LoyalCoin is a new customer rewards product from Appsolutely Inc. (Manilla, Philippines) aiming to build a blockchain-based universal loyalty platform for the digital economy.
Appsolutely have been active in the customer loyalty market since 2013, and have already been successful in delivering white label digital loyalty apps to brands throughout the Philippines. This new concept aims to develop on that success and bring an enhanced product to the global digital economy—all running on the existing NEM blockchain. The new offering revolves around three core products: LoyalPlatform, LoyalCoin and LoyalWallet.
“We will revolutionize customer loyalty worldwide through a universal, omnichannel loyalty ecosystem running on the LoyalCoin currency and supported by blockchain technology.”
The LoyalPlatform will include a digital asset exchange, allowing merchants and consumers the flexibility to maximize the use of their LoyalCoins—offering the ability to redeem LoyalCoins against a much larger catalogue of rewards, as well as the option to exchange LoyalCoins for other cryptocurrencies such as Bitcoin or Ethereum.
The LoyalPlatform runs on the native LoyalCoin (LYL) which runs as a digital asset (mosaic) on the NEM blockchain. The LoyalCoin can be used by merchants as typical ‘rewards points’, and can also be accepted as digital payment for goods and services at participating merchant locations.
The LoyalWallet is a single hub—accessed via a desktop browser or mobile/tablet app—which allows users to keep track of tokens earned and to browse participating merchants for opportunities to redeem LoyalCoins.
LoyalCoin is interesting from two main perspectives.
First, it allows customers to earn rewards in the form of LoyalCoin tokens (LYL) which can then be redeemed at any participating business. This is an interesting approach which should benefit consumers who will now be free to spend their rewards on a wider range of items. Further, rewards tokens will never expire and can be redeemed at anytime.
Second, the LoyalPlatform aims to allow participating merchants and brands to not only offer LoyalCoins as rewards, but to also accept the token as a form of digital payment for goods and services offered. This can be made possible by allowing businesses to cash-out into fiat currency at any time on the LoyalPlatform—a decentralized asset exchange which runs the rewards program. This is a key feature for merchants in offsetting the ability for the customer to redeem their rewards tokens elsewhere.
Consumers can earn LoyalCoin rewards from one brand and redeem them at any other participating brand. This opens up a much larger redemption catalogue for consumers, allowing them to pool rewards tokens for greater flexibility.
The ability to use your tokens not just for rewards, but to pay for everyday purchases is another nice benefit of the LoyalCoin platform. Participating vendors will be able to accept LoyalCoins as digital payment for their goods or services. They can then decide to convert the LoyalCoins to cash, or offer a portion back to customers as further rewards. Having everything integrated into the same exchange platform makes it possible for both vendors and consumers to maximize their rewards program benefits.
Digital Asset Exchange
The LoyalCoin roadmap outlines the development plans to allow participating brands and consumers to exchange their reward tokens for fiat currency or other digital assets—such as Bitcoin or Ethereum—at any time using the LoyalPlatform digital asset exchange. Having the flexibility to cash in or out of the platform at any time will be a key integration for brands and consumers.
Users will be able to seamlessly transfer LoyalCoins to friends and family using the LoyalWallet app.
LoyalCoin Token Sale
The LoyalCoin (LYL) pre-sale sold out, and the public token generation event started on December 11, 2017 and runs until February 9, 2018. You can purchase LoyalCoin (LYL) tokens using Bitcoin (1 BTC = 4,700,000 LYL), Ethereum (1 ETH = 220,000 LYL) or NEM (1 XEM = 250 LYL).
You can read more about LoyalCoin by visiting the LoyalCoin website, reading the whitepaper and by following their progress on Twitter, Facebook and Medium. You can also join their telegram group and sign-up for the LoyalCoin newsletter for up-to-date notifications.
Watch the short video below to learn more about LoyalCoin and the features it offers …