‘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,’ says BitScan CEO Rob Wilson. Merchants, meanwhile, undertake a liability every time they issue a token, so the viability of these schemes relies on only a proportion of customers actually using 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.’
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 crowdfund will raise money to integrate the software into e-commerce sites and reach out to new businesses.
To date, several major companies have shown interest and three have already come on board. The goal for Incent is 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, increasing prices.
Waves: infrastructure for Incent
The Waves platform is critical to the success of Incent, since it will provide the blockchain infrastructure for token issuance and trading. Waves’ decentralised 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. ‘We are very pleased to be able to announce such a major partnership,’ says Waves founder Sasha Ivanov. ‘This is exactly the kind of use case we anticipated when creating the platform and we are consequently working closely with BitScan to provide technical assistance and further support in any way we can.’
Crowdfunding and early investment
BitScan aims to raise a minimum of $1 million for development and marketing, capping the crowdfund at $5 million. The ICO will take place in October, with the sale price of tokens rising over the course of the ICO as funding milestones are met.
For more information, including white paper and working wallet/UI demo, see http://incent.bitscan.com/
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Company Name: BitScan
Contact Person: Freya Stevens
Country: United States