BitRewards - The Biggest Market On Blockchain Based

Introduction

BitRewards is a blockchain loyalty platform and ecosystem that enables retailers to reward their customers’ purchases, friends’ invited and other configurable actions with crypto-currency. It has an absolute value for the customers, as they get for their purchases the liquid Ethereum-based tokens, which can be redeemed for purchases or transferred to another crypto-wallet. The price of the tokens is also set for growth due to our unique business model, so these rewards may go up in value in the course of time, rather than expire.

BitRewards also brings a lot of benefits to the retailers, because they get customers that are more satisfied with the rewards in crypto and become even more loyal. A comprehensive loyalty program increases the retailers’ revenues. byThe storesdzensare alsoof tappingercentintothe crypto-enthusiasts audience, which is quite active and appreciates the attention from the regular businesses.

The unique value proposition for the retailers is that BitRewards will offer this valuable and expensive loyalty technology free of charge. The retailers will only have to buy BIT in the open market to reward their users. The value of such software starts from $200/month, therefore thousands of retailers will be keen to connect to the platform. We can make such a claim, because we operate in the market of rewards and loyalty software for more than 5 years, have more than five hundred clients — online stores and deeply know their needs. BitRewards also uses AI-based predictive analytics, which allows to configure the rewards and actions for each particular business to address its unique target audience and achieve the highest return on investment from every dollar spent on the rewards.

Loyalty Management Market

Loyalty systems in retail are designed to reward customers for their past purchases or other useful actions and to provide them with incentives for making future purchases. A rewards program enables

activation, retention, up-selling and referrals, along with providing strong value offer to the customer. A typical loyalty management system is comprised of operational parameters, such as transaction types, program design and funding options. It further includes value parameters such as redemption options, redemption thresholds, and earnings rates.

And businesses are actively adopting loyalty programs:

63.7% of small businesses plan on using a customer loyalty program in 2016 (Belly)
38% of executives have a dedicated budget for customer experience (Leapfrog Marketing Institute)

The market for loyalty programs is growing and will reach $4 billion by 2020 ("Loyalty Management Market” report by MarketsAndMarkets). There’s approximately another $1 billion in digital gift cards, and at least $11 billion in referral solutions. On top of that, more than $50 billion loyalty points are issued globally each year. According to a Deloitte report, enrollment in loyalty programs across variousindustries reached 3.3 billion memberships in 2015 and has more than tripled since 2000. Despite this rapid growth, customer loyalty rewards programs are not realizing their full potential.

Features of ICO BitRewards

Incentives

Due to the company's unique business model, reward systems allow incentives to continue to increase over time. In addition, the rewards are given in the form of electronic money that is not the core, thus enabling better customer satisfaction.

Affordable

Compared to conventional retail systems that cost more than $ 500 per month, BitRewards BIT will be available for $ 200 per month.

Visually

To gain access to its rewards program, BitRewards uses AI-based predictive systems. This program allows the automatic configuration of the core system to change its functions based on the needs and needs of each specific business and its target audience.

Compatibility

BitRewards is compatible with "most e-commerce systems". These include platforms like Magento, Shopify, WordPress, and Ecwid. Not only that, the API is quite easy to use and can easily be integrated into other e-commerce programs.

BitRewards Benefits

New customer experience

BIT Token and Token Sale Information

As I explained above, that BIT Token is the internal currency that can be used by the ecosystem in conducting transactions. For merchants who want to join and connect with BitRewards must have BIT Token Sale event is held directly by developer from BitRewards.

Token Sale is a fundraising event conducted by teams and developers directly to raise capital and to develop related platforms. BIT Token Sale is a BIT token sales event for the purpose of building and developing the BitRewards platform as a loyalty platform in the blockchain based e-commerce industry.

BitRewards itself has a token called BIT, an ERC20 token. This token will be used in all activities in the BitRewards ecosystem. All BitRewards Platform traders and partners will use this token as an internal currency.

