[ANN][INCNT] Incent Loyalty | Waves Token | Traded on Bittrex

[KarlKarlsson_]

New article on Econotimes, have a good read!

http://www.econotimes.com/Blockchain-based-Incent-Loyalty-network-to-begin-ICO-on-1st-October-319158

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[danielj314]

New article on Econotimes, have a good read!

http://www.econotimes.com/Blockchain-based-Incent-Loyalty-network-to-begin-ICO-on-1st-October-319158

Nice article. Good summation of everything. Thanks!

[danblize]

New article on Econotimes, have a good read!

http://www.econotimes.com/Blockchain-based-Incent-Loyalty-network-to-begin-ICO-on-1st-October-319158

Incent token will be more and more expensive like decent, gradual increase on ico price is a clever strategy. I will make more and more social bounty. 

[kripteka]

I dont understand. Anybody can already register here https://incentloyalty.com/register and invest WAVES to get 5% bonus? But ICO announced on October 1th.
Or I am not right

[durrrrdwan]

I dont understand. Anybody can already register here https://incentloyalty.com/register and invest WAVES to get 5% bonus? But ICO announced on October 1th.
Or I am not right

Total Funds Raised
107.97823707 BTC

It is early phase for big investors now, they have big discount for large investors. I have my btc worth more than 100 btc on other altcoins, but that project is so promising. So I am holding, I will get more money if I have spare money.

One question, large investor discount will be open for the whole ico period, or only pre-ico period? Thanks.

[windjc]

I dont understand. Anybody can already register here https://incentloyalty.com/register and invest WAVES to get 5% bonus? But ICO announced on October 1th.
Or I am not right

Total Funds Raised
107.97823707 BTC

It is early phase for big investors now, they have big discount for large investors. I have my btc worth more than 100 btc on other altcoins, but that project is so promising. So I am holding, I will get more money if I have spare money.

One question, large investor discount will be open for the whole ico period, or only pre-ico period? Thanks.

Only pre-ICO period.

[snav]

Decided to invest - I've got no patience for long ICO's but I see Openledger are onboard -

[meeekz]

This seems like an intermediate term play. Technology will be out soon, Marketing channels are on fire. Look for a dip and rebuy. What do you think?

[KarlKarlsson_]

This seems like an intermediate term play. Technology will be out soon, Marketing channels are on fire. Look for a dip and rebuy. What do you think?

Why would you expect a dip after ICO then? 

[ankylotic]

This project is already built, its not some old school developer who has made project before and never completed them fully. This is first from this team and last because they are all about this 1 project. Plus they are working on then next great blockchain Waves. This is not a promise of something to be built, it is built. This is not waiting for things to work, it works. They have been doing this for 3 years and now actually doing it on waves with much experience.

[IncentCEO]

Really interesting AMA Im currently having with the Smith and Crown team:

scresearch [8:46 AM] 
hi Rob, great to meet you! We are wrapping our heads around the system and want to make sure to represent it well. I've been heads down in the info packet and talking to colleagues.

[8:48] 
So here's a couple things we think are true. Please make sure we have them right :smiley: 1. There is a set amount of incent tokens--no more are created. When the WP or info packet says "issuance" it means Bitscan releases them from reserves, not creates new tokens.

[8:49] 
2. When a merchant enters the network, s/he decides on a percentage amount of the sale that will be given to the consumer as a reward. Presumably, there are limits on this e.g. the merchant can't choose you to give 100% of the sale back in the form of tokens, but the merchant can choose an amount. The merchant must also start taking tokens as a form of payment.

rob [8:50 AM] 
Hi Guys, so to your questions:

[8:51] 
1. Correct.

scresearch [8:51 AM] 
3. Presumably, goods are priced in the fiat equivalent of tokens (lest the merchant must constantly update token prices as it fluctuates)

rob [8:52 AM] 
2. As we have coded it right now a merchant could issue 100% of a transaction value back to the customer in Incent.

[8:52] 
A merchant can also adjust the % discount against Incent redeemed against a purchase

scresearch [8:53 AM] 
@rob thanks for the responses! re: 2 - does that mean the merchant must buy the tokens from Bitscan? (otherwise, isn't there an incentive to issue as many as possible)

rob [8:54 AM] 
BUT in neither case is the merchant required to handle or account for Incent. We issue and settle on their behalf as primary broker. Unless they wish otherwise we always settle with the merchant in local tender (edited)

[8:55] 
3. The goods and services are always priced in local tender

scresearch [8:56 AM] 
re: 3 - that makes sense, so the merchant doesn't need to worry about the value of the incent token at all

rob [8:57 AM] 
re: 2. That's exactly what happens: BitScan issues Incent at the P-O-S as instructed by the merchant and the fiat equivalent of what we issue is re-directed to our bank in settlement.

