LoyalCoin is a customer loyalty-oriented digital asset that is replacing and enhancing the traditional rewards point systems currently available in most of the online market. It is founded by Patrick Paul Palacios while acting as the president and CEO of Loyalcoin. Patrick is also a founder of Appsolutely since 2013 and been a tech entrepreneur for the past two decades.
By replacing the standard point system that can only be used by specific organization, Loyalcoin sought to provide an reward point system that are usable by every collaborated brands in exchange for product and services based on the loyal point earned.
Similar to traditional rewards point, LoyalCoin can be used to redeem rewards from any participating merchant that collaborated with Loyalcoin. By using Loyalcoin, all points from one merchant can be redeemed on every other merchant within the system. However, LoyalCoin can also be sent to and received from other people, used as payment for a user’s preferred merchant which somewhat works like a centralised currency.
Loyalcoin can be obtained by buying products and services from merchants and shops that issue LoyalCoin such as Gongcha. Similar to the way you earn points at a typical rewards program. In addition, as discussed above, the LoyalWallet allows you to buy more LoyalCoin as a currency of its own for Loyalcoin usage. However due to the nature of blockchain and cryptocurrency, the value of Loyalcoin will change indefinitely depending on the trend of the coin itself. Thus, the amount of coin you purchased today might worth in different prices on tomorrow unlike fiat currency that changes after a certain period.
There are more merchant joining in into Loyalcoin as partner which will increase the total product and services that are compatible with Loyalcoin. Thus given if the trend of loyalcoin increases over time, the price of Loyalcoin will also increase due to the increased usage.