Incent crowdfund goes live with $250,000 pre-launch backing

Blockchain-based loyalty programme Incent has launched its crowdfund, with 450 bitcoins already collected from early investors.

Crypto merchant hub BitScan launched its Incent crowdfund at 00:01 GMT on 1 October, aiming to raise between $1 and $5 million over the next two months. Pre-ICO ‘angel’ investors have already pledged 450 bitcoins, with a current market value of $270,000, giving the project a flying start out of the gate.

Rewards that are truly rewarding

Rather than merely bring the efficiencies of blockchain technology to the existing loyalty sector, Incent aims to offer something qualitatively different. ‘Loyalty schemes in their current incarnation are broken,’ says CEO Rob Wilson. ‘By creating a universal token of loyalty that trades freely and is adopted by a growing network of merchants, we can offer something strikingly different to the present schemes that offer limited or no benefits for customers and businesses.’

Thanks to some powerful software that is already in proof-of-concept stage, merchants will be able to configure what percentage of a transaction is remitted to the customer as Incent, and what discount they offer for Incent purchases. ‘For the first time ever, we can offer merchants a loyalty token with no forward liabilities, and customers a reward of real and increasing value. Because they belong to a collection of participating businesses, merchants also enjoy cross-selling opportunities and a growing network effect.’

Angel investors

Incent will be issued as a token hosted on the Waves platform, which will bring enterprise-level speed and scalability to the project. In the weeks immediately prior to the crowdfund, a number of larger ‘angel’ investors expressed interest in taking a stake in the project, each pledging between 20 and 70 bitcoins. These individuals and businesses have typically offered assistance beyond funding, including publicity and consultancy on how to structure a successful ICO. ‘We’re really encouraged that our early supporters have seen fit to back Incent to the tune of a quarter of a million US dollars — confirming that this is a very compelling proposition. The loyalty sector is ripe for disruption, and we’re confident that we can deliver something extremely attractive to consumers, merchants and investors with Incent.’

The crowdfund will continue for 2 months, until 30 November, or until $5 million has been raised, whichever happens soonest. Investors who deposit funds in the first four days will receive 10,000 Incent per BTC, after which the rate will slowly decrease.

To register for the crowdfund, visit www.IncentLoyalty.com/register, or to find out more join the Incent Slack or view the bitcointalk thread.