Shifting to a higher gear — Aditus adopts Binance Chain and announces launch date of Aditus Access
25 July 2019
We have two important announcements to make today.
First, we plan to move the ADI token to the Binance Chain BEP2 standard from the Ethereum ERC20 standard.
Secondly, the Aditus rewards platform involving ADI tokens (‘Aditus Access’) will be launched at our yacht and luxury show Penang RendezVous in October 2019.
Announcement #1: Moving to Binance Chain, Listing on Binance DEX
Aditus is one of the first companies globally to sign traditional premium merchants on to a crypto platform. While Aditus is still a young company, we are one of the first to create a revenue-generating business, focusing on creating value, and solving problems for traditional merchants and crypto users. We started Aditus with a belief that crypto adoption will accelerate on both ends of the wealth spectrum, namely the unbanked poor and the crypto-affluent. The past year has proven our hypothesis right.
However, being on the frontlines of crypto-adoption is enormously challenging, and we have had to strike a tough balance between what is technically possible and what is commercially acceptable. For example, sending tokens on the Ethereum network comes with unpredictable transaction costs and time. It is difficult to have merchants accept the fluctuating transaction costs of sending ADI reward tokens , as well as the volatile block confirmation time which may be caused by network congestion.
Another major challenge we found in 2018 was that it was still too early for decentralized Ethereum smart contracts to run commercial arrangements between merchants and users involving transactions and data. At the moment, they cannot offer the peace of mind in terms of stability and security that all merchants expect.
Taking into account the above, we have decided to move Aditus to the Binance Chain. Binance Chain offers one-second block confirmations and a small, fixed-amount BNB transaction fee, which gives much-needed predictability to our merchants. We will be submitting a Binance DEX listing proposal on the Binance.org community forum.
We have written previously about how important it is for crypto-startups to focus only on what’s important, and to reject doing anything that isn’t. Choosing what not to do is just as important, especially in a crypto winter. In this regard, Binance has been a prime example for all blockchain projects, with its intuitive, user-friendly interface both on Binance.com and Binance DEX, and also the predictable transaction speeds and reasonable fees on Binance Chain.
We have tremendous respect for what the Ethereum community has built, but for the reasons above, we feel at this stage of the crypto market and Aditus’ own development, joining the Binance Chain Ecosytem is a better fit.
With the increasing strength of BNB (and the warming cryptocurrency market), we also look forward to offering BNB as an accepted cryptocurrency with our merchants. We think this will add value to all stakeholders in the Aditus platform. Indeed, Binance has become a clear leader in the crypto-space, and much Aditus and crypto-affluents will benefit from being in the Binance ecosystem.
The details of the token swap (from ADI ERC20 to ADI BEP2) will be announced in a separate post very soon.
Announcement 2: Launch of Aditus Rewards Platform at Penang Rendezvous 2019
With the move to Binance Chain and the benefits that entails, we are now well-placed to launch our Aditus rewards platform at our yacht and luxury show Penang RendezVous 2019, held at the Straits Quay Marina between 11 to 13 October 2019.
Using this rewards platform, which will be accessible through a smart mobile wallet app, users can
1) Pay for premium products and services through our merchants with crypto currencies
2) Get rewarded with ADI tokens when they purchase items though Aditus (similar to a “cash-back” mechanism)
3) Use ADI tokens as a discount token to pay transaction and service fees
The Aditus app offers superior UX for a mobile-based rewards program (though a seamless mix of centralisation and decentralisation.) Just as significantly, users will be able to expect a significantly expanded product and service offerings as our new merchants are revealed.
We are very excited about the development, and we hope to continue to be a pioneer in facilitating crypto adoption among premium and luxury merchants, and increasing the transaction and lifestyle options available to crypto users globally.
Please stay tuned.
