At the end of June, Rob got the chance to explain what Incent is all about to the listeners of the FutureTech Podcast – a programme all about new technologies that are just breaking into the mainstream.
This is probably the best interview yet about what we’re trying to achieve with Incent and how it will work, rewarding consumers as well as businesses with the power of blockchain. You can listen to the whole podcast here
For now, here are some edited highlights that should give you a taste of how Incent is different to conventional rewards.
How Incent is different:
‘The value proposition for Points Loyalty is pretty shocking. Many of the big operators consider their points as currency, and indeed deploy them as currency, but it’s a currency that expires under the feet of users. It’s a pretty tawdry business in our view.’
‘In the eyes of the consumer Incent would look just like a Frequent Flyer mile or Points Loyalty, but the key difference being that instead of a notional point which is limited in its fungibility and expires after a certain amount of time, the unit of value is a cryptographic token which never expires, which are the property of the recipients forever and can used anywhere they like.’
On bringing together the mainstream and crypto worlds:
‘Even though awareness of crypto is up there, the barriers to entry are still high. We thought it would be so cool if you could go about your everyday life and be rewarded with crypto.’
‘A key part of our work is to simplify the offering and user experience to the extent that they don’t need to understand cryptocurrency or blockchain. We make it as simple and seamless for people to interact with our platform as we possibly can.’
‘Every time we issue Incent to a consumer we’re buying it back off the secondary market.’
Benefits for consumers and merchants:
‘Because we’re a coalition loyalty product, every merchant can market directly to every consumer on the platform, right into the application that is storing that value.’
‘Because we’re offering a reward product that has real and enduring value, it allows us to provide the user with a really lovely gamified experience. They can actually see that value changing.’
The roadmap for Incent:
‘The next rollout for us will be on 25 July, which will allow merchants anywhere on the planet to create an account with Incent and set a reward percentage based on a basket spend, and then distribute Incent to their customers seamlessly as they shop with them, either online through their website or bricks and mortar stores.’
‘The most exciting target on our roadmap is the 1st of November this year, when we will launch a coalition of Tier 1 and Tier 2 merchants in Australia that we’re building. As we roll into Christmas this year there will be a coalition of large brands offering Incent rewards. That’s going to change the game because we will be hitting the secondary market every day with significant demand for Incent, which is going to be driving up the value for anyone who holds Incent. At that point, we will consider we have succeeded in connecting crypto to mainstream consumers through mainstream merchants. That’s something that many of us have been trying to achieve in our different ways for a long time now.’
‘This year is all about growing the coalition. We’re already really enthused by the size and breadth of national brands who want to play. Ultimately we’d like to operate very much like Stripe does in the online payments space. It should be possible to download a snippet of code, embed it into your site and off you go.’
And one of the biggest prizes here?
‘What if you could build capital as you consume? That’s a really big idea.’
Listen to the whole podcast here.