BitRewards — tokenizing loyalty — review

Every client is worth own weight in gold, but the one who comes back is worth three times more. This obvious true for every merchant creates a market worth 20 billion USD annually. And BitRewards, the project I am going to introduce, has the ambition to bite off a big share of this number.

PROJECT DESCRIPTION

The idea of BitRewards is already explained by their name. The loyalty program they are planning to launch gives BIT tokens to the client as the reward for the purchase. He/She can spend it on the next shopping or just keep the collected tokens in the wallet. BitRewards chose very successful win-win strategy. Merchants receive a loyalty program for free (including software and support), what supports a business development, clients receive tokens which are expected to grow.

Just to outline main pluses; merchants will receive free promotion, especially among crypto users, possibilities to use BitRewards loyalty program free of charge and of course support in increasing a clients loyalty.

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Using BitReward loyalty program is also convenient for clients. They receive a reward independent from the store — it’s possible to spend BIT tokens on another services or shopping in the partner store. Tokens they receive won’t expire. They will just grow (or at least we can hope so).

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MARKET PROBLEMS

According to some data, about 80% of clients are participating in some kinds of loyalty programs. Nevertheless, feedback received from it is not as attractive. Clients are often demotivated by the difficult pointing system and low cash out. And retailers often spend more they earn back. 50 billion $ are spent on points and bonuses every year. Profits are hard to count.

A unique, unitary loyalty program who’ll connect a big number of retailers could help in resolving these issues. BitRewards wants to be one, who thanks to the AI usage will conquer the market. About planes of using machine learning you can read in the Whitepaper: https://bitrewards.network/wp.pdf

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TEAM

The team consists of people who know their job and have years of experience in different fields. I especially appreciate special intersection for IT specialists. Strong IT team increases chances for no serious bloopers and higher token safety.

The project also attracted real crème de la crème of crypto society as advisors.

Below you can see in which projects guys where involved:

There is just one tiny thing I have against the team. For a God’s sake, on the orange background, even Cindy Crawford would look disgusting. So, no offence, but you look worse in a direct proportion:).

ROADMAP

BitRewards road started a while ago from the company GIFTD they launched in 2012. GIFTD works in a similar field like BitRewards just without the block-chain usage. In the May this year team is planning to release full- functioning platform and web-app. Next month will be spent on developing AI rewards recommendation, and involving machines into the BitRewards platform. Whole roadmap you can check here: https://bitrewards.network/#roadmap

TOKENS

This is always an interesting part for me. This time it was even more interesting cause BitRewards doesn’t have fix number of released tokens. The released amount depends on how many tokens will be sold (36% extra will be produced). To be honest, it’s the first project I know, who decided to make such a step. If this is better than a fixed number, we will see after a while.

Describing token distribution — 64 % will be available for sale, 14% keep for management, 12% will go to the bank, 3,5% to advisers, 2% for bounty, 2,5% for marketing and 2% for contingency.

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BitRewards already collected worth 3 000 000 USD soft cap. According to the ‘Soft cap token allocation’ 39 % of this amount, will be spent on marketing, 27% on project development, 16% management, 12% operations, 6% legal.

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HYPE

Personally, I am delighted by the quality of PR materials BitRewards made. To have ‘some impression’ is enough to watch the promo video or check the one-pager. For going deeper in details I would recommend to go through the Whitepaper.

High-quality ICO profile resulted in very high experts ranks. ICO Bench gave 4,6 points to this project, Track ICO 4,8.

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And now, there is a time for hard numbers about the BitReward community:

The project collected for today (23.03.18):

6232 Telegram members, just 645!!! Facebook fans and 3533 Twitter followers.

For such a massive project it’s almost nothing. There is a direct correlation between collecting fans and collecting funds, and I really hope BitRewards team is aware of that. Despite a small community, I can count in pluses a possibility to meet the founders face to face on some conferences. The one, in nearest future, you can check below: