Incent Project to Put $65B Loyalty Rewards Industry on Blockchain

SYDNEY — Bitscan, a cryptocurrency merchant directory, has partnered with blockchain platform Waves to bring customer loyalty programs to the blockchain. If successful, the partners say their Incent Loyalty network will make loyalty rewards programs more useful and cost-effective.

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By utilizing the blockchain, the team says the platform allows merchants of any size to create customer rewards programs without incurring wasteful costs. The platform works by allowing merchants to choose a reward size for their programs, which get pooled with other rewards across the platform’s network. According to the press release, this process protects merchants from “contingent liability.”

BitScan founder and CEO Rob Wilson told press this initiative seemed logical to him. “Loyalty systems as they currently exist are broken,” he said. “We know we can create a better proposition for merchants and customers alike.”

The Waves Platform has entered this project coming off a successful crowdsale earlier this summer. During the sale, the project raised $16 million USD. According to Waves, this success made them one of the largest crypto-ICOs to date, coming in just behind Ethereum’s $18 million crowdsale in 2014.

Expressing enthusiasm about the project, Waves founder and CEO Sasha Ivanov told press, “We built Waves for applications like Incent.”

Incent Crowdsale Begins October 1

The team plans to host a crowdsale to fund further development and marketing for the platform. Beginning on Saturday, October 1, the Incent team told press it aims to raise a minimum of $1 million, with a cap of $5 million.

US participants can start buying INCENT tokens at 7:01 PM EDT on September 30. The ICO is scheduled to run until November 30, or until $5 million has been raised.

Incent provided press with the following pricing schedule for the ICO:

October 1-4:   10,000 Tokens per BTC (0.0001)

October 5-11:   9,000 Tokens per BTC (0.00011111)

October 12-18:  8,000 Tokens per BTC (0.000125)

October 19-25:  7,000 Tokens per BTC (0.00014286)

October 26:       6,800 Tokens per BTC (0.00014706)

October 27:  6,600 Tokens per BTC (0.00015152)

October 28:  6,400 Tokens per BTC (0.00015625)

October 29:  6,200 Tokens per BTC (0.00016129)

October 30 – November 30:  6,000 Tokens per BTC (0.00016667)

Bitscan and Waves have announced this crowdsale on the tail-end of a private “presale.” The partners have not disclosed how much funds they have received in the private sale.

What do you think about this new project? Let us know in the comments below.

Source: Press Release

Images courtesy of Dolce Norwalk, Incent