The notion of using cryptocurrencies for making purchases has been questioned by many traders because real-life uses are not so apparent as they are said to be. Will we ever be introduced to businesses that promote both uses of fiat and digital currencies? According to Vital Skin, it is possible.
Vital Skin has supposedly sprung into existence to show traders and consumers altogether, that digital currencies can be used to make purchases and it does not necessarily need to be hard. The following will take a closer look at Vital Skin with respect to its goals, the team and its Initial Coin Offering (ICO).
What Is Vital Skin?
Vital Skin is an enterprise that is 100 percent cashless and runs with cryptocurrencies. Its utilization of the blockchain technology is believed to stimulate automation, micropayments and transaction speeds. The ultimate goal is to ensure that traders can walk confidently into any of the associated physical stores and use cryptocurrencies as a mean of payment for products.
The idea of eliminating the limitations associated with using cryptocurrencies at physical stores is definitely an advantage on Vital Skin’s part, as it is a growing concern for those who oppose it. According to their whitepaper, it seems Vital Skin will work towards integrating their respective blockchain technology and exchange network at hotels, restaurants, and luxury product stores.
Because Vital Skin focuses on the distribution of beverages, some of the different types of products that users can expect to purchase may include flavored drinks (i.e. apple, peach, currant, and lemon), energy drinks with collagen, isotonic drinks with vitamins, minerals and collagen, yogurts, and cacao milk. There are also plans of expanding product variety in the near future.
What Can Be Said About the Team Behind Vital Skin?
The team consists of four members, mainly, Ralf Telegenbuscher (Founder), Andreas Stammer (CEO/Founder), Holger Schwarmer and Nico Rohrbach (Java development and customer support).
While it has mentioned that the team consists of individuals with a wide range of experience, skills, and knowledge of all levels, specific experiences related to their choice of business or to blockchain technology has not been provided. Hence, it is not clear as to what fields each team member excels in and how the combination can potentially achieve their set goals. Another concern, is that the advisor board consists of the same members in the team. This might be a problem because they are not promoting the opportunity to consider different perspectives.
How will the Vital Skin Token be distributed during the ICO?
Since Vital Skin focuses greatly on allowing traders to purchase goods physically and digitally, an acceptable mean of payment is needed, hence the reason why the Vital Skin Token (VTSK) was necessary.
In particular, VTSK token is said to be a utility token in which Vital Skin’s customers can use to make transfers. In addition, its coin is believed to be created on Ethereum, as it eliminates the need of creating a blockchain, resulting in a faster, convenient and reliable platform for buying and selling to occur.
In terms of the ICO itself, traders can purchase one VTSK for as little as 0.02USD. For the time being, the only accepted crypto to make purchases are either Bitcoin (BTC) or Ethereum (ETH). Of the entire supply available, which is supposedly 30 million, 60 percent will be distributed to the community, 13 percent for funding, 24 percent for founders and team members and 3 percent for advisors. The ICO will be from May 3rd until May 19th, 2018.
Vitalk Skin Conclusion
Overall, Vital Skin appears to be a project worth looking into, as they have clearly addressed the concerns, how they plan to address them and the real-life applications of their token, VTSK. Based on the products being offered, it is clear that this business focuses greatly on one’s wellness, as each drink is nutritional with the supposed presence of vitamins, minerals and collagen.
The area that seems to lack the most detail is on the team, which is the pillar of any project. Of all the projects that have been making an intro, this one has majority of its team members in the advisory board. It also seems as if the members have only been in the beverage industry for three years and have yet to disclose their experiences with blockchain technology. Nonetheless, Vital Skin’s goal of making use of digital currencies is commendable. To follow up on whether or not the team will deliver, check out: http://www.vitalskin.io/