At WasteCoin, we strongly believe that if the social culture around waste disposal is changed for good, recycling will drastically improve. Thus, our long-term goal is to drive a global recycling renaissance which would in turn improve environmental sustainability. However we are quite aware, that it is a long shot and would require we start small:
- 2022 - 2024 (Education and Awareness Campaign)
Our immediate goal is to create a community of One million active recyclers within the UK, Saudi Arabia, and Nigeria as well as scan no less than 5000 tons of recyclables by the end of 2024.
- 2025 - 2027 (Resource Recovery Campaign)
As soon as we have a vibrant recycling community, we then proceed to share recycling bins within users’ communities for collection. These recyclables would be sold to our partnering recycling firms at current rates. Thus, the more communities we can capture the more revenue/profit.
- 2028 -> (Collaboration and Expansion)
Collaborate with more marketplace vendors and expand into more countries and collection of other recyclables
However, our goal in the next immediate six months (in line with the first milestone) is to be able to complete the development of the WasteCoin application and launch to gain no less than 250,000 users (recyclers) within the first six months of launch
To accomplish the above we are looking to raise funding to expand our product development team with
- One Blockchain Engineer
- One Product Designer (UI/UX) and
- Marketing and Ads
Blockchain Engineer: $10,000
Product Designer: $9,000
Marketing & Ads: $16,000
App Hosting and Domain services: $5,000
Development. We are currently doing internal test on some features done and getting feedback.
Problem
It is evident today that there is no significant improvement in world recycling rates which is still less than 20% for the past three decades. Over 90% of recyclable waste is either incinerated, dumped in landfills, or ends up in our water bodies. Thus, everyone is actively contributing to the degradation of the environment and accelerating climate change. Yes, there are various recycling efforts helping to mitigate. However, it is obvious that they are not effective for the following reasons:
- The focus is on post-use dump collection where the waste generators are mostly cut off from the process (chief cause of apathy). The recycling party is isolating the waste generators either purposefully for financial gains or perhaps unknowingly but to the detriment of the ecosystem.
- Lack of awareness of the negative impact of plastic and other materials on the environment. It is sometimes difficult for an average person to comprehend how their small efforts can create enormous adverse effects on the environment.
- Fundamentally, the indifference of some waste management practices has created decades of unsustainable processes affecting the environment.
Solution
At WasteCoin, we strongly believe that if the social culture around waste disposal is changed for good, recycling will drastically improve. Thus, WasteCoin is a blockchain application that educates and rewards users for their recycling effort with the wastecoin token which can be used to purchase Items at our marketplace.
How do you use Stellar in your solution?
In order to achieve our long-term goal, there is no better technology than Blockchain to help us. WasteCoin is a decentralized token application that would be accessible to anyone and everyone, thus, the tokenization process requires transparency, quickness, and real-time transactions that can be tracked. Here, the Stellar blockchain technology would be integrated to:
- Enable WasteCoin token creation generation and token burnout
- Initiate token transactions, and rewards and redeem them through Stellar distributed blockchain ledger
- Ensure verifiable tracking of recyclables data
Target Market
Our Market Audience target is generation Z (less than 40 years of age). They are enthusiastic about technology, blockchain, and cryptocurrency. We chose to make them our core customers because they are the present and future parents. The recycling culture they would imbibe from wastecoin would be transferred to the younger generation as such we can be assured of a positive global social change towards recycling.
Revenue Model
We’ll make money via:
- Commission from sales of recyclables between 10- 25% per kg
- Marketplace vendor subscriptions between $5-$20 per month
- Sponsorship and Adverts from Partnering Companies
Sales and Financial Forecast
Based on our forecast, we won't be getting any revenue in the first two years as we are committed to growing sustainable communities of active recyclers. Thus, by the end of 2024, and with 1 million users, we’ll initiate milestone II, at which stage, there will income from the sales commission of the recyclables. Averagely per annum, we’ll make sales no less than $300,000. By year 5, with a user growth rate of 5% per annum, we’ll have achieved some financial stability with a net profit of $423,000.
Industry and Market Research
According to Statistica, the global waste recycling services market was valued at 55.1 billion U.S. dollars in 2020, and was estimated at 57.69 billion U.S. dollars in 2021. The market is expected to grow considerably in the coming years as consumer awareness about the environmental impacts of waste increases. By 2028, it is forecast that the global waste recycling services market will have reached a value of almost 90 billion U.S. dollars, registering a CAGR of 4.8 percent during the forecast period 2021 to 2030.
Competition
We have the likes of Plastic Bank in Canada with expansion plans in Asia and WeCycler in Nigeria with a typical traditional approach to recycling. While Plastic bank has a mobile app, both are limited to only areas of operations. For instance, Ade in Nigeria can’t use Plastic Bank because they have no operational base in Nigeria, while Ade needs to live in Lagos, Nigeria before he can use WeCycler. These are some of the loopholes WasteCoin would solve as a global platform of recyclers as we create communities of recyclers across the globe and empower them to recycle as well as reward them while at it.
Marketing and Sales
Thus, Our marketing strategy involves
- the use of well-curated content ads on Social Media platforms such as Facebook, Instagram, Twitter, and Tiktok amongst others to bring users on board.
- the use of in-app messaging such as push notifications to enable users' continuous engagement.
- the use of our website with optimized SEO for improved visibility
- Collaborate with vendors, Food and Beverage companies, recycling firms, Government, and interested partners to offer users value in exchange for their coins, thus, users can buy items at the marketplace at discounted prices.
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