Initial coin offerings are seeing their fair share of success in the world of Bitcoin and cryptocurrency. Incent, a company focusing on providing blockchain loyalty schemes, has raised over 1,000 Bitcoin in their first week of hosting a crowdfunding campaign. This means the project raised enough funds to go to market.
Incent Reaches Major Milestone Already
It has to be said, hardly anyone expected Incent to surpass the 1,000 Bitcoin mark in the first week of their ICO. Then again, crowdfunding campaigns in the cryptocurrency scene have been quite successful in recent months. During the first few days of the campaign, the project saw over 800 Bitcoin invested already. Moreover, they also saw interest from the Waves community, as over 600,000 tokens have been invested so far.
Before the ICO began, the Incent team set a goal of raising US$1m during their campaign. However, with that money -and more – already collected in the first week, there is enough funding to complete the development. The rest of the money will be used to secure merchant partnerships before the platform launch in 2017.
Enterprises will soon be able to issue Incent as well. A proof-of-concept wallet has been developed by BitScan. Interested companies can use Incent to issue a universal token of reward. Rather than dealing with cumbersome loyalty point schemes, these tokens can also serve as a cashback solution. What is even more interesting is how merchants can determine how much of these tokens they want to reward at any given time.
Increasing The Number of Participating Merchants
A project such as Incent won’t survive long without merchant participation, though. Now that the team can work towards building their network of retailers, great things can be achieved. The platform is scheduled to launch early next year, so time is of the essence.Two new partners have come on board during the crowdfunding campaign, though, which is great to see.
Incent CEO Rob Wilson had the following to say:
‘What’s great about these two, apart from the fact that they represent such different sectors, is that they see value in Incent for different reasons. As an e-commerce trader, Sure Green sells through Amazon and eBay, but is hit with a high commission fee. Their CEO is happy to pay that in loyalty points to get people to shop through his own site. The Temperance Society bar, meanwhile, is a local business and social hub, and sees huge value in fostering that vibrant local economy.’
When news broke about the ICO milestone, two additional Australian businesses had partnered with Incent. Cofint, a furniture retailer, and software company Practice Manager 24/7 both see lots of promise in the project. The crowdfunding ICO is still underway and will run until November 30th. More information can be found on the ICO website.
Header image courtesy of Incent