Universal Reward Protocol uses to reward the shoppers for their multiple behaviors like simply visiting the stores with the assistance of the blockchain. There are some specific features of blockchain technology which create a higher degree of value for Universal Reward Protocol Platform. Those can be identified as,
The blockchain technology is a powerful incentive machine
the decentralized governance which is provided by blockchain technology
The data transparency
The data security
The shopper can earn tokens by accepting to share their shopping data with the network while retaining full control over their data. Then the retailers use data to build the redemption offers which best suit each customer’s needs. Shoppers’ Token can be redeemed through these exclusive and personalized offers.
Accordingly, Universal Reward Protocol aims to streamline the collection of relevant shopping behavior data. And then validate the smart contracts on the blockchain.
The shoppers can redeem their tokens across all retailers in the network. This distinguishes the Universal Reward Protocol from the other existing loyalty programs that allow to redeem the points only from the retailer/brand who issued them. However, actualy, the Universal Reward Protocol cannot be identified as a loyalty progarmm. It is there to improve the relationship between the shoppers and the retailers.
Physical retailing has been reduced for past few years due to e-commerce and mobile purchasing. However, still there is an opportunity for physical retailing due to following reasons.
Still 90% of total retail sales represents the offline sales
Digital interactions influence only 56 cents of every dollar spent in brick-and-mortar stores
Digital marketing is related to mobile, where, out of total spending on add only 40% is spent on add on mobile.
Only 40% of smart phone users more likely to convert into sales
Having prior knowledge of the customers’ profile can give to retailer an advantage in getting them to convert into sale.
Physical visit of store give an indication of real interest
These opportunities have been successfully utilized by the Universal Reward Protocol. This program is set into eight steps in order to reward the shoppers.
Incentivize the shoppers’ behavior by retailers through designed campaigns in the URP web interface
As a smart contract The campaign is published on the blockchain
Offers become available to the shoppers
Obtaining shoppers consent to the campaign data collection and Terms & Conditions.
Data on the shopper’s type of behavior relevant to the campaign is collected by a dApp
Proof-of-Behavior (PoB) data is produced by the dApp and a hash of it is sent to the Smart Contract.
After PoB authentication , releases the reward
Encrypting PoB data and sent securely to the retailer.
The Token use in this project is called as URP. The total supply of URP is 600 million where the price of one URP is € 0.10. The payments for the tokens are accepted only from ETH and Fiat. The maximum hard cap of this project is € 20 M where the minimum soft cap is € 5 M. The total token supply is accepted to distribute as follows,
Token sale -40%
Reserve – 35%
Incentive program and subcontractors - 5%
Advisor – 5%
Founding team – 15%
So raised funds will be used for the development of the project. It will be invested in following fields,
Marketing & Sales
Data Science
IoT Infrastructure
Product development
Admin & Operational expenses
Legal
During the journey of this project it is planned to achieve followings,
Designing and development of the tokens
Presenting URP to retailers
Refining the protocol based on the needs of the retailers and the customers
Primary partnership discussion
Releasing the white paper
Releasing of UX/UI of the retailer and shopper interface
Releasing smart contract
Releasing Proof-of-Behavior specifications
Launching pilots on the testnet for on boarded retailers and brands
Releasing the first pilot results
Releasing on the mainnet
Launching of the shopper app on application store
Deploying the URP to early adopting brands and retailers
Starting international expansion
Setting URP global scale-up
Universal Reward Protocol is driven toward the success by an excellent team that comprises with highly qualified and well experience nuts. They are experts in retailing, Entrepreneurship, software development, Machine Learning, technology, public relationship, and legal matters and so on.
For More Information About Universal Reward Protocol:
Website: https://rewardprotocol.com
Whitepaper: https://rewardprotocol.com/wp-content/uploads/Whitepaper.pdf
Telegram: https://t.me/UniversalRewardProtocolOfficial
Twitter: https://twitter.com/RewardProtocol
ANN Thread: https://bitcointalk.org/index.php?topic=4446716
Post by Anusha
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1953594
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