Whichever statistics you read, the global coupon market is expanding dramatically. A study from Juniper Research predicts that there will be 1.05 billion mobile coupon users by 2019 and another report on the prospects of the global mobile coupon market forecasts growth at a CAGR of 73% between 2016 and 2020.
Shoppers want coupons and as per the old adage, the customer is always right, retailers want to provide them.
Right now, however, the industry is in dire need of an upgrade. Many retailers and shoppers still rely on physical coupons, which are expensive, inefficient and prone to a range of issues – double spending, repudiation, etc.
One company is positioning itself to solve this issue – The Rouge Project.
Rouge has applied distributed ledger technology (DLT) or, to use a term that’s perhaps more familiar to readers, blockchain technology, to the coupon space and, in doing so, has created a solution that not only promises to meet the above discussed growth in demand for coupons (and, specifically, mobile-based digital coupons) but that also provides a technological framework from which the industry can reinvigorate itself.
These are grand claims, of course – how has Rouge achieved the above?
The company’s solution is rooted in what’s called the Rouge Token (RGE), an ERC20 compliant token that’s built on top of the Ethereum platform and that is designed to be used by all actors on the Rouge Network platform (so, issuers, publishers, users) and that also serves as the basis of the Rouge Network’s smart-contracts.
So how does it work in real life?
We took a look at the company’s White Paper (available here for anyone that’s looking to do a deep dive into how all this works) and Rouge provides a neat example that outlines the process flow associated with this sort of blockchain based coupon transaction.
We’ll simplify the example a bit, but it’s essentially as follows:
A blog owner wants to rent some of his display real estate to an advertiser and registers the space with the Rouge blockchain, with a minimum bid (the minimum he’s willing to accept) logged as part of a smart contract.
A retailer wants to advertise some coupons and they register their terms on the Rouge blockchain, which then connects the retailer with the above blog based on match-points between what the blog owner is willing to accept and what the retailer is willing to pay for the campaign (also the two are matched based on targeting, so if the retailer is looking to sell some jeans and the blog is a fashion blog, they’ll be matched).
The blog displays the coupon and a user sees it and claims it using the Rough platform (accessible via a smartphone). Once claimed, the coupon in linked only to that user and, either at this point or at the point at which the user redeems it with the retailer, the blog owner picks up a commission for the display ad.
It’s worth noting that this is a simplified version, there’s plenty that goes on behind the scenes to ensure that this process runs smoothly, but conceptually its as outlined above.
The idea, in a nutshell, is that the Rouge Project will replace centralized coupon middlemen with smart contracts on the decentralized Ethereum Virtual Machine. That’s the major upgrade here and it’s the change that allows for the removal of all of the above-outlined issues and inefficiencies that exist within the coupon world today.
The company is currently in the pre-sale phase of its ICO, during which RGE tokens are available at a discount in return for participation (note, the discount tokens are tickered as RGX as opposed to RGE, for clarity purposes).
Any readers that want to pick up some discount tokens as part of the pre-sale should register interest here.
As far as implementation is concerned, full implementation of the Rouge Network platform is expected during the second quarter of 2018.
Check out Rouge’s White Paper here.
The company’s website is available here.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry
The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.
“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director, “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography. We’re really happy to welcome them into our partnership ecosystem.”
The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement.
Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…