Introducing BuzLink: Scaling Social Referrals
Although the thriving and rapidly evolving DeFi ecosystem has developed numerous applications targeting crypto natives, there are few products that harness the security and transparency of blockchain to deliver tangible benefits to the masses. Following the success of payments app CHAI, which now has over 2.1M users and has raised $60M in its Series B investment round, as well as the monumental launch of Mirror Protocol, which locked over $82M in total value of assets within five days of launch, Terra targets the broader public with our upcoming Blockchain-as-a-Service (BaaS) application: BuzLink.
Powered by smart contracts on Columbus-4 mainnet on Terra, BuzLink is a blockchain viral marketing tool to scale social referrals. Capitalizing on the lack of transparency and one-sided nature of existing referral programs, BuzLink takes social referrals to a new level by enabling all users who share a product link benefit when a user buys the product. Awards are distributed to each user in Terra stablecoin rewards according to their degree of relationship to the buyer. As value accrues for each user in the process, BuzLink creates an in-built system of transparency and trust by visualizing the flow of referrals each step of the way using blockchain technology’s immutable tracking capabilities.
Scaling Social Referrals
The limitations with current product referrals are that while they can be highly effective marketing tools, they typically only benefit the direct referrer and do not provide visibility into the referral scheme. BuzLink creates explicit financial incentives for users to share products to their networks effectively to maximize the probability of a sale. It enables new business models for influencers and marketing freelancers to generate revenue from permissionless product referrals.
Rewards are distributed as Buz Points, which can be redeemed for cash, CHAI top-ups, or Terra stablecoins. By creating a significant use-case for Terra stablecoins and expanding CHAI’s reach in the process, BuzLink brings value to $LUNA, benefitting $LUNA holders.
For merchants, BuzLink uses smart contract functionality to enable viral marketing for every product line with little engineering work. BuzLink also guarantees that merchants see targeted returns on every marketing dollar since rewards are paid on a successful purchase basis. The usage of Terra’s open blockchain ledger allows transparent sharing of information between users and merchants, removing dispute and arbitration costs, as rewards are algorithmically defined within BuzLink smart contracts.
How to Participate
Officially launching in February 2021, BuzLink is hosting its first promotion campaign from December 10–31, 2020. The premise is simple: participate by registering and sharing the link with your friends to get rewards. More specifically, users receive $3 upon registration, and can further earn rewards by sharing the referral link with friends up to the third degree. Join on buzlink.io!