The BitRewards decentralized loyalty system creates a unique, user-friendly customer experience:

The regular customer’s dashboardoyaltypointsturnswithinto alfull-fledged crypto-wallet linked to hundreds of merchants. Creation requires only a simple registration with a Facebook account, email or phone number. It can be used as a regular wallet for the storing of BitRewards crypto-currency, as well as other currencies (Ethereum, Bitcoin, etc.), growing in value of the received rewards (connected with the growth of token).
The bonuses in the form of BIT from different merchants are accumulated account, which is connected to the entire BitRewards Network.
The tokens can be redeemed with any merchant within the BitRewards Network and the netwo partners that can promote their business with additional bonuses and discounts for the BIT token holders.
Customer crypto-wallet’s BIT balancealsobeconnectedwill to the bank debit plastic or virtual card, which the users can spend just as if they used their regular Visa or Mastercard.
Maximum flexibility and security of the rewards:expire; theytokenscan’tunlikege lost, or cease to exist if the merchant goes out of business.
An easy way to make purchases in cryptocurrency: Ethereum and Bitcoin can be credited to the customer’sBitRewards account and be used as payment with BitRewards’ participating merchants.
The token’s value is set for an appreciation in creasing demand from duertailers to and the general prevailing bull market nature of crypto-markets right now.

Platform, Ecosystem and Community

All merchants get access to the AI data analysis system. We call this BitRecommendations, which automatically recommends actions and rewards, which aimed at offering the customers various actions and rewards that are incentivizing the most productive behaviour of the customers for every particular merchant.

The BitRewards Network is an ecosystem, which is beneficial to all participants, including customers and retailers. Each retailer connected to the network increases both their value, and the overall value of the network. The ecosystem participants benefit from significantly cutting down their expenses on loyalty management. They also get access to a top-notch rewards and loyalty system free of charge, something which was previously only affordable for large players.

BitRewards promotes members of its community in every possible way: by exchanging the best practices, by using the platform, for starting advertising campaigns, and by developing new applications. The BitRewards community will not only promote the rapid growth of participating businesses, but also give a voice to its members on the future direction of the platform.

How It Works

The retailers connect to the BitRewards loyalty system by installing the readymade GIFTD extension or by integrating it with their own loyalty system.
This solution rewards customers with BIT for their and their friends’ purchases as well as other actions. The module performs all the required token processing through the BitRewards platform.
The value of BIT may appreciate because of the limited initial issuance of 2 billion tokens and the constant leading demand for tokens from the growing number of retailers joining the platform.
The probable appreciation of BIT encourages customers to save their tokens instead of redeeming them for purchases, thereby also reducing the amount of free-floating tokens.

BitRewards Network

BitRecommendations — AI-driven decentralized recommendations system.

BitRecommendations is the world’s first decentralized crowdsourced recommendation system, which is designed to suit the needs of e-commerce and uses the blockchain for quality control and security of the data.

How It Works - for Merchants:

Merchants send the encoded data about the activities of their users to the BitRecommendations system, and it sends them access to a cutting-edge recommendation system - free of charge.
BitRecommendations system offers product recommendations (“you may also like”) and rewards recommendations - with the possible ways of showing users the appreciation for their actions via a thoughtful reward: cryptocurrency, a cup of coffee, or a ticket to an event.
BitRecommendations learns on the go using data from thousands of merchants and processing millions of data points per day, which ensures the top quality of recommendations at all times.
All the data received from merchants is stored on the decentralized file system IPFS. The metadata, including the ratings of data quality, is stored on the Ethereum blockchain. This type of structure makes the system eternally operable and available to the clients. If BitRecommendations somehow ceases to work, with the support of BitRewards DAO, a new system can always be created to use that data.
If a merchant tries to cheat and sends fake data, it will be detected, and this information will go to the Ethereum blockchain.
Merchants can see the previous user activity of every user - that’s why BitRecommendation provides the scoring of the user's reputation, which allows the merchants to offer a loan or a post-payment for the purchases.