[8:58] 
re: 3 - Correct. Its Blockchain under the bonnet. The aim is to be very low drag.

[8:58] 
TBH this goes for the consumer too. Their tokens are represented as value in the tender of their choice.

scresearch [8:59 AM] 
ok, re: 2. That what prevents merchant fraud or runaway token issuance - they bear the cost of issuing the token

rob [9:00 AM] 
Correct, and this happens programatically.

scresearch [9:01 AM] 
if the merchant tokens are all fungible, does that make this more of a network loyalty program rather than a merchant loyalty program?

[9:01] 
if the token issued by one merchant is redeemable by any merchant in the network

rob [9:02 AM] 
Its what gives us to the confidence to issue tokens on their behalf, then reflect that demand back into the secondary market by buying tokens we just issued back out of circulation. WE KNOW THE MERCHANT REMITTANCE IS ON THE WAY.

scresearch [9:02 AM] 
exactly

rob [9:04 AM] 
Re yr last: I guess, but we are happy for this to be merchant configurable. In the case of a corporate that wants to protect an eco-system we will show their customers whatever they want us to.

scresearch [9:05 AM] 
but the merchant can't issue a token redeemable only at their business, like a 'colored token'

[9:05] 
ah, unless it's enterprise level perhaps

rob [9:06 AM] 
More generally, however, our aim is to move them away from the thesis that their is value in restricting reward utility and portability, to one that that recognises the impact of openness on reward value, and leverages this as the means of encouraging repeat custom

[9:06] 
Right.

scresearch [9:07 AM] 
will the merchant be able to choose which currencies trigger the token issuance? (e.g. BTC, fiat) or is it restricted to cryptocurrency POS?

rob [9:07 AM] 
TBH is all about moving the dialogue away from the tokens and towards the concept of value

[9:08] 
Actually, it will be fiat.

[9:08] 
That's what we have coded. The MVP assumes a mainstream consumer will, in the first instance, always pay in fiat

scresearch [9:09 AM] 
so would the 2.5% commission be on top of the cc fees merchants pay in POS fiat?

rob [9:09 AM] 
Once they are in possession of reward value they can settle any portion of a future transaction with a mixture of Incent and fiat

[9:10] 
Yes. Our commission only applies to the rewarded fraction of the purchase or redemption

scresearch [9:10 AM] 
yeah, I like the paradigm shift. There have been some very successful experiments with local currencies based on similar principles. Restricting a money supply does not equal an increase in value.

[9:10] 
ah, that makes sense

rob [9:11 AM] 
Good!

scresearch [9:15 AM] 
and to confirm, there is no utility to the tokens, they are purely a payment mechanism (and more accurately, a payment rail if merchant and customer only see the value of their token holdings)

rob [9:17 AM] 
Not sure what you mean by 'no utility'

scresearch [9:18 AM] 
Is it fair to say the following? In this kind of loyalty program, merchants are purchasing $1 worth of loyalty tokens in the belief that as the network grows, this will become $1+ worth of tokens that customers want to spend in the network. This appreciation in value makes it different from a discount program, in which a merchant would give back $1 but know that the $1 will only remain $1.

[9:20] 
as in, holding them doesn't confer additional value. Having 100 tokens gives me a free upgrade for a coffee. Or I can redeem 100 tokens for exclusive goods and services that fiat currencies can't buy. It is intended as a payment currency, just like BTC.

[9:21] 
@rob appreciate the responses, by the way. We're putting Incent up on our site (smithandcrown.com), just want to make sure we fully get the value proposition right. Lots of ICOs going up these days too.

rob [9:21 AM] 
token value really makes no difference to the merchant in the way you are characterising it. They never hold it and we do the conversation at the POS in both directions

scresearch [9:22 AM] 
right. I suppose we're trying to understand why a merchant would want to sign up if there's an additional 2.5% (not on the entire sale, just the issuing token). Why part with $1 in order to give the customer $1 worth of tokens?

rob [9:23 AM] 
The value proposition for the merchant, as we see it, as that for little expense he is able to incentivise behavior he values with a reward so valuable, relatively, to conventional options, that customers will return to him because they want more of this value.

[9:24] 
And that's the Q. This product is pay as you go loyalty. A merchant is paying forward (or sacrificing margin) for the benefit of establishing an enduring digital connection with his customers

scresearch [9:25 AM] 
in this context, the behavior he is incentivizing is buying the merchant's goods, and the customers come back in order to get more of those goods or spend the reward the merchant gave them.

rob [9:25 AM] 
You's be surprised how many regard this as a refreshing change when viewed against the infrastructure and accounting overhead, and forward tax liabilities that characterise traditional schemes.

scresearch [9:26 AM] 
isn't the digital connection weakened if the token can be redeemed with another merchant? Or will the UX link the merchant with customer is some other way.

