A new crypto coin, to be issued in February 2018, will bring together e-commerce, user incentives and advertising in an attempt to increase the value of its network.
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REME-Coin, developed by German startup repay.me, is a utility coin which plans to distribute a significant portion of its profits to its community.
To this end, the company is building a marketplace for new and used items. Buyers will be offered cashback of up to 100 percent of the value of their purchase. Sellers will be able to place ads on the platform to promote their products and shops.
Consumer data, generated by users’ interactions with the platform, will provide marketers and advertisers with valuable insights and enhanced audience targeting capabilities.
Repay.me refers to user data as to “21st-century gold” and believes it belongs to consumers. As such, they should be entitled to a share of the revenues from monetizing their data. The company aims to reward users with cashbacks whose amount will go up with their involvement in the platform. Apart from buying products, they will be able to refer friends, write product recommendations and reviews, increasing the amount of their cashback.
Customers who participate in the ICO pre-sale will enjoy 20 percent extra cashbacks on purchases they make within the first year.
46 percent boost
“[…] bonus models are not only a proven instrument for customer loyalty but also generate comprehensive and high-quality consumer data,” the company explains in its whitepaper.
The company aims to be transparent about the type of user information it will be collecting. Advertisers will be able to obtain sociodemographic data, users’ purchase and search history, interests, buying intent and others, allowing for optimal ad targeting.
The company cites different market research showing that cashback and consumer insights have the power to boost the appeal of its platform to buyers and sellers alike. Cashback can increase average order value on online stores by as much as 46 percent, research by coupon site RetailMeNot shows. A report by market research company Statista shows that 71 percent of customers, including high-income households, are interested in products related to cashback.
Payments, including buying products, ad space and consumer insights, will be made in REME-Coins. Token holders will be able to place a certain number of ads for each coin they buy. Ad placements will be offered at rates below the market price of ads on comparable marketplaces. Advertisers will be able to use innovative formats, including display ads, sponsored products, search and video ads, etc.
Coins will also be used for shopping across a network of partner sites and offline retailers, including restaurants.
The value of the coin will be based on the data of the community. The more users interact with the platform, the more data they will generate, the company says. Thus, it hopes to be able to create what it considers to be one of the first coins with intrinsic value and growth potential.
Repay.me will launch its own mobile app based on the Ethereum protocol. It will act as a crypto-wallet and payment solution across the platform and its extended partner network.
The company has set up a subsidiary in Liechtenstein which will manage the monetary side of the project and implement the coin. In its whitepaper, it notes that the launch is awaiting approval from the Liechtenstein Financial Market Authority. Subject to the approval, the business concept may undergo “changes and/or additions [which]may affect all areas of the White Paper, such as the possible start date of the ICO, the related bonus system.”
REME-Coin ICO is scheduled for Feb. 15, 2018.