Rewards Token (RWRD) ICO Review – ICO Token News
The size of the ecommerce market is estimated to grow to over USD4.4 trillion by 2021, according to a report by Statista. Facilities of instant worldwide communication and fast systems allow for the creation of new life within the old markets. The combination of blockchain protocols and Rewards marketplace allows for the launch of ultimate loyalty solutions.
While the blockchain allows for the sharing of the ledger across the network participants, smart contracts handle the management and distribution of tokens that the participants earn in the marketplace. This allows the tokens to flow freely throughout the Rewards ecosystem and therefore has the potential to reveal the true value to consumers.
What is Rewards.com?
Rewards is an online marketplace for rewards which is comprised of merchants, millions of shoppers, discounts, coupons, products, and contests. Consumers can redeem their earned tokens anywhere in the ecosystem. Members receive access to the tickets and products before they go on the ICO list for sale to the public.
Challenges of the rewards and loyalty industry
Loyalty reward programs have a global reach across industries, ranging from health care to retail, and airlines to restaurants. Businesses often offer some sort of loyalty and reward benefits to their customers in the form of non-cash incentives. However, customers have to juggle multiple programs with little benefits. Customers often get fed up with too many loyalty programs which offer them little value. To make a reward program attractive to the user, and therefore successful, it should be simple and deliver real value to the consumers.
Loyalty programs often become complex with their multiple options for earning and redeeming in a variety of currencies. These rewards come in many forms, such as, banks may offer cash back, airlines may offer points, while retailers may offer both of these. So many programs with little value lead to fragmentation, and as a result a significant number of reward benefits are not redeemed.
The scenario becomes more complicated for the customers to realize the true value as each program has a set of ever-changing rules. It is hard for anyone to accumulate enough rewards to achieve an attractive redemption.
Businesses seeking the redemption of reward programs face further challenges with the growing consumer privacy concerns and rising management costs. Moreover, consumer engagement is declining due to unredeemed points.
Solutions the platform offers
- This platform is ideally positioned to solve the existing challenges of the rewards and loyalty programs’ business models.
- It makes use of blockchain and cryptocurrencies for this purpose by creating an ecosystem which is founded on the RWRD token.
- The platform developers believe that placing the power in the hands of the consumers will not only provide them with richer experiences, but also clear value and global reach.
- Blockchain technology allows for the revival of an industry which is marred by few redemption options and restrictions that limit the merchants and consumers.
- The platform provides an ecosystem wherein the consumers can realize the true value of the currency.
- The platform allows the users to shop online or in-store and receive reward tokens that can be used for many purposes like receiving cash back or buying gift cards.
- The ecosystem has the potential to provide transparent market value for its tokens.
- Since the token can be converted into cash, the consumers redeeming them are not limited by blackout periods, point restrictions, and peak payment times.
- The underlying popularity of the programs will drive more token value with access to exclusive discounts, contests, and product releases.
What benefits does Rewardsoffer in comparison with other platforms?
Rewards Global Marketplace provides businesses with the ability to offer reward and loyalty programs for greater consumer engagement. It leverages the blockchain and cryptocurrency, which allows the platform to have easier management at a lower cost.
Rewards token (RWRD) account structure, ICO and distribution
The blockchain will be comprised of two primary accounts:
- Token allocation account
- Consumer token account
The platform will send a request for the redemption of the token to the smart contract for approval. The tokens will be based on the Ethereum blockchain and will be ERC20 compliant. Rewards tokens are quite different to some of the trending ICOs such as Guardium, CryptoLoans, Ternio, BitCAD, Zupply.
- Total coins to be created: 1,000,000,000 (One Billion).
- Coins to be made available via token sale in Q1 2018: 400,000,000 (400 Million).
A private sale preceded the public sale of tokens in December 2017 for qualified buyers.
The first distribution of tokens is planned for early 2018 when the US Rewards Global Marketplace will be launched. Popular ICO list currencies such as Bitcoin, Ether, Litecoin and Dash will be accepted during the sale period.
The tokens will be allocated according to the following structure:
- Fundraiser token distribution: 40%.
- Community voting: 20%.
- Founders and team members: 16%.
- Activity Bonus and Promotions: 16%.
- Advisors: 5%.
- Bounty and referrals: 3%.
A 20-month vesting period will be imposed to ensure product delivery and also to incentivize the team members and founders. After 60 days post- launch of the US version of the program, 5% tokens of the founders and team members will be released each month for the duration of the 20 month vestige period.
- Todd Rowan, CEO, Co-Founder.
- Linda Butcher,
- Denis O’Neil,
- Adrian Armaselu, Blockchain Architect.
- Ali Agha, Blockchain Lead.
- Derek Chapin,
- Felicia Marquez, Digital and Marketing Strategist.
Rewards aims to have a decisive impact in multiple areas of the existing loyalty system. The platform will allow for the efficient use of cryptocurrencies in the markets without necessitating a significant overhaul of the existing financial infrastructure. It also allows the merchants to eliminate the liability of unredeemed reward points.
- RWRD tokens not only make the loyalty tokens fungible, but one can also trade them for cryptocurrency and also fiat currency.
- It allows the users to earn their loyalty points through merchants all over the world.
- The token holders can vote on proposals for promotion programs and special bonuses.
- The system reserves a pool of tokens for the community to use for various charitable purposes.
- Businesses big and small can offer a customer rewards program akin to the one provided by the big enterprise.
Like the other popular platform of ICO list that include ArmPack, THEKEY, BunnyToken, MedTokens, Play2Live that have their own uniqueness, Rewardshas its own peculiar features that make it a promising platform for the ecommerce industry.