Especially in the past year, a stunning amount of new companies have been springing up with an Initial Coin Offering (ICO). There is a new coin for every industry and purpose – at least it seems that way. A lot of what we’ve seen are new blockchain projects that aim to disrupt the current financial and retail paradigms. LoyalCoin (LYL) is one of those, with a focus on merchant rewards points.
Well, this coin is launching right now. The token sale opened on December 11, and it closes on February 10.
— LoyalCoin (@LoyalCoin) January 8, 2018
But what kind of crypto coin will this end up being? What sets this ICO apart from the other active ones happening right now?
What kind of Cryptocurrency is LoyalCoin (LYL)?
LoyalCoin is the official token of an omnichannel customer loyalty platform. The idea is to transform how rewards points at different merchants are disjointed. In this new rewards ecosystem, all merchants can offer LoyalCoins as part of their own rewards programs. This way, individual consumers can redeem them at different places.
The way that the rewards ecosystem will work empowers customers to use their rewards in new and more efficient ways. When clients redeem their LYLs, the merchant gets to keep that value.
And, of course, LYL will serve as a traditional cryptocurrency. I will be a store of value that grows and shrinks in value. It can be exchanged for other types of cryptocurrency or traditional money.
In the current ecosystem, the customer really loses out. Rewards points are limited to one or a small group of merchants. It will be interesting to see how this, and other, similar blockchain ventures, will transform the merchant rewards paradigm.
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.