The central piece of the omnichannel customer loyalty platform that we’re building is the LoyalCoin, the virtual currency token that now replaces the traditional rewards point. The LoyalCoin token will serve as the currency in the rewards ecosystem, where customers earn LoyalCoin when spending at participating merchants. LoyalCoin is returned to merchants when customers redeem available rewards. When customers earn LoyalCoin, they are empowered to use it in more ways than traditional customer loyalty programs offer. In both conventional and blockchain-based rewards systems, customers can acquire rewards and incentives using their points. However, in this new ecosystem, the points from one merchant can be used to acquire rewards from any merchant within the ecosystem, even if it's a separate merchant. In addition to redeeming rewards, LoyalCoin can be exchanged for other currencies, be it fiat or digital.
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