Prologue

We subsist at the precipice of a blockchain governed era, with all aspects of our daily world gradually evolving into decentralized systems. Prevailing industries have steadily taken the leap into adopting new-age technologies, with many allocating massive resources into developing and adapting their businesses to keep pace with the evolving standards of practice.

One market lagging behind the curve in this aspect is the online dating industry. Currently, generating $3B annually in the U.S. alone and expected to continue to grow by 13.5% annually, the market share of the online dating industry overall is incredibly broad. User-wise, 30% of U.S. adults (62M Americans) utilize dating apps/ websites on a daily basis. Globally, this figure is closer to 500M users.

A major market player (Tinder - app based) alone has 75M worldwide users with 6.6M premium subscribers, receives 1.6B “swipes” a day by its user base and. Stands at a 40B Valuation. A second contender (Plenty of Fish - web & app based) has 15M active daily users, 100M total users, and 500,000 paid subscribers.

The potential of this industry can be best summarized through a direct quote, " dating services benefit from tailwinds such as  untapped market, increasing millennial spending power, young people delaying life milestones such as marriage and home purchasing, as well as working longer hours. This is all on top of the growing ubiquitousness of broadband internet and growing acceptance and legitimacy around online dating.” (Lin, 2019).

On top of this, dating industry applications and websites lack key aspects that blockchain can provide: Trustless verification, immutability, decentralization, and smart contract validation. The benefits of these aspects  and their contributions/utilizations by TruYou will be further explained in the sections to follow.