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Philippines Based LoyalCoin Is Using Cryptocurrency To Create The First Global Loyalty Scheme

Philippines Based LoyalCoin Is Using Cryptocurrency To Create The First Global Loyalty Scheme
Philippines-based LoyalCoin is aiming to create the world’s largest loyalty network where points from thousands of different brands are interchangeable – all thanks to cryptocurrency. Customers will be able to turn reward points from numerous brands into taxi rides, air miles, fast food treats and pretty much anything else they want. And from August this year they will also be able to cash out their points into Fiat currency for the very first time. A groundbreaking digital asset, LoyalCoin is the brainchild of Filipino firm Appsolutely which has become a leading player in the loyalty and rewards sector over the last five years. It is now using blockchain technology to create the only truly global rewards scheme where you can use your passion for pizza to jet off on holiday, and your grocery shopping bills to pay for a cab across town. LoyalCoin Chief Operating Officer, Paolo Bediones, said: “It’s time for crypto to come into the rewards segment. “The idea is that customers can combine their loyalty points from different merchants into one place. “That means they can much more easily keep track of them and trade them for things they actually want – and in more ways than they previously thought possible.” Working with peer-to-peer blockchain platform the NEM Foundation, LoyalCoin already has a 200,000-strong community and nine billion coins in circulation. It is rated 268 out of 1,656 coins on CoinMarketCap and is being traded on Cryptopia and the NEM Exchange. LoyalCoin is currently operating in the Philippines but is set to expand into South Korea, Japan and the United States by the end of the year. A route into the European market is slated for 2019. And it already has some big brands on board. In May it signed a deal with Cebu Pacific to harness the Filipino airline’s existing GetGo points system. Agreements with international convenience store giant 7-Eleven and ride-hailing company Grab, which acquired Uber’s South East Asia operations earlier this year, have also been confirmed. Mr Bediones added: “There are thousands of loyalty programmes but businesses still lose repeat customers who can’t keep track of them all and who can only use their points in a few places. “With LoyalCoin it will be possible to use and trade them everywhere – it will unite all points and programmes into one. “Businesses will gain customers and revenue, and people will actively use their rewards points. Meanwhile, coin-holders will see their points appreciate as the new loyalty economy expands.” The Cagayan Economic Zone Authority (CEZA) currently allows crypto platforms to operate in the country but the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is working towards official regulation due to be in place by the end of the year. Mr Bediones said: “Regulation is crucial to the advance of cryptocurrency globally, however there has to be some give and take. “It is important but there should be room for growth within that.” President and Chief Executive Officer, Patrick Palacios, said: “LoyalCoin is a digital rewards wallet that can be used within the group of merchants that we partner with. “Essentially is solves the problem of consumers not be able to use their points anytime, anywhere.” LoyalCoin is stored in a LoyalWallet, a secure blockchain-backed system that is available for both iOS and Android operating systems. Mr Bediones said: “Like a traditional rewards point, LoyalCoin can be used to redeem rewards from any participating merchant. “That means that your points from one merchant can be redeemed with every other merchant within the system. “However, LoyalCoin can also be sent to and received from other people, and used as payment with participating merchants.” It has already made waves in the cryptocurrency world through its partnership with United Kingdom e-bike retailer 50cycles. Last month the British company announced a new range of electric bikes called Toba, on which riders can earn LoyalCoin while they pedal – at the rate of around £20 ($26.50) for every 1,000 miles they cover. For further details visit loyalcoin.io. LoyalCoin Logo LoyalCoin logo Loyalcoin Conference Feature LoyalCoin CEO Patrick Palacios Loyalcoin Conference Feature LoyalCoin COO Paolo Bediones

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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XRP Price Analysis: XRP Continues Correcting

XRP Price Analysis: XRP Continues Correcting

This analysis brought to you by RoboForex.

On Friday, November 27th, XRP has reached stability but is still correcting and trading at $0.5550.

As we can see in the daily chart, after finishing a quick rising wave, XRP/USD price is correcting to the downside. At the moment, the asset is trading close to 61.8% fibo, a breakout of which will indicate further pullback towards 50.0% fibo. The MACD histogram has broken 0 and is still moving to the upside – it may be another signal in favor of a new rising impulse. The upside target of the completion of the correction will be at 0.6800.

In the H4 chart, the cryptocurrency continues correcting to the downside. Right now, it is testing the support level, a breakout of which will result in further decline towards 50.0% fibo. The Stochastic indicator has formed a “Black cross” inside the “overbought area” and is still falling, which is an additional signal in favor of further decline towards 50.0% fibo. After completing the correction, the asset may test and break 61.8% fibo, and then continue trading upwards. The upside target is similar to the daily chart, 0.6800.

Ripple started its rally on November 20th, together with other cryptocurrencies. There are a lot of explanations of why it happened, from investors’ search for alternatives to fiat instruments to a surge in interest in cryptoassets from institutional players. Indeed, all of this really took place and, of course, expansion of the interest was in favor of cryptocurrencies. The entire market is on the rise but since “trees don’t grow sky-high”, active purchases faded to the correction.

Over this period of time, XRP has managed to update its high reached in May 2018. The asset is still moving like 80% below the highs of January 2018, when it was trading at $3.7, but investors are surely positive about further growth.

At the moment, XRP is back to third place in the list of the strongest and most popular cryptoassets.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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