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 called blockswap.
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 months.
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 systems.
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 BTC funds.
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.
Check out Incents Whitepaper: https://bravenewcoin.com/asset...
Incent Slack Channel: https://incentinvites.herokuap...