Inspiration

Motivated by problems in the e-commerce space as online transactions are increasing as more people are going online to shop. Number of people buying goods and services online will increase 29.8% to 2b by end of 2021. The average US household belongs to 29 loyalty programs with 71% of loyalty program members say that they are open to joining more programs. There were 3.8 billion individual loyalty memberships in the US in 2017 and 175 million loyalty memberships in Canada in 2016 with a 15%-35% growth rate since 2014. Merchants struggling to build long-term customer relationships with in-store paper engagements like sticker reward cards failed with Covid. There has to be a better way to reward loyal customers? Afterpay*

What it does

LOYALTY STARTS WITH DIGITALBITS. Nearby Now is a consumer-first platform that integrates the DigitalBits network and DigitalBits-based assets.

Customers join our loyalty rewards program verified by blockchain technology. They can redeem points by using it as a price discount. Direct food customers paying the monthly account fee [SS/month] until repayment is paid in full (interest-free) in addition to administration fees. Customers are rewarded with loyalty tokens if they repay their BNPL loans earlier. Direct customers paying the monthly account fee [SS/month] until repayment is paid in full (interest-free) in addition to administration fees. They can unlock more perks and exclusive rewards like amount discount, percentage off, or free shipping. Each source account starts with 25 XDB as its initial balance with secret SCCCQQFNTF3RRIQYWIWLJUN6HEANTHASMIU57B6EESA2IBFYZFTN6Z3C

Loyalty merchants make commission on purchases paid through blockchain application and token governance. Lending pool from tokens used to fund the BNPL loans. Integrates seamlessly with popular apps for independent businesses to drive sales conversion. Drive sales conversion with our beautiful, mobile-friendly restaurant checkout website. Sell anywhere and in any way your customers want to buy. After processing the payment, the seller can fulfill the order on their dashboard. Sends order details to the merchant Point of Sale via mobile or web. Merchants make commission on purchases paid through the Nearby Now application and loyalty token NNN governance. Merchants can list, calculate and search for loyalty points from the customer's mobile phone number. This boost sales and retentions with points, referrals, and data. Lending pool from tokens used to fund the BNPL loans. Advertising revenue from consumer shopping data collected from the mobile app used for analytics. Direct ads based on geography, gender, age and spending habits.

How we built it

Loyalty BNPL rewards with trustline. Focused on supporting the loyalty & rewards industry with it's blockchain fully open-source and able to facilitate cross-asset transfers of loyalty point value. Users create a trustline entry on the DigitalBits ledger based on an agreement which trusts the issuing merchant and amount of BNPL credit from the issuing customer. DigitalBits Consensus Protocol is a fork of Stellar Consensus Protocol used for consensus protocol and blockchain verification of the point system. Frontier chains methods together to generate queries and returns a promise to the response building requests for loyalty points, gift cards, fan tokens, or digital currencies. Option to sign with public/private keypair, add multiple signers, set account’s masterkey weight or threshold levels to create a multi signature transaction before transaction accepted by the DigitalBits network.

Transactions like sending payments, creating offers, making account configuration changes all modify the state of Nearby Now's ledger. Every transaction has a source account that pays a fee with a sequence number. The path payment will cause the destination address to get $$ for sending 1000 XDB (at max). Nearby Now has 2 exchanges, XDB -> USD, USD-> NNN, NNN->EUR. Option to sign with public/private keypair, add multiple signers, set account’s masterkey weight or threshold levels to create a multi signature transaction before transaction accepted by the DigitalBits network.

The digitalbits.toml file is a text file in the TOML format at the following location: https://Nearby_Now/.wellknown/digitalbits.toml https://frontier.testnet.digitalbits.io/ledgers?cursor=NNN https://github.com/lucylow/nearby_now/blob/main/crypto_loyalty_points/DigitalBits.toml

There are 3 asset types: 1) Native XDB asset code "NNN" for Nearby Now (ASSET_TYPE_NATIVE) starts with 25 XDB as its initial balance and a secret address 2) Issued assets with asset represents all assets with codes 1-4 characters long with code (ASSET_TYPE_CREDIT_ALPHANUM4) 3) Issued assets with asset code represents all assets with codes 5-12 characters long with code (ASSET_TYPE_CREDIT_ALPHANUM12)

Challenges we ran into

Challenges with multi-signatures and $NNN token where signatures on the DigitalBits network, the Keypair object can contain both a public and private key, or only a public key. Can be randomly generated or from secret seed raw bytes.

Accomplishments that we're proud of

For security measures, the sequence number of a transaction has to match the sequence number stored by the source account. Sequence number increases by 1 if loyalty reward given. For a merchant to attach additional information to each DigitalBits network transaction, a Memo object can be passed: Memo.none, Memo.text, Memo.id, Memo.hash, or Memo.returnHash.

What we learned

Laboratory DigitalBits was useful as a developer to look at loyalty reward account’s transaction history, use transactions() command with account address to forAccount on the DigitalBits network.

What's next for Crypto Loyalty Tokens

Pick a BNLP beachhead market that crypto can dominate quickly

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