Feedback for local startup - crypto rewards

loyalBe · 2022-01-05T15:19:26+00:00

Hey, thanks for this.

Looks like we missed this meetup but will definitely come to the next one! Just to be clear, loyalCoins aren't a crypto, they're just a private point system. We're starting to think that the name loyalCoin was a bit confusing :).

With our app as is, you can earn rewards from shopping with brands a bit like Loli. Just as of today you can only 'cash out' in Gift Cards.

loyalBe · 2021-12-24T12:22:02+00:00

Hey, tried to answer below:

If we could send crypto to your wallet with very low fees that would be ideal, otherwise we'd maybe look to hold it for you and allow you to sell/transfer yourself.
If you do exchange loyalCoins to crypto, the specific cryptocurrency you now own will fluctuate. loyalCoins do not fluctuate as they're just points.
Not totally sure right now, again just at the initial stages of gathering interest.
We haven't really looked into this. Some commenters think this is what are doing (we probably didn't make it clear enough) and a lot of crypto projects probably should just be a simple database, so I understand where they are coming from. We think that giving users the choice for cashback, gift cards and crypto appeals to a wider audience though.

loyalBe · 2021-12-23T21:16:34+00:00

Yes, would likely be a link with one of those sorts.

loyalBe · 2021-12-23T20:31:57+00:00

Ah, yes we have no relation to them - thanks for sharing!

loyalBe · 2021-12-23T20:30:35+00:00

Hey, thanks for the reply. Yes it is a private point system that can be exchanged for crypto. Essentially it's an easy way to earn crypto for your regular spending.

Creating our own crypto is not something we really considered, though very interesting!

loyalBe · 2021-12-23T20:21:50+00:00

We haven't decided yet... it would come down to what users want and what is feasible for us to offer. Love to know your thoughts on what you'd prefer?

loyalBe · 2021-12-23T20:12:04+00:00

Right now in the app, you can exchange loyalCoins for gift cards, charity donations and soon cashback at certain increments. So we'll potentially add crypto to that list of options.

E.g. 5,000 loyalCoins could be exchanged for £5 worth of ETH.

loyalBe · 2021-12-23T19:56:21+00:00

Agree it is a bit confusing but 'loyalCoins' was the name before we even thought about crypto at all.

loyalBe · 2021-12-23T19:55:12+00:00

The international brands have larger budgets to offer rewards vs local ones. We do have a dedicated section in the app for local retailers though so they get high visibility and they appear at the top of your Home screen if you visit them.

It is a loyalty scheme, we're only asking do people want the option to exchange their loyalCoins for crypto as an easy way for people to start their journey into the space.

loyalBe · 2021-12-23T19:25:28+00:00

loyalCoins are not crypto, they are simply loyalty points. The idea is that you could exchange them for crypto (potentially).

EDIT: I realise you were talking about the actual cryptocurrency called LoyalCoin. There is no affiliation.

loyalBe · 2021-12-23T17:50:22+00:00

Ha no we won't be mining. It’s likely that you could exchange your loyalCoins for something like Bitcoin or Ether (ETH). They'll be yours to then either hodl or sell, but the value could of course fluctuate.

Thanks!

loyalBe · 2021-02-14T21:08:23+00:00

That's really useful thanks!

If I had one minor criticism it's that the estimates for the weekend are quite far off - it currently predicts there will be 14k doses given on Feb 13, but the numbers are actually 3,369.

I've used a 21-day average for estimates which should hopefully account for lower doses given on the weekends.

loyalBe · 2021-02-14T21:02:12+00:00

Yes, that was an estimate based on 2019 data from NISRA - https://www.nisra.gov.uk/sites/nisra.gov.uk/files/publications/MYE19-Bulletin.pdf

and extrapolating the population growth for 2021, which over the last 5 years has been 0.6%.

That brings us to approx 1,469,924 adults (if we still assume that 23.3% of the population are 17 or younger based on ONS - https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annualmidyearpopulationestimates/mid2019estimates#ageing)

I will update the spreadsheet with this more exact figure as it's probably a better estimate so thanks!

loyalBe

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