Tokenization and Global Usage of Points via Blockchain Technology: Assemble Protocol

Tokenization and Global Usage of Points via Blockchain Technology: Assemble Protocol

By insidetrader | HODL the Universe | 14 Oct 2020

The world can be imagined as a big marketplace since people communicate with each other and exchange their assets. In this market, sometimes very rare spices were placed in the head corner, sometimes precious metals. In addition to these eye-catching substances, it is very easy to find all kinds of consumer goods that we can think of. In the midst of this ongoing situation, people chose to create a campaign to attract more customers and earn more money from their existing customers. The first option for this was considered ''discount". Later, the ''extra gift" method became involved in our lives. One of the latest and most creative ideas was that each purchase was valued at a certain point value, and as a result, the people who bought these products also had those points. In this way, people will both meet their needs and have the opportunity to receive extra gifts during their daily routine. This is a program that seems very useful, with its own dead ends.


(Image by Speedy McVroom from Pixabay)

When we look at the recent past, we can see that people living on earth have points in very different areas. Credit card spending, airline miles, points that can be earned at gas stations, and others... Each one is an example of creative opportunity from its point of view, but they are not perfect. For example, you can't use the points you collect in different areas to spend on a credit card. Or the points you have accumulated will be deleted from your account forever without even informing you one day and you will not be able to use them. Or there is not enough campaign-supported companies to use the points effectively. Assemble Protocol is the name of the platform created in order to avoid such possible problems, to expand the point-based spending and subsequent reward system, and to reach more people easily.


What Is Assembly Protocol?

Assembly Protocol, which we know was founded based in South Korea, one of the leading countries of the cryptocurrency industry, is a new platform whose aim is basically to reach people more, respond to their wishes faster, and create areas where they can spend accumulated points for themselves thanks to their scores scattered across different areas. To achieve this, they also do not stop taking advantage of the blessings of blockchain technology. They aim to combine scores that are very difficult to follow even with today's technology, under one roof and create new uses for both people and companies. A chain to store all data, a protocol to prevent them from being lost and a platform to ensure their security stand out as the 3 most important components to help while achieving their goals.

ASSEMBLE protocol is a blockchain-based global point integration platform that exploits ASM utility tokens, whilst establishing a business ecosystem that can integrate, utilize and monetize existing points and miles to point providers, consumers and retailers.


What Are Assemble Protocol Products?

The Assembly Protocol products are divided into PointExchange (PX) and MarketPlace (MP). In the PX section, users will have the opportunity to transfer points obtained through different categories to the Assemble Platform and convert them into cryptocurrencies created on the ETH chain. MP, on the other hand, is not only a kind of market where only cryptocurrencies and points are exchanged, but it is almost a marketplace with different users and companies. For example, you can send the points you get from your credit card expenses to PX, where you can convert them to ASM, the unique cryptocurrency of the Assembly protocol, and spend them as you wish.

During this conversion and trading, there are 3 different roles. These are Point Consumer (Customer) who have points and want to come to the platform and use their points, Point Providers who are looking for new users to market their products, and Retailers who will access the information in this process and strive to increase the user experience of both parties. The roles of companies that will spend and distribute points are not expected to differ much from the current one. But the mechanism, called Retailer, will record all the work that will take place on the blockchain, and then develop specific recommendations for each user. In this way, customers will have access to promotions that suit them, while companies will understand which areas they need to focus on to find customers.



How Will The Assemble Platform Be Used?

The platform, which I mentioned above as its basic working principle, will be operational in the last quarter of 2020 according to the roadmap shared by the team on the website. It is obvious that this platform will be useful for global companies and our population of more than 7 billion people. On this platform, everyone and every organization will have the opportunity to register and fulfill their requirements according to the appropriate role. In this way, both the costs of storing and tracking companies' scores will be greatly reduced, and people will be given the opportunity to use the same scores according to their interests. In this way, a new front will be opened in the fight against economic hardship and everyone will do their best in the name of reviving the country's economies by increasing consumption areas.

A certain amount of cryptocurrency will be defined to users for each transaction on the Assemble Platform. In total, there are 2 different types of cryptocurrencies. These are ASM and ASP, respectively. ASM is a Assemble Protocol's native cryptocurrency built on ERC20 chain. Although its value was initially designed to be equal to 1 KRW, it is likely that there will be changes in its value with market movements in the future. Currently, it is listed on CoinGecko, but its value is around$ 0.024. ASM is the first cryptocurrency that users who sign up for the platform will transform the points they hold. Later, they can access various services using ASM. In addition, users will be able to use another cryptocurrency called ASP on the platform. The value of ASP will be absolutely equal to 1 KRW and will not change. In this way, it is aimed to get rid of the possible price volatility that blockchain technology brings to our lives. With using ASP, users are expected to be scored according to their capacity of marketing and purchasing the goods. There is 7 different categories to further divide users according to transaction volume in order to gift them some specific Assemble Protocol products, and also extra discounts for every single purchase.

ASM tokens are produced for a total of 1.5 billion, and up to 25% of this amount was sold as part of the token sale. Required explanation of how to distribute the remaining more than 1 billion tokens are available to check on related Medium article.


Who Are The Assemble Protocol Developers?

The Assembly Protocol team, which includes Jessi Lee in the CEO position, consists of experienced names from each other. Most team members have previously worked in different fields in South Korea and have recently come together to build the bridge between the rise in the cryptocurrency industry and points systems. Detailed information about team members and their opinions can be found here.


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