What is the referral economy?Much has changed since serial entrepreneur S.Rosenbaum identified “The birth of the referral economy” in 2014. At the time, Danielle Morrill of Refer.ly was quoted as telling TechCrunch that becoming an affiliate was "difficult". Fast forward four years and signing up to become an affiliate with the like of Amazon has never been simpler or more straightforward. Becoming part of the referral economy by earning discounts, credit or even cash by referring someone has become similarly simple. According to P. Schmitt et al writing for the Harvard Business Review, customer referral programs can "drive stunning profits". However, a new company called Plentix believes that its blockchain-based referral network can disrupt and improve upon the current referral landscape significantly.
What is Plentix Offering? According to their official website, Plentix is aiming to develop a decentralized blockchain-based online referral program. Their platform and application will connect and reward all participants via a new cryptocurrency called 'Plenty'. Plentix' vision is to increase the effectiveness of referral marketing for companies and to increase the rewards for customers who refer products or services. Although the Plentix system will require companies, programmers and developers to collaborate extensively behind the scenes, customers will only see the front-end interface, the Plentix app.
How will Plentix Work?Plentix is aiming to create a similar network aimed at the referral economy. Plentix's platform will use blockchain technology to store and keep track of referrals and payments. As blockchains are immutable, they are the perfect medium on which to store data that all parties can trust. In an improvement over the current situation where customers may lack faith that their referrals are rewarded, on Plentix' platform both businesses and customers can enjoy a 'trust-less' experience. On one hand, businesses can use the blockchain to verify the authenticity of referrals and customers have the peace of mind of knowing that every referral they make is stored on the blockchain.
As seen in the image below, the referrer (Jess) and the referred (John) both need to have access to the Plentix platform, either through a computer or via the forthcoming Plentix app. The process begins when a business, say Uber, decides to create a referral program through the Plentix platform. Uber can choose which customers it wants to reward and what form the reward should take. Rewards can take the form of either discounts or the new 'Plenty' cryptocurrency. As all transactions utilize 'smart contracts' on the blockchain.
Learn more:Website:
http://plentix.io/Whitepaper:
http://plentix.io/assets/download/PLENTIX_WHITEPAPER_V3.1.pdfJoin the Community:https://www.facebook.com/plentixhttps://twitter.com/plentix_ico/https://t.me/PlentixStay tuned for updates about the Whitelisting & Pre-ICO!
