What is a Rewards Blockchain? (Early 2015)
This is a short post from my Co-Founder, Greg Simon with the start of the evolution of our idea here…A long way from where we are now with our AVCP: RibbitRewards is the world’s first rewards program based on blockchain technology. What does that really mean? It simply means that we have, for the first time ever, invented a distributed way to reward targeted activity using the blockchain, beyond miners.
Miners are still rewarded for signing blocks and maintaining the ledger, just like with Bitcoin. But buyers are also rewarded for shopping, sellers are rewarded for commerce and charities are rewarded for doing good. All of this is done distributed and by consensus of the community. It is truly innovative.
RibbitRewards is revolutionizing the rewards industry. It is going to save billions of dollars of operating costs. It will make a rewards program accessible to any merchant at no cost, leveling the playing field for those who can’t afford to have their own program using legacy technology. It is going to spark renewed interest in rewards programs on the part of consumers, as those dozens of impossible-to-keep-track-of points cards can now be consolidated into one, easy to use program, earned anywhere, transferable instantly with anyone around the world, spendable anywhere. It’s going to change everything.
Blog post by @gregorylsimon
CFO & Co-Founder, Ribbit.me