its interesting to see your planned use of Ricardian contracts, but i cant help but wonder if its just been done too much, this loyalty rewards thing :/
Cant support an ICO, why not a long term PoW to support the network/distribute FAIRLY the tokens? This "money up front for an idea" is just crazy on this forum, ends up with 90% disappointment and people praying for a pump on a shittoken :/
I would say: Escrow! but: its a given at this point, and it wont protect anyways, anyone can churn out a token for 20-100BTC to get escrow released NP!
Wont be investing a penny, but hey, good luck i guess? ;p
Hello CjMapope, thanks for the comment. I'm sure I'm not going to change your mind in buying POINTS tokens, but here are some clarifications I want to address.
The "loyalty rewards thing" hasn't been done at all on a Blockchain, otherwise we would be in a world where:
1) there was a universal interface for the loyalty industry apart from incumbents like Amex;
2) where merchants weren't at the mercy of financial institutions for implementing a half decent loyalty system at unreasonable prices;
3) where any great bunch of product developers could build a wallet that worked with anyone's loyalty program that was issued on the network and we would see many innovative solutions;
4) where you could transfer points to your friends and family and they were tradeable on open marketplaces;
5) and mnay other points I could elaborate on.
There has been a lot of talk of doing loyalty on blockchains, but NO GROUP has actually done that, let's get that straight, its all been talk. There haven't been even that many projects formalized in this space and this should be one of the prime areas blockchains are used for. AFAIK, the only other company remotely doing something with loyalty and blockchains right now is loyyal (startup at least), but they are only a hyperledger reseller/VAR servicing the financial industry, to my understanding at least. Our philosophy is very different, we believe these technologies can lead to a world where commerce won't be dependent on financial institutions and our solution empowers merchants, that's why we need a public blockchain, credit card companies and the like are not our target market. I won't even mention why Incent is completely irrelevant to what we are doing, they are more of a marketing and business development exercise, its not a platform, which is what we are building.
I'm curious why you think PoW is the only fair solution, DPoS is very democratic, which is what we are using. So are many hybrid PoS/PoW systems and there are other potential solutions on the horizon (ALGORAND, Casper, etc) which are just as fair. We are building a solution for today, not the far future, we need the most scalable solution that works, for our immediate requirements, and that's DPoS.
As to why we are doing an ICO, well that's where we will have to agree to disagree. The solution we are developing won't get built by itself, we have a highly talented and skilled team in place, everyone involved with this company has developed successful products and services in the past, and by that, I mean real shippable products and services. I think product crowdsales can lead to a lot of innovation globally. There will be a lot of shitcoins and scams, and the community will have to learn and coalesce on self regulating themselves.
I, myself, have invested in many ICOs and have remained long on most of them.
