Companies provide loyalty tokens to the customer as their strategic investment. Only 40% get benefitted. Mainly due to the low redemption rate & Non-uniformity of tokens. LoyFin solves both.
Companies provide loyalty points to their customers. It is like a strategic investment. For example, in India, the supercoin by Flipkart and insider points on Myntra and Paytm first rewards on Paytm. Government banks like SBI also give loyalty rewards. But still, the loyalty program is not at its fullest, reasons are- low redemption rate, every company issues their loyalty point, some companies do not have the digital infrastructure, redemption requires a threshold value. To counter this problem, we are creating a token and a platform, LoyFin. Companies can buy these tokens and then distribute them to their customers/ employees as loyalty rewards from our website. There will be several other functionalities like a company dashboard, where token can be bought with fiat currencies and USDC tokens. There will be another unique functionality of "streaming rewards" on our website, where rewards can be rewarded to people continuously for a certain period at a specified rate of transfer (opening endless use cases for corporate and consumers). Later these tokens can then be redeemed by consumers or token holders at several marketplaces, supermarkets, and can also be traded among peers as gift rewards. (example - Token holders can redeem airline tickets, movie tickets, e-commerce platforms can add the provision for redeemable items between different vendors, etc ) Finally, the vendors will be able to convert these tokens to fiat currencies through our website. The entire system will be decentralized and a blockchain-based system will make it easy to add and remove partner companies and vendors.
How it's made
We used NEXT.js for the front end of the web3 interface. Metamask is used for connecting to the web3 as a means of logging in. We used truffle project framework to build the application, to write, test and deploy smart contracts. We used Rinkeby/ Kovan test networks to deploy our smart contracts(ERC-20) and then used the same to list the token in UNISWAP. Uniswap will further be integrated into our dapp for our customers to swap their native tokens(USDC/USDT) in exchange for LFN loyalty tokens.