Bře 19

Ovato to Revolutionize the Loyalty and Rewards Industry

· March 19, 2018 · 1:45 pm

According to data from CoinSchedule, initial coin offerings (ICOs) have raised almost $3 billion year-to-date, which includes Telegram’s pre-sale that targeted $850 million. It seems that 2018 will become another record year for the ICOs. If you missed the recent crowdfunding events, don’t worry – the most interesting ones are still to come.


One of the exciting projects that we want to discuss today is Ovato, a decentralized ecosystem used to create and monitor social media-oriented advertising campaigns. The blockchain-based system will involve merchants, social media influences, and customers. It will revolve around Ovato Coin, with the ticker OVT, which is currently released via a multi-stage ICO.

The Ovato Coin will be used for loyalty and rewards programs, charity, and other use cases focused on the merchant-client relationships.

The OVT token can enjoy a guaranteed success given that it will be distributed on top of Bitovation, a California-based Ovato subsidiary that helps clients get rebates in Bitcoin. Currently, Bitovation is already working with 950 US-based brands.

How Will Ovato Coin Be Used?

How Will Ovato Coin Be Used?

Prior to explaining the specific use cases of Ovato, we should stress the fact that this token can be used the same as any other cryptocurrency out there, such as Bitcoin. OVT will provide users with immediate settlement so that the latter ones could pay with Ovato or transfer it to someone else in exchange for goods, services or other digital currencies.

However, Ovato wants to address the multi-billion dollar loyalty rewards market, so it will have many similarities with the way Bitcoin is used under the Bitovation project. In other words, brands and agencies will use Ovato’s system to conduct marketing campaigns, while brand influencers and loyal clients will earn OVTs by supporting brands or regularly buying goods. Eventually, they will be able to use OVT tokens to pay merchants or convert them to fiat money.

Ovato-based loyalty programs will ultimately encourage brand recognition among consumers, which is expected to trigger the establishment of clear habit patterns that favor both the company and its loyal customers. It’s a win-win situation for all the parties involved.

Besides the mentioned use cases, the Ovato token will be applied in charity programs. Today, 90% of the donations don’t reach their destinations. This is a sad statistic that exposes the centralized charity agencies. A significant portion of non-for-profits’ failure is the result of inefficiencies. Donations with Ovato will be transparent and secure thanks to the blockchain technology.

Ovato ICO

To achieve its goal, the Ovato team calculated that it needed to raise $30.35 million via a public token sale event, which already started on February 28 with its pre-sale period.
The ICO event was split into more periods as follows:

  • 96-hour pre-sale – this four-day period came with a 70% discount of the OVT token. Thus, investors could buy coins at a price of only $0.60. Just 1 million tokens were available for this crowdfunding stage. The investors had to buy at least 1000 tokens at once.
  • Lot A token sale – this is the current phase that ends on March 26, so you can jump in and buy OVT tokens now, as they come with a 50% discount. Accordingly, can buy OVTs at a price of $0.95 per token. 5 million tokens will be offered during this stage.
  • Lot B token sale – the third stage will succeed the Lot A phase and will end on April 17. Investors will be able to buy OVT tokens at a price of $1.50, which suggests a discount of 25%. 7 million tokens will be sold then.
  • Lot C token sale – this lot is scheduled for the period between April 18 and May 9. You will be able to buy OVT tokens for $1.75, which means a 12.5% discount. A hard cap of 6 million tokens is planned for this stage.
  • Lot D token sale – finally, the Lot D phase will start on May 10 and will keep live until the last day of the month or until the target amount is raised. 2 million OVTs will be distributed at the full price of $2 per token.

Investors can buy OVT tokens by paying with Ethereum, Bitcoin, Litecoin, and Dash. Note that Ovato is an ERC20-based token created on top of Ethereum via Solidity programming language. Thus, you will be able to hold your tokens on any ERC20-compatible wallet.

The tokens will be distributed as follows: 50% for the pre-sale and ICO, 14% for the team, 16% for affiliate marketers and advisors, 15% for the distribution partners, and 5% for bounty.

The Final Note

The loyalty and reward markets currently estimated at $65 billion and are expected to reach $100 billion by 2020. This is a vast territory that has to be addressed with innovative technologies, such as blockchain.

