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The central piece of the omnichannel customer loyalty platform that we’re building is the LoyalCoin, the virtual currency token that now replaces the traditional rewards point. The LoyalCoin token will serve as the currency in the rewards ecosystem, where customers earn LoyalCoin when spending at participating merchants. LoyalCoin is returned to merchants when customers redeem available rewards. When customers earn LoyalCoin, they are empowered to use it in more ways than traditional customer loyalty programs offer. In both conventional and blockchain-based rewards systems, customers can acquire rewards and incentives using their points. However, in this new ecosystem, the points from one merchant can be used to acquire rewards from any merchant within the ecosystem, even if it's a separate merchant. In addition to redeeming rewards, LoyalCoin can be exchanged for other currencies, be it fiat or digital.
LoyalCoin (LYL) replaces traditional customer loyalty programs with a flexible, fully transferable token that can be used to redeem rewards from any participating brand, anytime, anywhere. It creates a more open ecosystem for customer loyalty that strengthens relationships between brands and their customers. LYL is a token built on the NEM Mosaic platform.
About LoyalCoin Appsolutely, formed in 2013 in the Philippines, has launched digital platforms and mobile apps that have enabled companies of all sizes, including some with top global brands, to rapidly expand market share and accelerate growth by providing richer, more satisfying customer experiences through loyalty and rewards programs. Building on our expertise in loyalty and rewards programs, we are launching a new, unified customer loyalty ecosystem that uses blockchain technology as the backbone and the LoyalCoin digital asset as the medium of exchange. With these innovations, we are eliminating the customer loyalty programs’ limitations we currently encounter, such as public confusion about the different mechanics of each loyalty program, difficulties in points exchange, lack of user engagement, and more. Removing these problems will accelerate the formation of a more cohesive, cooperative, and competitive customer loyalty industry. The launch of LoyalCoin will involve commitments from entities who will have the digital asset and use it for consumption, operational, and/or other purposes. Participants in this new ecosystem will drive the new loyalty economy with their activities and financial support for the scaling of our platform. For instance, in the consumption-driven emerging economies in Asia, the spread of a unified, proactive customer loyalty system can usher in more customer retention for companies, who will then boost their top and bottom lines. Mass adoption and economic activity from this dynamic loyalty environment will be the engine that can add value to each LoyalCoin. Simply put, by replacing the limited reward points in the current customer loyalty setup with a blockchain-backed dynamic currency that supports increased participation between customer and brand, we can unlock the full potential of rewards programs and increased value for participants in this revamped loyalty ecosystem.
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