[9:26] 
yeah, I think you understand the payment processing business quite deeply--and that industry is far more complex than people think.

rob [9:27 AM] 
ultimately the UX is configurable. But remember, by opening our consumer optionality a merchant gets to cross market to eveyone else's customers. Think, instant coalition.

[9:30] 
*our s/be up

scresearch [9:31 AM] 
and because the market value fluctuates (facilitated by Bitscan, but with supply/demand forces driven by  merchant adoption and token redemption), a consumer could even choose to speculate on the token. If they acquire a token, it could increase in value over time if demand for it increased.

rob [9:33 AM] 
Yes. We obvs have to be really careful with that claim but noting that this token only has one function and is finite in supply, more and more demand is - all other things being equal - likely to make nice things happen to price.

scresearch [9:35 AM] 
yeah, ok that makes sense. Relative to traditional programs, this has the advantage of not creating future liability, not needing to design a loyalty scheme, and being more user-friendly to customers (though, it does involve more up-front costs because the merchant pays and it means the merchant issues something that could be spent by another merchant). Based on your experience in the industry though, the advantages outweigh the disadvantages.

rob [9:35 AM] 
I like the idea of having mainstream merchants pay to put an appreciating asset in the pockets of mainstream consumers. I cannot think of a more powerful tool in cryptos journey 'across the chasm'

scresearch [9:37 AM] 
and relative to a cash-back scheme, it has the advantage of attracting customers who can speculate and creates a more intimate connection (token that is part of a network that both customer and merchant are part of). It shares the property of involving up-front costs, but if customers have faith in the network, they want to acquire a token that might be worth more in the future.

rob [9:38 AM] 
Absolutely. In the worst case the merchant has left a very good impression on a customer that never returns - which would be strange. in the best they do return and he/she has a customer for life at negligible cost.

scresearch [9:38 AM] 
yeah, well put. And introduces a system that uses cryptocurrency as a rail but not necessarily a user experience

rob [9:38 AM] 
I prefer the term save than speculate - but accept that this is semantics.

[9:38] 
Right

scresearch [9:40 AM] 
and I would imagine market research supports that customers probably tend to redeem their points at issuing merchants if the points aren't *universally* accepted as currency (different than a cashback program that a company like chase might run with retailers)

rob [9:40 AM] 
In the first world ordinary people have no mechanism to save. ZIRP has killed the concept.

scresearch [9:41 AM] 
they should invest it in crypto :slightly_smiling_face:

rob [9:42 AM] 
Traditional loyalty has a huge interest in promoting the fact that this restrictive paradigm is successful. The only really successful loyalty scheme in existence, and the unused plastic in our wallets, proves that this is a weak proposition.

[9:43] 
And by 'really successful loyalty scheme' I'm referring to Air Miles - which have real value to consumers because of..... drum roll please.... their portability.

[9:43] 
!!!

Really helping me to step through the value proposition on offer...

RW.

[IncentCEO]

Still going...

scresearch [9:47 AM] 
and, as you point out in the paper, they can be generous because the marginal cost of supplying an individual seat is so low

[9:48] 
really interesting stuff. To finalize the comparisons, this is different from a cc reward program too because in that, the merchant is effectively commodified. It doesn't cost him anything in the short-term or the long-term. But the loyalty is really with the cc, not the merchant.

rob [9:49 AM] 
Right - Incent is about bringing that same proposition to everyone else. And when you do this, all sorts of other sectors open up that traditional loyalty couldn't reach.

[9:50] 
Right.

scresearch [9:50 AM] 
an interesting - is there an example of that last statement? (other sectors?)

rob [9:51 AM] 
Although there is no reason why a CC couldn't integrate Incent. Imagine that, the old world banks distibuting crypto to the masses. How sweet would that be?!

[9:53] 
Lots. An airline that wants to incentivise operational feedback from its employees. An online seller. A wholesaler working B2B. Any entity that wants to erect an ecosystem around preffered partners...

[9:57] 
...consumer surveys, mom+pop shops, writers...

[9:57] 
you get the picture. Remove the infrastructure barriers and the accounting liability, and everyone can play.

