Cryptocurrency directory and merchant hub BitScan has partnered with custom blockchain token platform Waves to create a new merchant-defined loyalty and rewards network that will leverage a public blockchain to make loyalty programs easy for businesses of any size to create.
The Incent Loyalty network will be transportable between brands for consumers; have an independent value outside of the issuing merchant; and remove tax burdens from the merchant by removing future obligations often associated with traditional loyalty programs. It is meant to offer a ‘better than money’ solution for both customers and merchants. It lets merchants of any size choose their level of reward, then pools it with rewards across the network so there is no contingent liability.
Waves has completed its own $16 million crowdsale earlier this summer and Incent Loyalty represents the first high-profile development built upon the platform. “We built Waves for applications like Incent,” said Waves founder and CEO Sasha Ivanov. “I’m thrilled to announce our partnership on this exciting project.”
BitScan founder and CEO Rob Wilson commented: “Loyalty systems as they currently exist are broken. Customers receive a token that has no value beyond the issuing business; therefore, many simply don’t bother to redeem them. Merchants, meanwhile, undertake a liability every time they issue a token, so the viability of these schemes relies on only a proportion of customers actually using them. No one gets the benefits they could. We know we can create a better proposition for merchants and customers alike. Our research shows e-commerce is crying out for a better solution — and that’s precisely our aim with Incent.”
Incent will begin its token crowdsale, October 1, and it aims to raise a minimum of $1 million for development and marketing, capping the crowdfund at $5 million. This week, Incent is finishing up its private presale, which is by invitation only and requires a minimum purchase.