What is BlockNode?
BlockNode Telegram Group: https://t.me/BlocknodeChatGroup
With growing competition in almost every sector, it is not unusual to find even established businesses trying to find ways to keep themselves “relevant” among their customers.
Sometimes, these efforts require giveaways, while at other occasions they involve discounts or promotions. However, no matter what the form such a campaign might take, the fact remains that by offering them, a business cuts down on its revenue to the point where it ends up making a fraction of its intended profits.
Blocknode is a new rewards-based solution that intends to solve these problems for businesses in various sectors through the use of consensus-based technology.
Intended to be used by businesses of all sizes and tenure, the system aims to be the one–stop solution for long-term sustainability while also keeping one’s clients happy.
What Will BlockNode Do for Businesses?
The general business industry seems to have a few problems at its hands when it comes to the aspect of customer retention.
· Growing Competition
· Increasing Demands by Customers
· Need to be Innovative
· Amassed Requirement of Monetary Incentives
And that holds true for all sub-sectors, whether they belong to e-commerce, physical sales or the provision of services.
What’s more is that these issues seem to be prevalent from small and medium business to large enterprises alike. No matter what they do, businesses these days cannot seem to keep their customers happy.
The reasons are there for everyone to see. We just need to take a closer look at them.
1. Growing Competition: Despite of what we say about the global economy, new businesses keep popping up around us every few days. It’s mostly due to our integral need as humans to present our vision to others and test out just how successful our ideas could be in their tangible form and what they are worth in the real world.
This especially holds true in the age of the internet, which has made it fairly easy to setup new businesses. Site such as Etsy have made it possible for aspiring craftsmen and craftswomen to turn into successful entrepreneurs by being able to sell artisan products to their target market without having to bear the startup costs that are attributed with a brick and mortar shop.
But even when it comes to segments that require some kind of startup fund, most people are not shy of putting in their life’s income into a project they are passionate about. Plus, the ability to raise funds through angel investors and venture capitalists has just made it even easier for new businesses to stem out of nothing.
While it is a good thing, it is also a concern for markets where such businesses keep growing to concentrate the competition even further.
For instance, despite your business having great products or unmatched services, there seems to be someone who claims to provide even better than what you have in store, and that just leaves you as a business owner to hope that either the competition ends or you get to find something that could help you retain your customers for good.No matter how lucrative a new option might seem to them.
2. Increasing Demands by Customers: Where there are options, there is the sense of being able to choose between them.
And that is the driving thought behind customers who have grown to expect more out of every business they deal with. After all, if one business is not able to meet their needs, they are likely to find another provider online or a few steps away from a local business that provides them with the same services — or in their opinion, even better services.
This only causes existing businesses to try and make their offerings unparalleled to others. But that is not possible at times.
For instance, if you are a makeup artist, then you can only apply so much product to your clients’ face without making them look like a latter-day Picasso painting.
3. Budding Need to be Innovative: Regardless of the logical fact mentioned above, businesses need to chase the cheese of being the best at what they do. This could lead towards an unrealistic need to keep innovating, no matter if what you already have as a business owner is good enough in any market.
This strive for innovation is not always a positive thing. It requires business owners to divert from actually running their business and focus on developing newer products, services or programs that could set themselves apart from their competitors.
This often comes at the cost of their quality of services and products, disrupting their already established infrastructure. More often than not, the journey also culminates in compromising revenue for discounts, free shipping, and even long-term loyalty programs, all of which are being paid for by the company’s own pocket.
Needless to say, this is not something that is beneficial at all, but since it is the best available solution, most business owners tend to lean towards it.
Amassed Requirement of Monetary Incentives: These incentive programs are actually very effective at keeping customers loyal to a brand. That is the reason why airline miles and cash back rewards with credit card companies have been so popular for decades. It is also the driving force behind your decision to pay with your credit card for purchases as minuscule as a gas refill, just so you could get your hands on those “free” rewards that the credit card companies have to offer.
That is the same case with businesses of all sizes. By giving the customers the opportunity to buy free products or avail free of charge services at their establishments after a certain period of time, these business owners essentially “lease” their customers’ long-term loyalty as opposed to where they could have strayed away from their brand in favor of others.
