In an attempt to make virtual currencies mainstream, a new company INS Ecosystem, boasts that it is the first global decentralised ecosystem that has been designed to directly connect grocery manufacturers and consumers. It is powered by blockchain and smart contracts, which form a very new and exciting generation of shopping.
So, just how does this system work? It is actually a brilliant plan to bring the use of cryptocurrencies into everyday purchases. The grocery market is the world’s largest market; one that is expected to reach $8.5trillion by 2020. A lot of this growth is expected to come from online sales, so the combination of online grocery sales and cryptocurrencies should be a brilliant business venture.
There is currently nothing like this on the market, and is just another example of how the ICO market is changing, and moving into the modern era. The simple concept, see INS Ecosystem work closely with high profile grocery manufactures, who advertise their goods, at the price that they wish, for their customers to buy. By buying directly from the manufacturer, they will save money, putting their service above other competition sites, and have a very personalised and transparent shopping experience.
The manufactures can offer loyalty rewards, promotions and discounts to their customers in the form of Ether – a popular virtual currency. This unique reward system, which will be presented in the form of an INS token can be used in exchange for marketing and rewards, as well as being used as a form of payment. This technically means that you can pay for your groceries using a virtual currency – something that simply isn’t available elsewhere.
The company and reward system works in a similar way to air miles. You buy the groceries that you need, just like you would a flight, and you get rewarded in tokens – the Ether replaces the air miles, which can then be exchanged for more of the same things. Both you and the manufacturer will benefit from these rewards; not to mention it being great for the world of cryptocurrencies’.
What are your views on this new venture? Would you purchase your groceries online in order to get virtual currencies as part of a reward scheme? Or is the risk associated with cryptocurrencies enough to put you off?
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