Reward programmes are not native to the cryptocurrency and blockchain ecosystem just yet. BitScan, a popular business directory and merchant hub, wants to change that. The team will run a crowdfunding campaign to create a blockchain-based rewards programme, called Incent. To do so, they will partner with blockchain tokens platform Waves.
BitScan has been working on this proof-of-concept for quite some time now. Incent, as this solution will be called, allows merchants to configure issuance and redemption of tokens. For example, users could receive a cashback reward in Incent, and then use this funds for future payments. Integrating this concept into e-commerce sites will be the greatest challenge, though.
Introducing The Incent Blockchain-based Rewards Programme
Choosing the Waves platform as a partner for this venture was not a random decision. The project will provide the blockchain infrastructure backbone, both for trading and issuing tokens. Speaking of trading, Waves’ decentralised exchange allows users to trade them against fiat currencies
BitScan CEO Rob Wilson explained it as follows:
‘Loyalty systems as they currently exist are broken. Customers receive a token that has no value beyond the issuing business – and many simply don’t bother to redeem 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.’
At the same time, there is a genuine interest in this project already. Several companies have come on board for the Incent programme. Creating a token of steadily increasing value will be difficult, though. Then again, merchants who reward users will buy additional tokens on the open market, which should push the individual token price higher.
BitScan hopes to raise at last US$1m during their crowdsale, which will begin in October of 2016. The maximum amount of money to be raised is capped at US$5m.
Header image courtesy of Incent