Circuits of Value
On July 11 2016 Loyyal™ announced the new direction for RibbitRewards™ The move had one major goal, to enable the legacy project to leverage the Loyyal™ network right away. Part of the change required the trademarked terms be removed from the crypto-currency. The originally proposed name was designated “NRG Vouchers”. This name was not received very well and a naming contest was held to come up with a new name.
Circuits of Value: COVAL was picked as the winning name and met with enthusiasm by the newly forming group of enthusiasts in slack.
The choice of logo was left to the community as well. Leveraging the power of the crowd at http://designcrowd.com/ we received over 150 potential logos. The community spoke and 3 winners were chosen.
With the help of community member: @sull the new website has begun to take shape. Everyone can view a teaser here: http://cov.al
The hand-off to me took place using my personal identity. This has a few disadvantages. In an effort to build COVAL into a successful RApp and revolutionary rewards program I found it necessary to form a corporation. The new C Corporation was formed in the crypto friendly state of Delaware under the name Decentric. All further agreements, partnerships and obligations will be undertaken within the context of Decentric.
Livecoin took it upon themselves to add us to their exchange. There are now 2 places you can exchange your COVAL online. (Brand transfer has begun here as well)
The Business Model
COVAL can be seen as a 2 sided coin.
Side one is able to be traded on crypto currency exchanges.
Side two is the reward side. The reward side is utilized whenever a reward transaction takes place within the COVAL reward program.
The crypto side of COVAL is used as a currency within our program. The currency is used to purchase COVAL rewards. These rewards are then spent on partner offers or other gifts. Most often the transformation from crypto to rewards is completely automatic to the user and can appear as if they are directly spending COVAL crypto currency on products and services at our partner locations.
For users who do not wish to utilize the crypto features of COVAL, they can transform their existing COVAL tokens into COVAL rewards from within their wallets and spend them on gifts at a later time.
Users can earn COVAL rewards a number of ways within our RApp. Right away users will be able to earn COVAL rewards by shopping or utilizing deals from within the application. These deals can be coupons, check-in’s & social media interaction. Many of these rewards are paid for by the merchant providing the offer. Some of these rewards will be paid for by our program to encourage user participation within the network.
Users often times are presented with a way to “spend” rewards and receive extra discounts (sometimes using rewards to complete a purchase entirely) Rewards that are spent on goods and services will convert at the current market rate of COVAL. (A 50% coupon costs $5.00, at the market rate of $0.0007 the cost of this coupon would be 7,143 COVAL)
COVAL rewards can be redeemed for gift cards provided by participating merchants. Gift card redemption's happen at close to COVAL market rate.
COVAL rewards can soon be used to perform purchases at participating merchants.
Partner rewards can be spent on gifts & offers. These partner rewards are not dependent on the market rate of COVAL. These rewards have a value that’s specified by the partner who issued the rewards.
The more partner rewards used within our program the less the value of COVAL will rely on market rate.
Users are not required to purchase COVAL on an exchange, they have the ability to earn COVAL rewards through participating in the program and can spend these rewards on offers and gifts as they choose.
Seeing is understanding. Soon you will be able to see these features in action.
On the redemption side we are working with a network that provides support for gifts from hundreds of well known brands across America, Canada and Europe.
Retail Brands such as: Amazon.com, eBay, Lowes, Target, Playstation, Best Buy & more.
Restaurant brands like: Black Angus, Chili’s, Maggiano’s & more.
Misc brands that provide everything from lodging to transportation: Lyft, Hyatt Hotels and Resorts & more.
On the earn side our offers coupons and discounts that you can earn rewards at numbers the 10’s of thousand. With over 1000 brands spanning the globe providing both local and online deals, the potential is limitless.
Full list of partners is coming soon.
Road-map, State of the Chain, Momentum
This post should set the bar for the kind of momentum you can expect from COVAL.
Mobile Wallet: Coming soon.
We are actively investigating various options related to the crypto-currency side of COVAL, more details coming soon.
You might have noticed that this post spoke about accomplishments and was light on promises. This is intentional. As a business owner I value the ability to meet the demands of the market. The further out a road-map goes the blurrier it gets.
Within these updates you will hear about events since the last update, software releases that are nearing release, partnerships that have been realized and short term expectations.
What you will not see within these updates are promises of specific partnerships not yet realized, action plans that span years, products that may or may not be needed by the market by the time they can be built or other promises that might prohibit our ability to adjust to meet the demand of the market.
We are innovating, breaking apart and re-assembling classic models and assumptions and otherwise discovering the needs of the market. If we were to define preemptively, the plan of action, we would be doing less innovation and more trying to force a market to fit around our product. In closing I’d like to highlight a few quotes that embody the spirit of what I’m trying to describe.
“The measure of intelligence is the ability to change.”
― Albert Einstein
“There’s a way to do it better — find it.”
― Thomas Edison
“If somebody offers you an amazing opportunity but you are not sure you can do it, say yes — then learn how to do it later!”
― Richard Branson
“Those who cannot change their minds cannot change anything.”
― George Bernard Shaw