, the company was working on the MVP (minimal viable product), and in February and March, they launched their crowdsale. In August, they plan to release their Matchpool production platform worldwide. Within the first two years, they aim to distribute all incentive tokens.
After the crowdsale in March 2017, there was some controversy about the company. Specifically, the company’s co-founder Philip Saunders made a public accusation that CEO Yonatan Ben Shimon had pulled an “exit scam”, disappearing with $1.7 million of the funds raised. However, it was revealed that Philip had made the public blog post in an effort to sabotage the project.
In reality, the majority of user funds are safely stored in a cold wallet, although some Ether was sold to hedge against the volatility of the Ether price. It appears the controversy was overblown, and by all accounts, Matchpool is on track to achieve its development targets.
Ultimately, Matchpool is a decentralized matchmaking platform suited for a variety of industries – including the dating and recruiting industries. To learn more about Matchpool, visit the organization online today at Matchpool.co.