Ovato might enjoy a guaranteed success given that it’s one of the first startups to apply the distributed ledger technology in this huge industry. It wants to reduce the loyalty program costs by 87% and also ensure the transparent and secure manner of processes.

Besides, Ovato is targeting the $400 billion charity industry, which struggles with several problems caused by the way traditional agencies handle their programs.

If you want to become part of Ovato’s success, make sure you participate in its public token sale at the earliest stage possible, so that you could enjoy generous discounts.

Don’t hesitate to check Ovato’s whitepaper here.


Images courtesy of Ovato

Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Lis 03

Incent Brings Loyalty to the Blockchain With ‘Open Value’

Source: bitcoin

incent

Incent Loyalty, an Australian-based company, wants to tap into the potential of loyalty rewards points through creating a tradable, “open-value” token called Incent, which customers use to gain and trade loyalty points near-instantly and worldwide. While low-cost blockchain technology helps to solidify storage, Incent Loyalty’s consumer facing applications can be personalized to align with the branding of merchant partners.

Also read: AirBitz and WINGS Partnership Secures Future of DAOs

Incent: Tokenizing Loyalty Rewards

To provide an easier customer experience, loyalty values will additionally still be displayed in terms of that particular region’s local currency. Through a partnership with Australian small and medium sized business group Smea, Incent already has access to over 30,000 merchants and has seen interest growing rapidly. With an ICO for Incent ongoing, the company has a growing resource pool to build upon its vision.

Through connecting blockchain to commerce, Incent will encourage use of cryptocurrency among merchants without succumbing to the difficulties of the at times costly and over-crowded Bitcoin blockchain.

Rob Wilson, CEO and co-founder of BitScan and Incent Loyalty, said that he first had the idea for the solution when he saw a plethora of plastic loyalty cards in a purse. Clearly, there was opportunity to rid of the inefficiencies of traditional loyalty programs and implement blockchain technology to unleash a new form of tradable value.

Incent Loyalty has been doing a vast majority of its business digitally, with users most commonly visiting from USA, UK, and Canada. According to the company, this reach demonstrates the global potential of loyalty programs. With early interest from pharmaceutical organizations, retailers, sports betting, and a growing amount of B2B and B2C opportunities emerging, early merchant interest has been considerable. Goals in the future include growing adoption further in brick and mortar stores.

With an estimated worth of the current US loyalty-rewards industry at $65Bn and with projections out to 2020 see this building to $100Bn, opportunity in the space remains immense.

“Currently, the points or ‘currency’ for these programs (such as air miles or loyalty points) are locked up in individual silos per store or consortia, while overhead costs remain from tracking, producing, and managing the plastic card accounts and internal databases,” Mr. Wilson remarked.

Incent is helping to prove that Blockchain technology indeed does lower costs and put forth a more appealing proposition for both retailers and customers looking to interface with cryptocurrency, for a cause we can all relate to.

The Incent token will have a finite supply. Its value at the point of sale will be determined by the open market. By incorporating such a program, merchants can elect to allow this value to be exchanged and spent outside of their walled garden. Cross-partnerships between merchants will enable for promotions and sales or usage of coupons to occur directly within the application. Moreover, customers will be able to cash out at any store through wireless technology built into their mobile handset.

Built upon the Waves, a robust blockchain platform, Incent will provide a friendly user experience for both merchants and customers while using the distributed network for infrastructural purposes. Incent already had a connection with the Waves team, and trusted Waves’ technology stack to help them realize a sound, background-operating blockchain backend. Waves’ Proof-of-Stake (POS) blockchain enables for increased scalability and speed.

Waves’ gateways in and out of fiat and options to incorporate trading for newly minted ICOs will allow the value of Incent to open up worldwide. As APIs for Incent develop, plugins will help the concept scale even further. By providing statistics and data to merchants, blockchains technology is being utilized in a new way to unleash value while improving a merchant’s brand and customer base.

What are your thoughts on the potential for use of loyalty points on blockchain technology? Share your thoughts in the comments below!


Images courtesy of Incent.

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Incent Brings Loyalty to the Blockchain With ‘Open Value’

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