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 offer a ‘better than money’ solution for both customers and merchants. It will also 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. Incent lets merchants of any size choose their level of reward, then pools it with rewards across the network so there is no contingent liability.
“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,’ said BitScan founder and CEO Rob Wilson. “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.”
Waves Platform completed a $16 million crowdsale earlier this summer, making it one of the largest crypto platform ICOs since Ethereum raised $18 million during July-August, 2014. Incent Loyalty represents the first high-profile development built upon the Waves 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.”
Incent will begin its token crowdsale at 12:01 am GMT Saturday, October 1, and aims to raise a minimum of $1 million for development and marketing, capping the crowdfund at $5 million. For US participants, the crowdsale will begin at 7:01 pm EDT, 4:01 pm PDT, on Friday, September 30. The ICO will run for 2 months (concluding on November 30 at 23:59 GMT) or until $5 million US has been raised (whichever is hit first). The pricing will be in the following tiers (all periods start on 12:01 am GMT):
- October 1-4: 10,000 INCENT per BTC (0.0001)
- October 5-11: 9,000 INCENT per BTC (0.00011111)
- October 12-18: 8,000 INCENT per BTC (0.000125)
- October 19-25: 7,000 INCENT per BTC (0.00014286)
- October 26: 6,800 INCENT per BTC (0.00014706)
- October 27: 6,600 INCENT per BTC (0.00015152)
- October 28: 6,400 INCENT per BTC (0.00015625)
- October 29: 6,200 INCENT per BTC (0.00016129)
- October 30 – November 30: 6,000 INCENT per BTC (0.00016667)
Also, Incent is finishing up its private presale this week, which is by invitation only and requires a minimum purchase. Those preferred pre-sale rates, which end one minute before the beginning of the public crowdsale, are:
Minimum pre-sale purchase of 50 BTC: 24,000 INCENT per BTC (0.00004167)
Minimum pre-sale purchase of 20 BTC: 15,000 INCENT per BTC (0.00006677)
Business-ready UI and relationships
BitScan has already developed the proof-of-concept wallet for Incent. Merchants can configure issuance and redemption via the dashboard — sending customers a proportion of the value of each purchase in Incent, and setting the discount available for paying with Incent. The fund raised in the crowdsale will be used to integrate the software into e-commerce sites and reach out to new businesses.
BitScan has over 9,000 merchants who accept bitcoin in its directory, which will provide a viable market for the first phase of Incent’s market entry. Incent aims to create a token of steadily increasing value, driven by organic market demand — which will also benefit ICO investors. Every time a merchant rewards a customer, tokens will be bought on the open market, potentially increasing prices.
The Waves platform is critical to the success of Incent, since it will provide the blockchain infrastructure for token issuance and trading. Waves’ decentralized exchange will allow individuals and businesses to trade tokens against national currencies — rather than existing solely within the walled garden of a controlling business — and allow BitScan to issue Incent tokens as required. Similarly, BitScan will bring significant commercial exposure and transaction volumes to Waves.