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There has been considerable interest in the past few months in the difference between a utility and a security token in the crypto world. A utility token performs a specific function in a crypto ecosystem, while a security token is more an asset class that ensures rights to an underlying unit of value (similar to a stock).
However, some platforms are mixing both functions of tokens in their business models. This promising strategy is being pursued by a German-based health startup called BitVit. The company is hoping to fundamentally change the way that much of the health industry works, by promoting their BVC token which will act as the method of payment for a large network of new health stores, called YllaLife Centers. The company are intending this network to be a self-sustaining and propagating ecosystem which drives superior health outcomes for its participants.
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From an investment perspective, the health industry is one with the highest ROI of any sector. BitVit are pursuing an approach that aims to capitalise on this. According to their whitepaper: “Our vision is to establish a global network of YllaLife Centers which shall contribute to a healthier, active and longer life of mankind. The holistic lifestyle concept comprises the invention and production of organic food and nutritional supplements and other goods as well as yoga, meditation, and sports as well as therapeutic measures and beauty treatments.”
In terms of how to realise this, they explained further:
“A specific distribution strategy has been developed under the name “Modern Social Sales.” It has an internationally oriented focus and combines the trading idea with so-called “drop shipping.” Distribution takes place via the YllaLife direct marketing tool, which provides for the introduction of the products through referral marketing.
“Our idea is to globally develop the YllaLife Centers network in order to provide humans with products that are sustainable and serve the well-being of humans and, furthermore, to offer a holistic lifestyle concept that, in addition to the USP of the products, comprises yoga, meditation, sport exercises, therapeutic measures, beauty treatments and simple and healthy life experiences. The conscious living and holistic prevention are the keys to a balanced and long life.”
The BitVit team scaling up their efforts
One thing the BitVit Foundation has going for it is the expertise of its management. CEO Wilhelm Buschenreiter has extensive experience in technology entrepreneurship, working over 10 years at health giant Herbalife.
The BitVit Coin (BVC) is in the pre-ICO stage, during which investors can avail of a 50% bonus rate. There is a hard-cap of 200 million coins to be produced. Coins will be listed on exchanges in 2019.