https://bitrewards.network
Loyalty programs have been around for a long time, so the concept of incorporating one with blockchain technology does make a lot of sense. After all, the blockchain and Smart Contracts are known for reducing the chances of fraud, so companies offering this option of rewarding loyalty do not have to worry about the system being abused.

This is the industry that Bitrewards finds itself moving into, and as you can imagine there is a lot of potential for the technology in this particular area. Exactly how well they do is going to depend on how exactly they see everything working, so closer inspection of their approach is required before you think about potentially investing.

What is Bitrewards?

As we said, this is a loyalty program platform, which is pretty cool and it makes it easy to see why people would be drawn to this. Their main focus is on being able to offer retailers a far more streamlined approach to rewarding the loyalty of their customers, and they plan on doing this via a crypto based incentive program. With this, the customer will be able to exchange their points for either purchases via the platform or it can also be exchanged into cryptocurrency with it being sent to their digital wallet.

On the face of it, this is just operating in the same manner as loyalty programs that are run via apps even when they do not include blockchain technology. However, looking at the more technical side of things allows us to paint a more accurate picture of how the entire process is going to be able to function.

The Technical Aspect.

First, they are going to use Ethereum as their platform, which also means they will be using Ethereum based Smart Contracts as well. Clearly, this offers stability and security as well as making it harder to commit fraud on the platform so everyone knows that they are getting the rewards that they deserve at all times.

The system that they have created can already be integrated with the main ecommerce platforms in existence. This makes it easier to implement the entire project and is a huge advantage for the company as it means they can be picked up by retailers in a shorter period of time.

As a customer purchases a product or service from the retailer, the corresponding loyalty points are added to their account with the record being made on the blockchain. The user is able to view their loyalty account and see what they have been able to accumulate with them then being provided the option to purchase something or turn it into cryptocurrency. This is all achieved via a series of Smart Contracts that place the decisions on the blockchain after which the corresponding party completes their side of the deal.

The company also states that people are able to register by linking their Facebook account, and it is also compatible with fiat currencies and linked to debit cards. In other words, it is operating along the same lines as other loyalty systems with the only difference being the security and speed at which transactions can be completed on the blockchain.

The Advantages of Bitrewards

Everyone wants to save money and be rewarded for their loyalty, so having a system that incorporates cryptocurrencies into the equation, as well as the chance to purchase items, is going to prove to be a winner. The speed at which transactions take place on the blockchain is a huge advantage as is the security aspect since people are rightfully worried about the security of their data. This is not a problem with the blockchain especially when they use Ethereum as their platform.

There is no doubt that this system is going to make things faster and smoother than ever before, and considering we are not that good at hanging around and waiting for something to happen, then this alone is a huge advantage that could draw people to this program.

The Financial Aspect and the ICO

When we turn our attention to the financial side of things, then we get a better understanding of their expectations for the ICO. They state that they are willing to accept both ETH and BTC for the ICO and they have also included both a soft and hard cap. The soft cap has been set at $3,000,000 (now already reached) while the hard cap is higher at $15,000,000.

During the ICO, they have established a base exchange rate for its duration with this being set at 1 BTC equating to 0.00003472. They will be minting a total of 1,280,000,000 tokens and 64% of them will be made available during the ICO itself. The rest will be held back to help with the payments section once the entire project does indeed launch.

Overall Conclusion About Bitrewards and the ICO

So, what can we say about the project? Well, they are tapping into a market that they state is worth somewhere in the region of $20 billion per year, and that this figure is rising. It does make so much sense for them to look at offering loyalty programs using this technology, and paying out in a cryptocurrency into a digital wallet could make a difference in pulling in new people to the platform.

A loyalty program is something that people are used to, so using different technology should not put them off giving it a shot, so the main concern will be in the way that they are able to pull in retailers since it has to be presumed that they already have the customers that visit their websites. If Bitrewards is able to do that, then it does bode well for the future.

From an investment point of view, then this is something that has real potential to grow, and to do so in a short period of time if they are able to get those retailers to incorporate it into their current systems. If they can, then any investment should see a good and healthy return making this something that is worth paying attention to in the near future.
Check further details on their website:
https://bitrewards.network