EDC Blockchain is Moving Forward - Community Members are Making waves
One of the most obvious use cases of EDC Blockchain is buying and selling. You will not be surprised that this use case is already spreading like wildfire amidst the community members. Do take note that most of these applications are with minimal or non-involvement of the core team members.
I pointed out in my first article about EDC how a community member wrote that he is willing to accept EDC as payment for rents and housing. Not long from that, another member completed the purchase of a vehicle with 100% EDC (Picture evidence below).
As though this wasn't enough, another member on an unofficial EDC WhatsApp group made known his intention to sell a refrigerator for an amount payable only in EDC (Pictures below). This started a chain reaction in the group as many others showed their interest in selling goods for EDC coins. To many members, it is just the beginning.
By the Way
The EDC blockchain team recently increased the minimum amount of EDC that can be leased for returns to 30000EDC. This is, essentially, to moon the price. It is working as many sell others are being completed on exchanges thus shooting the price up. Read more about EDC's Leasing Proof of Stake mining algorithm here (You'll like it).
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Back to Buying and Selling
It will be no surprise if very soon a decentralized platform for buying and selling is launched on the EDC blockchain to help members form a central market (though decentralized) to bring buyers and sellers all over the world together.
Mr. Jegede an EDC Blockchain community member will always reiterate “You know, I see a lot of prospect on EDC Blockchain and it will only profit those who wait”
This application has only opened a new possible application for EDC in the buying and selling industry for online and offline shop owners. This is the loyalty rewards system.
Loyalty Programs
Studies have shown that Loyalty reward system is best for customers retention to keep loyal customers coming back. Loyalty reward is a way by which shop owners reward their top customers with points which translate into discounts on subsequent goods they buy in the store.
ANNEX CLOUD showed, through studies, that loyalty rewards increase the overall revenue of shops by 15-20%. It also makes members of loyalty rewards program buy 5-15% more and frequently than customers who are non-members. The study also proceeded to state that loyalty rewards allow shop owners to monitor the shopping behavior of their customers so they can concentrate more on what the customers like to buy.
Disadvantages
But, loyalty rewards come with some disadvantages. For example, studies showed that an average American holds loyalty reward points from more than ten companies. So many times, they lost count and cannot follow up. Thus, most companies lose their customers. This is because most loyalty programs look the same. Loyalty points can be rigged because the reward system is centralized. Hackers can game the reward system.
EDC Blockchain Potential in the Loyalty Reward Industry
All hope is not lost for shop owners who wish to retain their customers. EDC blockchain has the potential to help them.
The Possibility of having Loyalty Tokens on EDC Blockchain
With EDC Blockchain shop owners can create tokens very easily by themselves to serve as loyalty reward tokens for customers.
There is a coin constructor on the platform with an easy walk through on creating tokens on the EDC blockchain. Because of the nature of blockchain, rewards are transparent and cannot be rigged. Tokens sent to customers will be delivered in a split second. EDC blockchain allows 100,000 transactions per second. Tokens created by shop owners can also be an ecosystem on its own as it will be on Leased proof of stake mining algorithm (LPoS). Companies or shops can credit their customers with their loyalty tokens automatically when they buy goods with EDC. All of these processes can be automated for shop owners with the support of willing team members of the EDC blockchain.
Are you a shop owner who wish to go beyond the possibilities and potentials of EDC Blockchain stated above? You can easily be connected with the team to share your visions.
The Advantages
The advantage of having a loyalty reward system built on the EDC blockchain is that shop owners in different industries can share customers. Loyalty tokens from different companies on EDC Blockchain will be stored on the same wallet. This way, customers can keep track of their reward tokens and never be left out.
Alternatively, shop owners may be willing to reward their customers with EDC coins. Thus, customers can even change their tokens for fiat. This kind of initiative will further improve the visibility of an online shop thus increasing its overall revenue.
About EDC? Check the following links
Thanks for reading, I am Ayobami99.
