Branded Currencies Coming to RiveX! - Bridging the World of Loyalty, from East to West!
The RiveX Foundation is very pleased to announce it is integrating DigitalBits (XDB) into the RX Wallet, bringing branded currencies to RiveX and its associated ecosystems. Imagine accumulating hotel points in the US on your holiday, and then using them for your purchase at McDonald’s upon your return to Singapore. Ultimately, users should be empowered to leverage the value they hold, regardless of the brand that issued the point, creating a dynamic, decentralized points economy. Participating merchants will have their points tokenized on-chain, allowing them to move seamlessly between network participants — consumers, merchants, brands, and payment processors.
Loyalty points and rewards are considered legacy digital assets, and they’ve played a key role in consumer interactions with brands and enterprises. The prevalence of these programs can be contextualized in the billions of dollars that circulate between the users and issuers of these assets, however, the technology is dated by today’s standards. On the one hand, users lack overall asset autonomy, their points are actually liabilities held by the brand, and stand as more of an IOU than an asset they own. Additionally, point utility is severely limited, resulting in many of these points going to waste — unused points liability stood at $100 billion within the United States alone in 2017. As such, loyalty points stand as a perfect use-case within decentralized finance, pivoting away from price speculation, to bridging the gap between the loyalty point industry and blockchain.
RiveX will implement this initiative in three phases over the course of 9 months beginning in Q4 of 2020. Subsequent documentation will be released to provide more detail regarding how these phases will be carried out.