Australian cryptocurrency directory and merchant hub BitScan Pty. Ltd. has partnered with custom blockchain token platform Waves to create a new blockchain-based, merchant-defined loyalty and rewards network. Called the Incent Loyalty Network, the platform is being designed to be transportable between brands by consumers, delivering independent value outside of the issuing merchant and subsequently removing the tax burdens often associated with traditional loyalty programs. Incent will be fully customizable with merchants being able to set any size or reward, along with the ability to pool those rewards across the network meaning there is no contingent liability. The platform will be the first high-profile development built upon Waves’ Platform, a company that recently completed a $16 million crowdsale to support its development, a figure claimed to be the sixth largest crowdsourcing raise in history. “Loyalty systems as they currently exist are broken. Customers receive a token that has no value beyond the issuing business; therefore, many simply don’t bother to redeem them,” BitScan Founder and Chief Executive Officer Rob Wilson said in a statement sent to SiliconANGLE. “Merchants, meanwhile, undertake a liability every time they issue a token, so the viability of these schemes relies on only a proportion of customers actually using them. “No one gets the benefits they could. We know we can create a better proposition for merchants and customers alike. Our research shows e-commerce is crying out for a better solution — and that’s precisely our aim with Incent.” Incent Loyalty Network is also going down the crowdfunding path with Wave and Bitscan looking to raise a minimum of $1 million and a maximum of $5 million to fund its development. The crowdsale is being done via the purchase of tokens that rise in value as the sale proceeds. BitScan says it has already developed a proof-of-concept wallet for Incent that allows merchants to configure issuance and redemption via a dashboard , sending customers a proportion of the value of each purchase in Incent, and setting the discount available for paying with Incent. The crowdsale will raise money to integrate the software into e-commerce sites and reach out to new businesses. Those interesting in obtaining more information or investing in the crowdsale can obtain more information from the Incent site here. Show your support for our mission with our one-click subscription to our YouTube channel (below). The more subscribers we have, the more YouTube will suggest relevant enterprise and emerging technology content to you. Thanks! Support our mission: >>>>>> SUBSCRIBE NOW >>>>>> to our YouTube channel. … We’d also like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content. If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
apple , the cryptocurrency directory , has teamed - up with blockchain token exchange Waves to create a new loyalty and loyalty network . The network is designed to allow consumers to transfer their tokens between stores , and will also remove transaction burdens often associated with traditional loyalty programs . apple and Bitscan are seeking between $ 1 m and $ 5 m in crowdfunding for further development .