However, since there is no such thing as a free lunch, the cost of these loyalty programs comes right from the pockets of these businesses. While large-scale credit card companies can afford such programs with partnerships, businesses who have to back their own funding all by themselves find it increasingly hard to keep up with them.
And that is where Blocknode’s solutions come in.
What is Blocknode and How Does It Intend to Resolve These Problems
Based on blockchain technology, Blocknode is a sustainable platform that aims to address the aforementioned issues for business owners, targeting the one solution that seems to be working the best for them: monetary incentives.
By enhancing the current structure and working foundation of how these incentives work, Blocknode intends to provide businesses with sustainable solutions that could help them stay in business for a long time by retaining their existing customers and obtaining new ones due to their disruptive solutions.
· Core Benefit — Blocknode plans to revolutionize the incentive structure for businesses by giving them the opportunity to “Stake” their existing funds with its blockchain network, and after a certain period of time, start earning sufficient returns on their investment while keeping the original amount intact.
The result: a sustainable supply of rewards that could supplement the businesses’ own funding on a long-term basis.
The project is based upon the notion of operation “Masternodes”, which are super-users of a network that have certain incentives within the platform. These benefits include but are not limited to the ability of holding their funds against a special blockchain staking wallet, and earning significant profits on a continuous basis.
A business owner, or anyone for that matter, can become a Masternode on the Blocknode platform by purchasing 100,000 of its native platform token, BND. They can then reap rewards such as getting regular payouts from their funds, which could then help them attribute those profits into their loyalty programs.
· Performance — Blocknode is based upon blockchain technology, which employs its signature safety, transparency and scalability. By retaining these features but eliminating the performance issues that have been noticed in popular blockchains such as Bitcoin, Blocknode aims to lead the next generation of cryptocurrencies.
Blocknode is an altered fork of the popular cryptocurrency PIVX. Instead of using the proof-of-work (PoW) consensus algorithm as utilized by Bitcoin and the other popular blockchain, Ethereum, Blocknode is based upon a proof-of-stake (PoS) mechanism which does not require computations as high as Bitcoin and Ethereum to perform transactions — which is the very reason why Ethereum is switching to PoW in the future as well.
The performance aspects of Blocknode have been detailed in the project’s whitepaper as well.
· Governance — Blocknode’s governance model is based upon decisions made by the Masternodes. This responsibility for Masternodes making certain decisions for the network’s growth ensures that the platform remains decentralized while also being in good hands. People who have a vested interest in the network are bound to make only those decisions that benefit the network.
Token
The native BND token for the Blocknode platform serves as the network’s core instrument of value. Furthermore, it is the platform’s provision of stability to its rewards program.
The token held its presale from June 25, 2018, where it started to distribute its token from June 29, 2018. The presale’s intention was to allow initial Masternodes to get first dibs on the project.
Coming back to the meat of the platform, which is its rewards program.
80% of each reward is split between Masternodes, 15% for staking nodes and 5% to governance.
While every Masternode should receive a reward every 1–2 days, the rewards that are generated for staking wallets vary in their frequency.
For instance, while the general period of receiving a reward against 1000 BND is every 30 days, it is not always the case. You may receive 2 rewards within 1 day and may go on without any rewards for another 15 days. With that being said, the definite and eventual delivery of the rewards is never questioned itself, since they are there in their entirety keep funding the rewards program in a sustainable way.
At the time of writing, the BND tokens are available for purchase through multiple exchanges such as Cryptopia and CoinExchange.io.
Verdict
The Blocknode platform is one of the few projects that provide real rewards to their customers instead of empty promises of inflation based upon market conditions. This makes it a good platform to invest in, since it is already operational at the time of writing.
Risks
- Demand for the services might make Masternodes an exclusive or highly sought after commodity in the future, having other people miss out on the opportunity.
- No information regarding the team.
Growth Potential
- Rewarding payout program
- Sustainable platform with a well-defined governance mechanism
- Already operational project
Disposition
- The project is a breeze of fresh air with a tangible and result driven delivery program that lets business owners have a dependable solution which caters to their needs. The fact that its roadmap is already being followed with the tokens being available on various exchanges only adds to its credibility and sustainability for the future.
Investment Details
- Type: Native — Staking
- Staking Requirement: 100,000 BND
- Platform: Forked from PIVX
- Total Supply: 470,717,206 BND +