Blockchain loyalty project Incent has signed up its first customer to use its crowdfunding software, allowing it to gain revenues and distribute Incent immediately as its own ICO ends.
The ‘initial coin offering’ has become the de facto way of funding new crypto projects, but questions remain about the reliability of the software used. Now Incent, the blockchain loyalty-rewards initiative built on the Waves platform, is licensing its own ICO technology – offering a turn-key solution for crowdfunding and an immediate use-case for Incent in the process.
In setting up the Incent ICO we determined to use Google Firebase, given it’s security and ability to scale without significant investment in sysadmin tasks. Our ICO platform also uses bitcoin and waves blockchains as an open ledger for all investment – any investor can quickly and easily see the status of their payments via the many publicly available blockchain explorers – a ‘trustless’ system for confirming whether or not you made the latest discount level, or whether your payment arrived as expected. We’re excited to be driving best practice in the nascent ICO space, and are pleased to offer our hosted solution to organisations creating Digital Assets on the Waves platform’ Peter Godbolt, Senior Developer, Incent.
Waves itself will offer additional crowdfunding infrastructure in due course, including the collection of fiat tokens as well as BTC – functionality that will complement and be added to Incent’s ICO deposit technology when it is available.
Leveraging Incent’s tech
Not only will Incent provide the technology to crowdfund new projects, but they have also incorporated their own token into the offering.
‘We designed Incent as a token of universal loyalty. We’re already talking to businesses about integrating it into their point-of-sale. Unlike a traditional loyalty scheme, where businesses just create their own points out of thin air and then have to redeem them at their own cost, with Incent they buy token value as they transact off the open market, to a configurable percentage of the purchase amount. That’s good for businesses, because they have no infrastructure costs, reduced sales tax and no forward liability. It’s good for customers, because they have a blockchain-based reward they can spend like real money. And it’s good for investors, because there’s constant buy-pressure on the market from new transactions and merchants.’ Rob Wilson, CEO, Incent
Incent’s first ICO customer is Cannabis Revolution, an exciting project focused on the emerging legal marijuana movement in the United States. Cannabis Revolution’s ICO starts on 2 December, while Incent’s ends on 30 November – meaning that there will be market demand for Incent almost immediately.
‘We know Incent is a powerful proposition, so we’ve adopted an “eat your own dogfood”approach to show people how it will work. Every time someone invests in the Cannabis Revolution crowdfund, they will receive Incent as an added reward. Investors can do whatever they want with that Incent. Hold it, spend it, sell it, give it away – unlike regular loyalty points, it’s up to them.’ Rob Wilson, CEO, Incent
Incent will offer the same functionality to other organisations launching assets on the Waves platform. ‘Our ICO clients get great software and their investors get a taste of Incent as reward for their purchase. It’s great for Waves holders, because every new project and transaction means more activity on the Waves network. And its fantastic for Incent holders because early and enduring demand for the token – which will stimulate the price for Incent on secondary markets from the get-go.