How many of us have Reward points that are sleeping in our accounts? How challenging it is to track them? How does it affect brands? And a lot more questions keep arising, when Reward Points become the subject to be discussed. And the comforting factor is that we are not alone, Globally 48 trillion reward points are lying idle in members accounts due to the above mentioned problem.
Reward points represent the stake that a brand wishes to share with their customers who add value to them. So, when they go unredeemed, it eventually turns out to be a liability in their books. According to COLLOQUY (the go to source for Global Loyalty Insights), below are a few consumer facts that are leading to this massive accumulation of unredeemed Reward points.
Reasons are:
- 57% of the surveyed consumers did not know their point balance
- 38% among them were unaware of the exact value of their points
- 57% of consumers in a Reward program feel that it takes too long to earn a point or a mile
- 53% of the consumers weren’t interested in the type of Rewards offered
Employing Blockchain to Mobilize the $360 Bn worth Unredeemed Reward Points
Having understood the problem, Codemojo has come up with a solution that will foster frictionless redemption and rewarding experience through a blockchain-based platform called Global Rewards Network. This platform will be an upgraded version of our existing Rewards Network that is currently engaging 6 million digital users every month across 2000+ publishers (Apps and Websites) using 100+ Premium Brand Rewards.
Codemojo, PayPal and CIO Angel Investors Network backed technology startup, has proven records of serving millions of users through A.I. powered Reward Network, that has been in operation since 2015. Now, we aim at bringing borderless rewarding ecosystem by replacing our existing wallet-based architecture with decentralized Blockchain ledger, backed by our own cryptocurrency called ALLOY.
What is Global Rewards Network and ALLOY?
Global Rewards Network is a single platform that connects Consumers, Brands and Publishers enabling users of partnered brands and publishers to link, combine and convert all their reward points to a local fiat equivalent through an app interface. The collated reward points can be redeemed against list of products and services across the extensive Global Rewards Catalog.
Caption: ALLOY
ALLOY token will be the anchor currency working in the backend to facilitate the cross border transactions across parties.
How does it work?
Caption: How does it work?
A user with Reward points from various Reward Programs, now will be able to redeem his points anywhere in the world across any Local Brand using ALLOY app. All that he needs to do is to simply Download ALLOY app → Sign up → Link all his Reward Programs. On linking, the consumer will be able to view his collated Reward points as a single value in their local currency, which in turn can be redeemed across partnered brands in the Global Rewards Network.
The ecosystem will be built on top of Ethereum and the Global Rewards Network will use smart contracts to facilitate click & configure partnerships between brands, which in the traditional way would have required a lot of handshakes & paperwork.
Should a Consumer know about Blockchain?
The answer is so evident that it is a big NO, because, for consumers, this will be an easy to use mobile app/website which doesn’t require any knowledge on Cryptocurrency and Blockchain and they will be seeing their total worth of their collected rewards points in fiat equivalent of the country they are accessing from.
Caption: Real World Merchandise for your Virtual Currencies using ALLOY
“With ALLOY, our aim is to bridge the $360bn gap between Virtual Currencies and Real World Merchandise & Services. ALLOY will be a single secure & easy-to-use platform that provides a hassle-free environment for consumers to Collate, Combine and Redeem the scattered reward points of various reward programs against an extensive catalog of products and services of their choice. For brands and publishers, this will serve as an interface to engage and reward their audience, enabling frictionless redemption”, says Shoaib the CTO of Codemojo.
How much does Codemojo plans to raise in ICO?
Codemojo plans to raise upto 86,956 ETH i.e. $25 mn from the main ICO and somewhere close to $3 mn in Pre ICO. Based on the current market price of Ethereum, one ETH equals 575 ALLOYS. According to our Roadmap, the Alpha version of ALLOY app will be ready to be rolled out during the first quarter of 2018. By second quarter of 2018, Codemojo plans to expand ALLOY across Japan, Korea, Brazil and other countries and development.
What are the Benefits?
Consumers will earn 0.5% of the checkout value as ALLOY Cashback during checkout in the Rewards Network.
For Token Holders
- Upto 2% additional cashback and discounts.
- Early access to the new Rewards Network.
- Prestige “priority pass” Membership.
- Early access to use the new ALLOY token for redemption.
When is the ICO Scheduled?
Pre ICO starts on October 15th and ends by Nov 5th, while our main ICO is scheduled on 25th of November.
By harnessing the blockchain technology, Codemojo is now set to disrupt the colossal customer engagement and rewards market by mobilizing the $360 worth of unredeemed Reward Points.
Also, ALLOY has been rated 4.6/5 by a team of ICO experts in ICO Bench. Do you want to know more about this project? Join our Telegram group, Visit our website and Check out our whitepaper.