Topic: ECC Token (Read 68 times)

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What is EC-Algorithm?
ECA Loyalty Rewards program’s mission is to create a loyalty rewards network that is meaningful, valuable, and global for merchants and consumers alike. To achieve this, ECA Loyalty Rewards Program, a retail marketplace, and loyalty reward network leverage blockchain technology to better reflect the utility of a highly advanced loyalty rewards network. The ECA Marketplace is a business ecosystem that creates a direct medium through which merchants can communicate with customers and increases the quality and quantity of customer information available by incentivizing customers through ECC Coin.

What is ECC?
ECC Coin is a crypto-currency that can be used within the ECA Loyalty Rewards Network and ECA Marketplace. These ECC Coins have substantially more utility value than all traditional reward points making the ECA Loyalty Rewards Network a significant advancement on traditional loyalty rewards systems.

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ECC Coins has the following universal usages:

• Enables exchange and liquidation of reward points from various ECA partners.
  
  Exchanged for US Dollars or other crypto-currencies in major exchanges around the world.
  
  Enables membership within the ECA Marketplace.
  
  Grants priority access to special and exclusively priced products and services.
  
  Universal currency to purchase products and services on the ECA Marketplace.
  
  Gift to friends and family.

Conclusion

The primary value-added benefits of the ECA Rewards platform are the ability to aggregate, track, store, exchange, send, and transact with a variety of loyalty reward points and crypto-currencies. ECA Rewards in essence will unlock previously unrealized value for the consumer and greatly benefit merchants and consumers alike.

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A new BlockChain Mining Model
ECA’s unique mining model helps solve some of the problems faced by current traditional loyalty rewards systems and blockchain-based loyalty rewards systems by using a user-defined Effort-Contribution Algorithm that will generate ECC coins to reward consumers based on user-defined parameters such as


Proof of Promotion (POPx) and Proof of Usages (POUx)
Proof of Promotion (POPx) and Proof of Usages (POUx) are based on the activities of the consumers in the ECA Marketplace by measuring the degree of involvement of consumers. The more activities the consumer participates the more rewards will be received. These are considered a new form of a mining mechanism to replace the traditional Bitcoin-style mining mechanism.

POS
Proof of Stake (POS) rewards a consumer with ECC coins according to how many coins the consumer holds in their wallet. This means that the more ECC coins owned by a consumer, the more rewards he or she will receive from the ECA Loyalty Rewards Program.

This is the perfect solution for any company which would like to have a loyalty program that helps to reward new consumers, to retain old consumers, and to motivate referrals with digital assets. ECA can be user-defined so retail partners can customize the ECA program to fit their loyalty reward plan for their customers providing them with a secure, transparent, and mobile customer experience and at the same time reap benefits from ECA Loyalty Rewards Program. Ultimately, ECA Loyalty Rewards Program will be the platform of choice for all related loyalty reward programs and merchants all over the world.

Problems
Despite these positive prospects, the current landscape for loyalty-based systems is full of legacy systems that are outdated, inefficient, and serve neither the best interests of the consumers or merchants.

Customers do not know their balance. | Customers are unaware of the exact value of their points. | Takes too long to earn points. | Not interested in any rewards offered.

And despite the billions spent each year on loyalty programs and reward schemes, 50 trillion reward points are lying idle in members’ accounts with an estimated value of USD$400 billion. This inefficiency can be attributed to the following:


Low utility:
Once earned, these points have no value outside of the customer’s account and are only redeemable in a small ecosystem. Customers cannot gift, donate or exchange their points to potentially interested parties such as charities, friends, or family. This means they are left idle and unused in customer accounts.


Too many loyalty programs:
Nearly every retailer now has some variation of a loyalty program. This makes it confusing for consumers to determine which programs are actually valuable and makes it difficult for merchants to differentiate themselves and generate customer loyalty.


Financial uncertainty:
Loyalty points constitute a promise to give customers discounts or even free items. These unused points are consequently left as liabilities on the books of merchants. Merchants currently have no idea when these points might be redeemed and at what rate, causing them financial uncertainty.


Inaccurate consumer data:
There doesn’t currently exist a medium, specific for retail, which properly incentivizes customers to share more information about themselves in a secure way and that allows merchants to directly engage with customers based on their interests. Consequently, merchants receive generic and low-value customer information which feeds into generic advertisements that have little value to both parties.

Solutions
To help solve the problems with legacy loyalty systems for both customers and merchants ECA is creating a blockchain-powered ECA Marketplace and ECA Loyalty Rewards Network. ECA is well placed to disrupt this industry for the following reasons:


- Reducing System Management Costs:
The presence of smart contracts on blockchain networks allows for the reduction of system management costs. Many of the processes that previously would have required human administration and approvals can now be automated in a blockchain-based loyalty system. The reduction of system management costs also has the added benefit of reducing the minimum points requirements customers need to redeem points.
-Real-Time Processing:
One of the issues with legacy loyalty rewards systems is that points often take extended periods of time to be credited to customers’ accounts. Blockchain solves this problem by enabling transactions to be recorded and accessed by multiple customers involved in the process in real-time. This allows the loyalty rewards program provider to more quickly credit points to customer accounts. This is important – customers expect seamless and instant access to their rewards. Allowing them to do this immediately increases the chance of a positive customer experience and consequently, enhances loyalty to the retailer.
-Increase Customer Engagement:
Customers receive ECC Coins by purchasing goods and services from merchants in the ECA Loyalty Rewards Network and through their engagement with the ECA Marketplace. Merchants issue customers ECC Coins for their purchases, and also compensate customers via the ECA Marketplace for participating in market research surveys, for giving feedback about products, and for providing their spending data for the merchants to analyze.
-Shareable and transferable:
Unlike current loyalty systems, ECC Coins are designed to be shareable and transferable for customers. They can exchange them for cash, share with friends and family, or use them to purchase products on the ECA Marketplace. These features are made possible through the use of blockchain technology and give ECA Loyalty Rewards a much greater utility value than what other existing loyalty systems offer.
-Retail Benefits:
For merchants, ECA Loyalty Rewards Network will not only attract a greater number of customers and average spending but also gives them access to high-quality data via the ECA Marketplace. Better quality data is made available through the incentives that exist for customers in the ECA ecosystem, and the compensation they receive through the ECC Coins.



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