Product Architecture

Retailers

Plugins for online shopping platforms

Plugins for online shopping platforms are widgets, which can be set up as the loyalty program of the retailer, and to pay BitRewards as rebates to customers as rewards for their and their friends’ purchases. The system of rewards and loyalty is based on the suite of solutions of GIFTD, which are widely applied in e-commerce:

A “cart protection” tool: incentivizes the completion purchases, which increases the amount customers spend and reduces the amount of abandoned orders
A referral system integrated with social networks
Net promoter score calculator and Customer’s reviews module
Digital gift cards solutions, which enables customers to send gift cards via email, SMS, Facebook, etc.
Points-based loyalty system: Customers earn points for their actions and retailers can define which of the points they put into the BitRewards Tokens and at what rate.

Merchant’s dashboard

A merchant’s dashboard is set up when creating the loyalty program. This allows merchants to define the actions and amount of the rewards earned for the completion of each purchase, including the percentage of the purchase returned to customers for their and their referrals’ purchases.

Retailer’s crypto-wallet

The retailer does not necessarily need to create the BitRewards crypto-wallet, as the transactions can pass through the BitRewards Operator using fiat currencies.

Retailers can store their BIT, ETH and other cryptocurrencies, which they use for transactions and pay for BIT from this wallet.

The retailer’s cryptowallet will be an open-source software, which is installed on the retailer’s servers. For convenience, the Docker image, which contains all necessary settings, will be created.

For maximum security, the private key for the retailer’s crypto-wallet will reside at the retailer’s servers. The less secure, but simpler way is to use BitRewards API that stores the keys.

If needed, the retailer can open two crypto-wallets — cold (for large amounts) and hot (for current transactions). The "cold" wallet should be shielded from online connection and managed manually. The "hot" wallet should be connected to the other software of the retailer (CMS, accounting software, etc.) through a private API.

Auxiliary parts of the system

Mobile SDK for the integration of the BitRewards crypto-wallet into the merchant’s apps.

Triggered notifications system (email, SMS, push, messengers).

Corporate personnel loyalty system.

Mobile applications

The mobile apps on the iOS and Android platforms, which replicate the functionality of the web apps will also have the following features:

Crypto-wallet

Merchants’ special offers

Scanning and storage of loyalty cards (making plastic cards redundant, the inconvenience of which is one of the main reasons customers stop using loyalty systems)

Gift cards

Geofencing

BitRewards Token

BitRewards Tokens are designed to appreciate over the course of time. Crypto assets markets can be volatile, and the market price of BIT can depend on the general market conditions and expectations. Since BIT’ main purpose is the meanstisofimportantpayment, thatirate theagainsttoken’scryptoor fiat currencies does not change rapidly and has liquidity at all times. In order to provide for this liquidity and mollify the market fluctuations, a Bancor Formula (a product of Bprotocol Foundation1) based smart contract will be created. It will allow for the buying and selling of BIT and will also be used to increase the market demand and supply when the token rate fluctuations leave a certain corridor.

The special liquidity smart contract will hold a reserve of tokens of the BitRewards system and means. Anyone will be able to buy or sell BIT simply by sending ETH to thes. contract’sThissolutionis add able to provide for the liquidity of tokens and solves the problem of a “double coincidence of wants”,

when a buyer and a seller have to match the time and place for the transaction to occur. A liquidity smart contract always acts, as one of the parties either selling or buying.

Token Allocation

Token Generation Event Details

BIT token is an ERC-20 standard-basis Ethereum token.

BIT token allows for the payment of goods and services in partner merchants of the BitRewards system and can also be converted into ETH/USD at the open market, or at the BitRewards liquidity contract. Tokens will be offered on a private whitelist subscription, effective as of 25th of December 2017.

The members of BitRewards team are not allowed to distribute their BIT tokens within the three months after the Token Issue Date. After that period, all BIT tokens of the BitRewards team will be released for distribution in the amount of 20% of the tokens owned by a member of the BitRewards team every month, so that seven months after the Token Issue Date, all BIT tokens owned by the members of the BitRewards team are released from lock-up.

Road Map