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dApp Spotlight: Cosmochain

Dec 12, 2019 | dApps

The dApp ecosystem encompasses many different business ventures and ideas. The viability most ideas is currently being put to the test. Cosmochain explores a very interesting model, as they aim to connect users and companies through beauty data. 

The Cosmochain Ecosystem

On paper, it sounds normal to connect customers and companies in the beauty industry. The way this is done traditionally, however, leaves a lot to be desired. Cosmochain wants to revolutionize this concept by utilizing blockchain technology. This allows the team to store the relevant beauty data in a decentralized manner. 

This approach serves multiple purposes. First of all, it allows for transparent distribution of information. Customers create and share relevant information on the blockchain. Companies can then look up and utilize this data. In exchange for doing so, companies will reward users for sharing this information with them. 

These rewards offer extra value to existing and future business models. Both the Cosmochain platform and data providers will share rewards for making this ecosystem more versatile and accessible. Those rewards can then be used to keep improving the platform in whatever way is deemed necessary.

It is pertinent to ensure all of the data shared by customers is used in a fair manner. Due to the transparent nature of Cosmochain, that can be achieved with relative ease. By ensuring everything is done in a transparent manner, the stable operation of this ecosystem will be ensured.

The First Native dApp: FitsMe

The first dApp to be developed as part of the Cosmochain ecosystem is called FitsMe. It utilizes over 1.5 million data points and helps users determine which type of beauty products will be suited for them. Users will enter their skin characteristics and taste through the mobile apps, and receive recommendations in return. This application is available for both Android and iOS users.

This is the first example of how an application provides value to beauty consumers over the Cosmochain ecosystem. Additionally, it also allows for companies to collect beauty data from consumers all over the world. That information can then be sued to further personalize the beauty product recommendation algorithm and content curation system. 

Some User Statistics

According to StateofthedApps, Cosmochain serves over 48,000 users on a weekly basis. This seems to confirm there is plenty of interest in collecting and sharing beauty data on a global level. It is a dApp that will certainly appeal to the right people and companies, as the beauty industry is one of the biggest in the world. 

Transaction-wise, there are plenty of transactions taking place. These transactions include both the sharing and use of beauty data accordingly.  As these numbers remain on the high end of the spectrum, it seems evident to assume Cosmochain will keep on growing accordingly. 

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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