Meet MyntCoinz: The Future of Digital Loyalty Tokens
Friday, March 15, 2019 12:55 PM
DALLAS, TX / ACCESSWIRE / March 15, 2019 / The crypto winter seems to be far from over. Almost every cryptos have been facing an uphill battle, struggling to maintain sustainable and stable price markers for the past 12 months. The market has lost approx. 85% of the market value since their peak of Jan 2018.
The reason is quite evident - almost none of the existing tokens are organically integrated into current local/global economies, or financial systems - i.e. tokonomics of existing cryptos are performed independent from current social economic activities. Thus, the general public has issues of embracing these digital tokens in to their day today financial and economic activities. As a result, people currently tend to treat all tokens as financial assets, with the expectation of capital gains via price appreciations, rather than utilizing or materializing the true purpose of the tokens. This has set a massive speculative nature in the market, resulted in high volatility in the prices, restricting mass adoption.
There are, however, some forces that I believe will gradually propel cryptocurrency across the chasm that separates starry-eyed early adopters from the pragmatic members of the early majority whose support is required for mainstream adoption.
Some of the world's largest and most influential institutions such as JP Morgan, Fidelity Investments and Nasdaq have started embracing cryptocurrency with open arms. And some emerging startups such as MyntCoinz are playing a significant role in addressing the specific problem - mass adoption. MyntCoinz is designed in such way that it is issued as part of social economic activities, in a form of a high frequent transactions, in a widely utilized market platform -Loyalty Rewards. As of December 2017, U.S. consumers hold 3.8 billion memberships in customer loyalty programs, according to the 2017 COLLOQUY Loyalty Census audit coupled with consumer survey research. The loyalty rewards industry is set to grow over the next decade. In 2016, the value of the loyalty rewards offered in the US was approximately $54 billion and this is expected to reach $80 billion by the year 2023.
We had a chance to sit down with some leadership at MyntCoinz to discuss their mission. MyntCoinz designs, manages and operates a blockchain ecosystem that facilitates the issuance, redemption, transfer and trade of digital loyalty tokens as a subscription based multi-tiered service for merchants and brands.
MyntCoinz said, “Our token supply and circulation occurs in two distinct markets -Primary and Secondary. The function of the tokens in the primary market act is utility, whereas for the tokens in the secondary market, it is trade.”
As we have learned, tokens are issued in a form of loyalty rewards at point of sale, and transferred from the backend to consumers' digital wallets instantly. The digital wallet provides a graphical user interface where users can easily navigate and find their current token balance, market value, transaction history and other transaction functionalities including redemption, transfer and trade. Users also have access to special promotions that are only available in the MyntCoinz platform.
One of the cool things is, users will be able to liquidate their loyalty rewards more frequently, and quickly (without waiting to accumulate a significant number of loyalty rewards/points) since these tokens can be monetized instantly in the crypto market (for quick gains).
MyntCoinz also helps merchants to reduce or eliminate their loyalty liabilities. Per management MyntCoinz ecosystem is designed in a way that it transfers the loyalty liabilities from merchants' balance sheets to the secondary market.
Blockchain has started revolutionizing the way we do business, and most industry verticals such as Banking & Insurance, Retail, Healthcare, Transportation, Manufacturing, Food & Beverages, IT & Software services, etc. have already successfully launched live applications. The Bank of America rewards token and JP Morgan stable coin are two examples among many other most recent Blockchain developments. It's just a matter of time for the other industries to embrace Blockchain driven innovations in their sectors as well. Per MyntCoinz, they are the first Blockchain as a Service platform for loyalty rewards. Hence their partners would be able to become the pioneers in blockchain driven loyalty solutions and be able to lead the pack for many years to come.
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SOURCE: SV Advisory Group