The merchants, for their part, miss out on increased sales from loyalty programs, not to mention the valuable data that loyalty programs can theoretically provide. Loyalty programs are very important for businesses because it helps the merchants target customers with tailored offerings.
“Elements,” a new cryptocurrency, changes all this by bringing greater value to consumers in the form of a universal loyalty currency that retailers, travel companies, banks, e-commerce companies and other merchants can use.
A universal loyalty currency built using blockchain technology allows the consumer to hold one loyalty currency that is accepted by various merchants and choose where he wants to spend his “Elements.” A single currency accepted by multiple merchants provides an advantage to consumers and merchants alike.
With a universally accepted loyalty currency, consumers are naturally motivated to spend more since it delivers faster and centralized rewards when the consumer spends their money. It also provides them with exceptional freedom to spend.
A single loyalty currency can create more value to a consumer from a merchant loyalty program, thereby leading to improved customer satisfaction.
With Elements loyalty cryptocurrency, the customer’s and merchant’s privacy remains intact as Elements does not need to store the customer’s personal data.
Customers can use the “Elements” loyalty coins to purchase products from merchants or exchange the coins for other currencies, such as fiat currencies like US Dollars and Euros as well as crypto-currencies like Bitcoin or Ethereum.
The customer also has the freedom to use any e-wallet to participate in the different loyalty programs, storing their points in a single wallet rather than diluting the loyalty points across merchants’ native apps.
“Elements” allows customers to build the value of their coins without having to shop more. As the coin’s popularity expands, the coin’s purchasing power increases.
Furthermore, merchants can acquire “Elements” coins for free by mining the currency, thus reducing the cost of liability.
Elements uses X11 Algo (Digishield). The blocks are generated by proof of work (PoW) technology. PoW requires users to perform some type of work to participate. The work must take time for the client but easy for the server/network to verify.
Once a miner completes a data block, they earn 50 ELM, a share of the transaction fees contained in the block, or a combination of the two. Such an arrangement requires an investor to take an active part in mining, helping to verify transaction data while creating new coins.
Users have a choice of which wallet to download: Windows, Windows Light, OS X Light, OS X, IoS, Android or GitHub.
Elements’ goal is to revolutionize the now fragmented loyalty rewards industry. Find out more about the project at https://theelements.io/