BitRewards is a blockchain loyalty platform and ecosystem that enables retailers to reward the purchases their customers make with cryptocurrency. The end-users are rewarded for their purchases with liquid Ethereum-based tokens, which can be redeemed against future purchases or offers, or transferred to another crypto-wallet and spent on other products or services.
Current state of the market
The world is changing everyday. Customers are more aware of the buying process than ever before. The statistics show that online merchants are spending annually more than $20 billion on such solutions and often do so extremely inefficiently — over 50% of loyalty programs are closing within the first year after the launch, because they don’t pay off and create more customer frustration, than satisfaction.
The market inefficiencies are clear: poor user experience, inconvenience, and sophisticated registration process can prevent users from signing up for loyalty programs. Sophisticated rules of participation can also drive up the cost of customer service. There’s a clear need for an integrated loyalty system that can easily beat all the abovementioned problems.
How to reinvent loyalty
BitRewards is aimed to offer the solution to the market. It is based on a successfully working product in the field of user rewards and loyalty (GIFTD) - for small and medium-sized e-commerce businesses that helps to retain customers for over five hundred e-commerce retailers, improving revenue 17%, on average. With BitRewards, merchants can both issue their internal points or BIT tokens to reward their users on our system; moreover, they can choose to reward for any custom action (likes, shares, referred friends' purchases) with the crypto. It gives additional flexibility of the platform for all involved parties, thus facilitating mass market adoption.
One of the exceptional features of BitRewards is BitRecommendations - a decentralized crowdsourced recommendation system tailored to the needs of e-commerce that uses blockchain to monitor the quality and integrity of the Big Data. The system is AI-based as its training is carried out on the data of thousands of stores, which ensures the high quality of recommendations. All data received from stores is stored on a decentralized IPFS file system.
Token generation event
BitRewards will issue BIT token - an ERC20-compatible utility token. BIT is specified to be an internal unit and is used to technically conduct all operations within the BitRewards ecosystem. BIT tokens is used for processing of goods and services within partner merchants of the BitRewards system and can be circulated under the BitRewards smart contract.
The total volume of BIT tokens will be up to 2,000,000,000 BITs with a $3 million soft cap and $15 million hard cap. At the moment, the estimations show that the optimal amount of tokens should be around 1 billion BITs depending on the ETH price. Whichever amount of BIT tokens will be sold during ICO, it will count as 64% of tokens.
BitRewards public pre-sale started on January 12th, 2018 and will end on March 31th, 2018. The main token generation event is to scheduled to start on April 1st and end on May 1st.
Additional details on BitRewards token sale are provided on the official website of the project: https://bitrewards.network.
For more information about the team, vision, and technical architecture of BitRewards, visit the company website at https://bitrewards.network, download the whitepaper, and join us on Telegram.