Blockchain meets “Proof of Shopping” (Jan 2015)
A great little post by my Co-Founder, Greg Simon from early 2015 (Feels like a life time ago)……
Last week the Ribbit.me team achieved three of our greatest milestones to date . We simultaneously launched the RibbitRewards blockchain, RibbitRewards online wallet, and the RibbitChain explorer. Yea!
Our revolutionary RibbitRewards blockchain takes the technology to new and innovative levels. We rolled up our sleeves to build in our proprietary Proof of Shopping algorithm. Buyers and sellers can earn RibbitRewards minted directly from the blockchain, along with the miner signing the block.
No matter what the currency the buyer is using, Bitcoin, Litecoin, Dogecoin, etc, or even fiat currency like US dollars or Euros, the transaction qualifies as Proof of Shopping to earn RibbitRewards. The RibbitRewards blockchain is helping to take the blockchain mainstream by incentivizing transactions in digital currencies like Bitcoin, in a way that would otherwise not be possible. We love blockchain technology!
The RibbitRewards blockchain will be released in three phases. Phase one, which we are now in, is a private chain launch with initial listing on exchanges. As of this blog post RibbitRewards is actively trading on digital currency exchanges Bittrex and Swisscex. More exchanges are coming soon! Phase two, about one or two weeks later, will open up the chain to public mining as a POW merge-mined SHA-256 and Scrypt mutli-aglo blockchain. Phase three, a few months down the road, will include the Proof of Shopping utility timed to be included with the launch of our flagship free to use p2p marketplace, Markeplace.life.
Our team is excited for what the future holds in store for RibbitRewards! Innovative and groundbreaking partnerships are currently in the works in the background. 2015 will be the year Blockchain technology goes mainstream, and we are determined to help it get there! Go Ribbit!
Blog post by @gregorylsimon
CFO & Co-Founder