Blockchain-based loyalty platform Incent, which has been created by crypto-business hub BitScan, is launching its crowdfund Initial Coin Offering (ICO) alongside OpenLedger’s ‘decentralized conglomerate’ (DC). The ICO, which commenced today (October 1) and runs until November 30, has collected over $250,000 from pre-ICO ‘Angel’ investors.
Incent is a cryptographic token and a loyalty eco-system that allows merchant clients to incentivise custom by rewarding their customers at the point of transaction, with what is claimed as a “more compelling value proposition” for far less cost. It also has the property of being convertible on the Waves blockchain.
For over three years now, BitScan has been offering the largest Bitcoin merchant directory service in the world. And, the new blockchain-based loyalty platform – Incent – is derived as a result of what the creators have learnt and experienced over this period of time.
The Incent venture itself is based in Australia, with the platform allowing merchants to be part of a decentralized ‘loyalty-as-a-service network’ with access to a global universal customer base and marketing tools. They also have office presences in the UK and Mexico.
How It Works:
Incent utilizes blockchain technology to create what are described as “transferable, freely tradable crypto tokens” that can be shared between the merchants who are part of the Incent network. These tokens can then be used by the merchants as rewards for their loyal customers, which can be immediately credited to their wallet. They are accessible through their mobile phone or web browser.
The redemption of these rewards is not just confined to one retailer, but can be used across any merchant who is part of the Incent loyalty platform. Add to that Incent rewards can be gifted to other individuals or traded for ‘fiat’ and other digital currencies on exchanges as well.
Incent allows instant settlement and the possibility of using the rewards in the real-world to increase customer retention. As the number of merchants on the platform increases – as it is envisaged – so the value of a ‘finite’ number of reward tokens also increases.
On the first day of the ICO, the Sydney-based bar, the Temperance Society, confirmed their participation, with several other businesses in talks with the team.
Incent has additionally partnered with Waves platform, a blockchain eco-system, over which the tokens will be issued. And, shortly following the ICO, Incent tokens will be distributed to the investors’ wallets provided by Waves. Thereafter Incent says it will be on the hunt for developers to assist them “building out their technical infrastructure and merchant plug-ins”.
The wallet will be a part of the Incent app and merchants will not need to download a separate wallet or mine crypto tokens.
With Incent being on a blockchain, is it the same as Bitcoin? It is similar, the only difference being that Incent operates on a ‘proof of stake’ model with circulation driven by merchant transaction volume, as opposed to a ‘proof of work’ algorithm.
As to who decides how much Incent is worth, given that it is tradable on Waves’ exchange, market forces decide how much Incent is worth. However, the entity claims that with merchant dollars continually driving demand, the “conditions are stable, liquid and appreciating asset are baked-in from day one.”
As a part of Incent’s crowdfund ICO initiative that commenced today and to facilitate early access to Incent trading, OpenLedger, an exchange that allows conversion of bitcoin to ‘fiat-pegged’ SmartCoins, are now in association with Incent and able to “distribute early stakes” in the ICO.
OpenLedger users will have an opportunity to buy into Incent – as well as trade it – from the very first day of the ICO on the DEX (Decentralized) platform. This offering is exclusively for DEX users and cannot be found on any other trading platform in the industry.
Investors are now able to subscribe to the OPEN.INCNT token on OpenLedger or purchase them via the subscription service available at CCEDK and their revamped startup service previously known as the first Danish cryptocurrency exchange.
Those investors participating will receive their tokens instantaneously at a 4% subscription fee, and can begin trading their tokens on the OpenLedger platform the same day. Traders and investors alike may withdraw their tokens to their Incent wallet at the launch date.
Note: Incent started their ICO on day 1 (October) with some 470 Bitcoin (BTC), equivalent to c.US$284,000, as early investment from backers including OpenLedger. At the time of publishing this amount has exceeded to some 500 BTC equivalent to c.US$300,000
Forbes- Roger Aitken