MobileGo 'All About Incent' Investing in MobileGo gets you .5% incent cash back All about Incent
Every MobileGo investor will receive an Incent bonus. But what is Incent, and why should you hold it?
MobileGo is a cross-platform collaboration that will use both Waves
and Ethereum to host the token that will be used to drive adoption of
the gamecredits cryptocurrency, as well as offering exciting
possibilities for decentralised gaming tournaments. (You can read more
about the interplay between the different platforms in a separate post.)
There have been lots of questions about Incent, and how it fits into the mix. This post aims to clarify matters and introduce the gamecredits community to an intriguing opportunity.
Incent is a new kind of blockchain-based loyalty token. Just like
MobileGo will be, it’s hosted on the Waves platform and can be
transferred to the Ethereum blockchain through a neat piece of tech
Incent’s proposition is called ‘Open Value’. Unlike traditional
loyalty points – which typically cannot be transferred, can only be
redeemed with one business, may expire, and generally offer little in
the way of rewards for customers or repeat business for merchants –
Incent can be freely transferred and traded thanks to the open nature of
the blockchain. At the point of issuance and redemption, it is
bought/sold on the open market. Thus it is actually worth
something to customers and businesses – rather than the traditional
fiat-style reward points that effectively function as nothing more than
IOUs. Merchants don’t take on a liability when they issue rewards, and
customers gain something of real financial value. Incent’s research has
shown that businesses are attracted by this approach, and they have a
series of prospects lined up for integration in the coming weeks and
When Incent came to crowdfund their project at the end of 2016, they
found that existing deposit tech was not fit for purpose. The MySql
database used by most crypto crowdsales represented a serious point of
failure. Even if the BTC collected were safe, what happens if the
database is hacked or wiped?
So the company built their own solution, which used the bitcoin
blockchain itself as a ledger. Token balances are calculated directly
from this, using bitcoin’s timestamps to determine any bonus rates. It’s
a far more secure and transparent way of collecting funds, and several
other initiatives have licensed it rather than building their own
Along the way, Incent also developed the blockswap tech that would
allow tokens to be moved between the Waves and Ethereum blockchains.
Together, this package of services was attractive enough for MobileGo to
enlist the Incent team and use their deposit solution for their own
crowdsale. Rob Wilson, Incent’s CEO, is also an escrow partner for the
Why hold Incent?
As part of the agreement, 0.5% of the value of every deposit will be
sent to investors as an Incent bonus. Deposit 20 BTC, and you will
receive 0.1 BTC in Incent. Because this will be acquired from the open
market, it will place additional demand and buy pressure on Incent – if
$1 million is collected by MobileGo, $5,000 of Incent will be purchased.
(This is just an illustration – we’re thinking $1 million will be a
little on the low side…)
This is how Incent works with any other merchant – a configurable
percentage of the purchase amount is used to buy INCNT off the open
market (including Bittrex
and Waves’ DEX), and send it to the customer. Customers can hold it,
spend it with participating merchants (who will typically offer a
discount for Incent purchases), or sell it on an exchange, if they wish.
MobileGo investors can do exactly the same – it’s a bonus they can hold
or sell as they wish.
However, smart investors might like to do the maths. Gamecredits is a
deflationary currency with a market cap of around $40 million (rising
fast) that is about to see a major injection of liquidity and buy
pressure thanks to MobileGo’s marketing war chest. The GameCredits
community is rightly excited about this.
Incent is also a deflationary currency – it has a static supply of 23
million. It raised $1.1 million at crowdsale, currently has a market
cap of around $3 million, and is worth around 0.00011 BTC each. It, too,
is about to gain an injection of cash from a series of merchant
partners – starting with MobileGo. The laws of supply and demand suggest
where both GAME and INCNT will end up.
We want to clarify Digix’s position on the ETC held within DigixDAO. Any token holders who own DGD tokens will be able to indefinitely withdraw from it. Chris has been working on the smart contract code in preparation of the ETC refund which he will share in detail below, which we hope to implement by May 1st. DappHub has come back with a quotation, and we will request for quotation from 1 or 2 other audit firms who kindly offered to help us do a code review before making the decision.
Anthony Eufemio (CTO)
Was out this week due to personal/family related issues. Will return on Monday.
Chris Hitchcott (Ciore Dev)
In terms of the toolchain, I added support for Doxity to work with truffle imports, which means we can easily generate natspec docs once again (before it relied on solidity compiler, which was fine until we upgraded to using truffle imports).
I also created an MVP IPFS pinning service. This is a little web service that uses ecrecover to authenticate requests for ‘pinning’ documents to IPFS, and then publishing the hash of those pinned documents to other nodes for redundancy. We’re currently using Kovan to maintain a registry of whitelisted addresses and IPFS hashes, which means that we can easily spin up more of these pinning service applications to provide additional redundancy and QoS for the IPFS docs that are part of the Digix system (such as those uploaded by the vendors, custodians and auditors).
I did some minor cleaning up of tests, and added new examples in Solidity and ES7 (using async/await) for a much cleaner syntax for writing new tests. In most cases, this async syntax can replace Contest, as whilst it’s much more readable than promises (in some cases even less verbose than Contest), it retains flexibility of having native JS rather than the contest’s rigid domain-specific methods. It’s also going to come in very useful when web3 1.0 comes out (as methods will be promisified and ready for await).
Finally, I also spent a little time in preparation for the etc withdraw process — part of which requires discovering the balances of all DGD holders on a specific block. I’ve created a script that reads all the Purchase and Claim events from the crowdsale, and then Transfer events from DGD Token, so I can track addresses and spit out of a report of ownership at a specific block (which requires a full ‘archive’ ethereum node without tree-pruning).