BATES Tokens: unlocking the value of Coinbates to consumers and businesses
BATES is Ethereum based and compliant with ERC-20 standards. As our native brand token, BATES serves two channels of demand, with a single purpose: connecting consumers and businesses through Coinbates.
For consumers, BATES is a membership token that enables them to receive more crypto cashback at each one of our merchant partners.
For businesses, BATES is the access token that lets other projects and organizations in the crypto ecosystem reach the Coinbates crypto userbase through integrated advertising and marketing campaigns.
All of this occurs under a token monetary policy that continously gives back to our tokenholders.
On the consumer side, we offer three levels of memberships: Free, Premium and Maximum.
As is obvious, free accounts cost nothing to maintain, but they offer less crypto cashback per purchase than Premium and Maximum memberships.
Premium accounts offer more crypto cashback per purchase than Free accounts, and Maximum members receive the entire crypto cashback available at each merchant.
Memberships are billed annually, and payable only in BATES tokens.
Premium memberships are priced at $5 in BATES per year, while Maximum memberships cost $15 in BATES per year.
How Coinbates memberships pay for themselves
Simple financial logic demonstrates why one would and should acquire and maintain a Coinbates membership.
A consumer can earn back the cost of a Premium or Maximum membership with just one purchase.
Here’s an example from our whitepaper:
Take Alice, who spends $300 at a fashion retailer in the Coinbates merchant catalog. She receives 6% crypto cashback as a Maximum member, while Free members receive 3% and Premium members receive 4.5% on purchases from the same merchant. The $18 in crypto she receives from that single shopping session exceeds the cost of a Maximum membership ($15 in BATES). Alice will effectively have a free Maximum membership for the rest of year, enjoying the most crypto cashback per purchase available through Coinbates.
BATES tokens will be the only crypto that will be accepted for purchasing upgraded memberships at Coinbates.
To help service those users who may be new to crypto and are not ready to acquire BATES from the market themselves, it’s on our roadmap to integrate a credit and debit card payment option into Coinbates that allows this group to purchase BATES for consumption, using fiat. See our whitepaper here for our full roadmap going into the middle of 2019.
We anticipate that the Coinbates userbase will consist of a growing mass of people new to the crypto-ecosystem.
Naturally, these users will need to interact with the necessities of the space: wallets, exchanges, and portfolio trackers.
We are building out a business development team to partner with other companies and projects in the space, for integration into Coinbates as recommended providers of the crucial products and services we all use in this new economy.
Business clients that advertise within Coinbates will be billed in BATES for their access to the Coinbates userbase.
We are exploring the developing concept of a token curated registry for the ecosystem recommendation engine.
If you represent a project or organization in the crypto-sphere and are interested in discussing a collaboration, fill out this form.
Spend and burn token economics
Each year, we will burn a portion of the BATES spent by consumers and businesses within Coinbates.
We plan to burn 80% of the spent BATES in the first year, 60% in second, and 50% on the third year and every year after that, perpetually.
This policy is inspired by Vitalik Buterin’s recommendation for medium of exchange tokens to have ‘sinks’ that regularly cause for token supply reduction.