A New ICO That Innovates Referral Programs With Blockchain Technology

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Plentix

3 min readFeb 21, 2018

The introduction of bitcoin and similar cryptocurrencies has opened up new opportunities for more businesses. Blockchain, the underlying technology behind cryptocurrencies, has the potential for other uses. The features of blockchain technology, such as security, anonymity, and decentralization, make it an attractive option for innovators.

There have been countless businesses that have benefited from technological advances, but a sector that has yet to be improved is the referral economy. Thousands of businesses use some sort of referral or loyalty program to increase revenue, but overall, the referral economy has remained stagnant.

A new innovation may change all that. Pentix is a new application that aims to be a centralized platform for referral programs for businesses, developers, and customers. It tokenizes the referral economy and allows every stakeholder to receive value for their contributions via the Plentix token, called REFER, built on blockchain technology.

Raising capital via ICO

Plentix uses a cryptocurrency called REFER, built on the Ethereum (ETH) platform of smart contracts for their reward system. An initial coin offering (ICO) will be launched in the first quarter of 2018 to fund the development of the program. An ICO is preferred by the company over a traditional venture capital, since it is more transparent. Moreover, an ICO is more community-driven, which is a key aspect of the Plentix platform that depends on the success of its users to increase value.

A total of 87 million REFERs will be up for sale, based on the target capital of $26 million needed by the company for development. Interested buyers may purchase with ether at a conversion rate of 1000 REFERs to 1 ETH. In future exchanges, buyers may also use Bitcoin, Litecoin, and USD.

REFERs will first be sold at a pre-ICO event where the company will identify possible early investors and offer them tokens at a discounted price. Twenty percent of the total number of REFERs will be allocated to early investors in this pre-ICO event.

The ICO will be opened to the public soon after. 60% of the total number of REFERs will be reserved for the token sale.

The tokens will be used in the Plentix platform as rewards for the referral programs. It will not represent shares in the company. The value of the REFER tokens in fiat currency will depend on the market in the same way as ether and bitcoin.

After the ICO

Plentix developers will use 70% of the funds generated for product development and maintenance, business development, and customer development. This is important to consider since the success of the business will largely depend on how well the product delivers its value proposition to customers.

Plentix provides a solution to an unmet need in the business industry, an integrated and seamless system for referrals. It remains an untapped portion of the industry, but the arrival of blockchain technology and cryptocurrencies has made it possible to innovate. What Plentix offers is not yet available as of now, with their closest competitors falling short of some of the flexibility options that Plentix provides. Historically, it is the innovators, the first of their kind — think Netflix, Uber, and AirBnB — who are able to push through with their plans and succeed.

Once Plentix is able to get the platform up and running smoothly, delivering its promise to improve the landscape of the referral economy and redistribute rewards among its stakeholders, then the industry can expect to see its value increase.

A New ICO That Innovates Referral Programs With Blockchain Technology

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Written by Plentix ICO