How BitRewards is Leading the Next Generation of Blockchain
When Web 1.0 applications were launched in 1989, it took 15 years before advancements were significant enough to usher in the Web 2.0 era. Web 3.0, where we find ourselves now, came over a decade later with the introduction of the Internet of Things (IoT).
Blockchain has achieved similar growth in less than a decade, with the emergence of the third generation already upon us.
But what is Blockchain 3.0 and where is it taking us?
To be a leader of the new generation of Blockchain technology applications, however, you need to be mindful of how the landscape is changing and set up to embrace new technologies.
We like to think BitRewards does this.
The accepted definitions of blockchain:
Blockchain 1.0 is currency.
“The deployment of cryptocurrencies in applications related to cash, such as currency transfer, remittance, and digital payment systems,” as Melanie Swan describes in her brilliant book, Blockchain: Blueprint for a New Economy. That’s set in stone. No debate to be had there.
Blockchain 2.0 is contracts.
“The entire slate of economic, market, and financial applications using the blockchain that are more extensive than simple cash transactions: stocks, bonds, futures, loans, mortgages, titles, smart property, and smart contracts,” says Melanie Swan.
Blockchain 2.0 brought about order and practicality, led by smart contract alternatives to Bitcoin such as Ethereum, which led the way in disrupting the legal, financial and record-keeping industries.
Blockchain 3.0 is still emerging, so there isn’t a concrete definition of what it is yet. It’s open to debate. Some see it as a new currency; others view it more like Web 3.0 — immersing itself in “things.”
If we’re to accept anyone’s definition of 3.0, it has to be Melanie Swan’s. She describes it as:
“Applications beyond currency, finance, and markets — particularly in the areas of government, health, science, literacy, culture, and art.”
The key word there is applications. Blockchain is making it’s way to apps and disrupting industries that traditionally rely on centralised applications.
Decentralised apps (dApps, which sounds much cooler, it has to be said) combining frontend development with smart contracts (such as Ethereum), Initial Coin Offerings (ICOs) and Artificial Intelligence (AI) are the future — the advancements to take Blockchain into the collaborative economy.
“Collaborative Economy: An economic system of decentralized networks and marketplaces that unlocks the value of underused assets by matching needs and haves, in ways that bypass traditional middlemen.” — Fast Company
Why BitRewards is a great example of Blockchain 3.0
#1: It serves the collaborative economy
BitRewards is a blockchain rewards and loyalty system for e-commerce businesses that allows online retailers to reward customers (and their friends) in “BIT” cryptocurrency.
It’s a decentralised application with the potential to completely turn the reward scheme market on its head — improving the notoriously fickle relationship between merchants and customers.
Currently, customers participating in traditional reward schemes have to deal with long waits for payouts, annual fees, fake deals and crumby offers. While merchants must try and fend off competitor undercutting and manage lack of customer loyalty.
#2: With BitRewards, both parties benefit:
- Merchants receive premium blockchain loyalty management “BIT” software with a value of $200-$2000 per month, for free! This is software developed by the team behind GIFTD, with a proven track record in helping online merchants increase revenue. It’s a system that boosts online sales by 17%, on average.
- Customers receive BIT rewards, which can be redeemed for online purchases or transferred into real money. BIT being a cryptocurrency means that it tends to go up in price, increasing the value of rewards for those that chose to save rather than spend. Also, unlike traditional loyalty schemes, rewards never expire.
#3: BitRewards is AI-powered
Artificial intelligence is at the core of Blockchain 3.0 and the heart of BitRewards. Our platform is AI-based, allowing merchants to better tailor services for customers. The system can be used to gather data for product and reward recommendations, financial scoring and tailored discounts and rewards.
Retailers can customise experiences to provide customers with exactly what they want, strengthening brand loyalty.
The use of AI and its ability to bring tech and consumers closer together is an important tool in Blockchain moving forward, as it aims to take cryptocurrency into the public consciousness.
#4: It uses Ethereum
BIT tokens are ERC-20 standard-basis Ethereum tokens.
Smart contracts are central to the new era of customer loyalty. Using Ethereum has allowed us to implement an elegant technical solution that’s user-friendly for non-crypto savvy merchants and customers. Fraud (apps connected to Ethereum cannot be shut down) and censorship are removed from the equation and security is greatly improved, giving users peace of mind — something crucial to the adoption of any new technology.
What’s more, transactions can be completed much quicker than Bitcoin, processing in less than a minute. That said, with the impending release of the Raiden Network and Lightning Network (which BitRewards will adopt) transactions will be settled in a matter of seconds.
With Blockchain 3.0 promising to make Blockchain 2.0 usable in real-life business applications, BitRewards has everything in place to lead the way.