Delicia’s ICO will start with a hardcap of $33 million and a soft cap of $5 million, funds raised will go towards developing the AI and blockchain technology its platform is built upon.
The Delicia team, headed up by founder and CEO Narsh Mareedu and co-founders Rahul Patil and Chandra Reddy cite food waste as a huge global issue that will only get worse if not addressed and currently costing $18 billion a year.
How does Delicia help?
Delicia claims it is difficult for companies to be profitable but also handle their food waste correctly, however, by minimizing their food waste, the right balance can be achieved. Blockchain technology can help with this, so claims the Delicia team with their four key focus areas, including: the elimination of waste, linking buyers and sellers of food, helping small businesses and tracking food more precisely. The platform allows users to broadcast an excess of stock to other potential consumers before the date of expiration – this will reduce waste and bring together all users on the platform and prevent lost profit situations for companies.
Artificial intelligence will also be brought to the fore with the Delicia platform to help tracking and glean information from buying patterns in certain areas, allowing for more targeted marketing when a broadcast is made.
The Delicia token will be Ethereum based and according to the Delicia whitepaper, it will bear value itself based on its underlying assets, properties and associated rights. Delicia has a two-year plan before its release on a global scale with a full product launch happening in December 2019 in North America and Europe.