What Is LoyalCoin?
LoyalCoin is a decentralized, blockchain based, digital asset that intends to reward its loyal customers via advanced reward point’s mechanism. The platform enables its users to redeem their loyal points from any merchant concerned. This means that users do not need to spend their loyal points on a specific merchant rather they can redeem their loyalty point from any merchant as long as it is within the network. In addition, people can send, receive and exchange their LoyalCoin with other people as well as make payments using Loyal Coins at their preferred merchant.
LoyalCoin is a blockchain based decentralized platform and marketplace where people have the freedom to use their loyalty point anytime, anywhere, staying within the network. The LoyalCoin has a mechanism where users can enjoy the full potential of rewards points. The platform also offers a LoyalWallet to its users which can be used to store LoyalCoin as well as other cryptocurrencies. The platform has made the peer-to-peer transaction a more fun.
How Does LoyalCoin Work?
LoyalCoin has superseded the traditional methods of loyalty points people used to get rewarded with its innovative universal reward point mechanism. People receive many reward points from different merchants in the day to day routine, however, it was quite difficult to use those reward point again due to various reason such as they may never return to the merchant once they had a purchase from. It could well be the case that the merchant is no longer available to use those reward points. LoyalCoin has given a solution where people can use their existing reward points at any other merchant within the network. To earn loyalCoin on every single purchase, people just need to scan the QR code printed on the bill. LoyalCoins can be used to make payments, send funds, and to pay utility bills etc.
To earn LoyalCoins people needed to participate in the pre-sale and main sale phase of the ICO. Since the ICO has just been over, therefore, people are left with the option of buying or exchanging them on different supported cryptocurrency exchanges. People who already have bought LoyalCoins can earn more LoyalCoins by the procedure mentioned above which is scanning the QR code of a product they purchase.
Buy LoyalCoin With E-Wallets
The platform is based on ETH, however, it also supports BTC and XEM. Since all of these currencies are cryptocurrencies, and cryptocurrencies can only be store in e-wallets, therefore, people who wish to buy LoyalCoin need to open an e-wallet first before they can actually buy LoyalCoin. E-Wallets can be opened with different companies around the world for free, however, with LoyalCoin you do not need any other company to be offering you an e-wallet because LoyalCoin has got one of its own. With LoyalWallet, you can store all of your LoyalCoins plus any other cryptocurrency you may have.
The ICO Distribution
The ICO launched its tokens sale last year most probably on December 11th, 2017. The reason we are not sure about the exact date is that we couldn’t find any information concerning the opening and closing date of the ICO on its official website. Therefore, dates are quoted from different reliable sources. It lasted for almost one month and ten days. It ended on January 20th, 2018. There was a total token supply of 5 billion tokens. The ICO planned to raise a minimum fund equals to $12 Million. Its hard capping was defined as $19 Million.
The ICO planned to distribute its tokens under the following proportion;
- 56% tokens were planned to be offered to the public to subscribe during the ICO
- 44% tokens were planned to be distributed to operations department of the ICO
Funds Allocation (100%)
The ICO planned to allocate its funds generated from the ICO under following proportion;
- 52% funds were planned to be allocated between the staffing members of the ICO
- 4% funds were planned to be allocated to Consultancy Services of the ICO
- 5% funds were planned to be allocated to Finance and legal affairs department of the ICO
- 6% funds were planned to be allocated to Marketing department of the ICO
- 7% funds were planned to be allocated to meet operational expenses of the ICO
- 10% funds were planned to be used to incentivize the team members of the ICO
- 16% funds were planned to be allocated to Research and Development department of the ICO
Unlike other ICOs, LoyalCoin bonuses are offered to users on the basis of the number of Coins users bought;
- 15% LYL were offered to people who bought more than 30 ETH
- 10% LYL were offered to investors who invested in 3 ETH
- 05% LYL bonus was awarded to buyers who bought 1 ETH
- Patrick Paul Palacios is the President and CEO of the ICO
- Nitin Chawre is the Head Of Operations at LoyalCoin
- Nigel Hughes is the Head Technology Officer at LoyalCoin
- Anthony Vipond is the lead Blockchain Developer at LoyalCoin
- Richard Funk is the Head of Legal Affairs at LoyalCoin
- Narciso Villanueva is the Junior IT Head at LoyalCoin
- Rommel Pajarin is the Sales Manager at LoyalCoin
- Paolo Bediones is the Communications Head at LoyalCoin
- Justine Peralta is the Product Manager at LoyalCoin
- Rowena Delgado is also a Product Manager at LoyalCoin
- Franco Dagelet is the AM Product at LoyalCoin
- Malcolm Schaverien is the Head of Global Business Development Department at LoyalCoin
- Katie Hendrickson is the Manager of Business Development at LoyalCoin
- Paul Samiliano is the UI/UX Designer at LoyalCoin
- Alfred Flores is the Digital Media Lead Planner at LoyalCoin
- Miko Ilas is the manager for Digital Content at LoyalCoin
Invest In LoyalCoin
After a careful review of the ICO, we hereby conclude that LoyalCoin is surely a worthwhile investment since it has a very simple yet useful concept with a workable objective. The ICO was successful, target funding is achieved and all details are transparently disclosed by the ICO. We, therefore, believe that people should invest in LoyalCoin and do themselves a favor.