[9:58] 
So Matt, do you have what you need?

scresearch [9:58 AM] 
interesting: " Any entity that wants to erect an ecosystem around preffered partners"

[9:59] 
but the ecosystem is the entire merchant network (unless they are enterprise level and define their own)

[9:59] 
other than the last question, yes, really appreciate the one-on-one AMA :smiley: I'll email/post once our post goes up.

rob [10:01 AM] 
Right. An entity can define what their eco-system see without undermining the integrity of the concept or the value of Incent to others whose business aims predicate a different degree of openness.

scresearch [10:01 AM] 
wouldn't they need their own token then?

rob [10:02 AM] 
No. Remember, its not about the token, that's just the fuel. Its about the value the token represents.

scresearch [10:03 AM] 
but if the idea is that the value is exchangeable anywhere, how would y ou distinguish between value in different ecosystems

[10:04] 
if merchants A - J want to reward customers for shopping at merchants A - J, how do they ensure the value of their rewards can't also be redeemed with merchant H, even if merchant H is on the network?

rob [10:05 AM] 
Whether or not an entity decides to make the whole enchillada visible to their customers, the volume of the business they create still supports the secondary market. (edited)

[10:08] 
From a business dev perspective, presenting commerce with a fait accompli (like 'this must be totally open') doesn't work. They have to be presented with options.  Remember, the more open they are in the configuration of their wallet, the more value the reward will have to their customers.

scresearch [10:08 AM] 
by "whole enchillada" you mean all of their products available through token redemption

rob [10:09 AM] 
To your specific point, if merchants A-C opt for a restrictive approach, they are likely to have their lunch eaten by more open minded merchants D-F, whose customer wallets allow them to see everything.

[10:10] 
By whole enchillada, I mean everyone's products

[10:13] 
Lets say merchant A only wants his customers to be able to see his goods and services in their wallet. Thats fair enough. Thats all his customers will see. Their assumption is likely to be that this is the extent of their rewards utility.

[10:15] 
Meanwhile Merchant B is happy for his customers to see everything that everyone is offering for sale in their wallet. The value of their reward just went up meaningfully. They might well, as a result, redeem it elsewhere but they also know that they can get more of it from Merchant B.

scresearch [10:15 AM] 
now I see what you're saying: the merchants contribute to the secondary market for the tokens

[10:16] 
so Merchant A couldn't make the token not redeemable at Merchant B

[10:16] 
but Merchant A could make more of their products available

rob [10:17 AM] 
Right, so Merchant A is still contributing to the strength of the secondary market, every time somebody buys something from him - but our argument would be that by being restrictive, the value of the reward he is distributing to his customers is way less than Merchant B, who is likely to be rewarded with greater repeat custom from a greater customer base - because of their openness.

scresearch [10:18 AM] 
(also, do you have KYC for your customers? I know loyalty programs do help give merchants data about their customers--and an avenue for outreach. Will that be a part of this?)

rob [10:18 AM] 
So we give everyone the optionality and let the market do the rest.

[10:19] 
KYC for merchants. KYC for consumers only if they wish to cash out to fiat - as is the case everywhere.

[IncentCEO]

And finally...

scresearch [10:23 AM]
but for customer intelligence, data on customers would be somewhat limited. Presumably, bitscan could track behavior of a wallet but wouldn't have demographic information (and might not be sharing account history with merchants anywhere)

rob [10:27 AM] 
There are no plans to implement market intelligence beyond the merchant operator and only then to the limits of that merchant operator's customer base.

scresearch [10:28 AM] 
that makes sense

[10:28] 
ok thanks @rob you've been incredibly responsive

rob [10:31 AM] 
My pleasure. Thanks for listing us

We do this quite a bit in our Slack channel, which you can join here: https://incentinvites.herokuapp.com/

RW.

[TruthbTold]

Thank you for posting the AMA are their anymore you can post here I do not like joining slacks. I strictly like researching here while im at work they block slack.

[IncentCEO]

Thank you for posting the AMA are their anymore you can post here I do not like joining slacks. I strictly like researching here while im at work they block slack.

My pleasure. Will do... RW.

[KarlKarlsson_]

And yet another article, enjoy!

http://www.financemagnates.com/cryptocurrency/news/incent-to-launch-crowdsale-for-funding-a-loyalty-blockchain/

[chichidori]

Waves is getting its traction and being that the project will get noticed more its a grate coin by the way, but their are so many ICO coins popping up lately and i see articles being publish hope it will get more attention meanwhile i will just RT and tweet it.

[RichDaniel]

Incent is a waves asset? If the full nodes can't be released before incent ico ends, can we get the tokens to trade/deposit/withdraw? And we will get incent token on waves wallet? Am I right?

[szachta]

Litlle this incent prize from the viralexchange.

[KarlKarlsson_]

Incent is a waves asset? If the full nodes can't be released before incent ico ends, can we get the tokens to trade/deposit/withdraw? And we will get incent token on waves wallet? Am I right?

Yes, exactly! We are confident that full nodes including asset issuance feature will be released by the end of ICO. If not, the escrow agreement says that the project will not receive a penny of the funding if we are not able to distribute the Incent tokens to investors within a pre-defined period of time.