The growing popularity of smartphones coupled with the rise of the internet has resulted in a significant change in the way humans interact, shop and even express themselves. Almost everyone has at least once purchased products online or used social media or even entertained themselves using the various content streaming platforms while some even use the internet to gain information. Earlier people learned about offers, products, and shops through marketing – advertisements in print and media. Today people are more likely to believe referrals by word of mouth. Furthermore, this is user-specific, directed and rewards all the parties involved. The internet has entrenched the referral system in our lives. Businesses have also noted that these recommendations are a powerful tool that can amplify profits.
Businesses are still using outdated systems of referrals that do not align well with the value chain of producers and consumers. This causes a loss of ten and hundreds of thousands of dollars to individual businesses and billions globally.
Large businesses have begun using Artificial Intelligence and Big Data analysis to assess consumer trends. Most companies have large databases of historical transactions but do not possess the manpower to process it meaningfully. Using the power of AI, Zara has easily outplayed its competitors in sales and profits. Complex networks can reflect most real-world relationships and the data extracted is used to target profitable customers.
Plentix is a modular tokenized platform that aims to bring profits to users, brands, and businesses through referrals. Success is tied to the user, token growth, and ecosystem value. Users can refer friends using the Plentix interface. The referee is now eligible for a discount code that can be availed at the business to which he was referred. The amount of the discount, as well as the duration of its validity all, depend on the individual businesses. The referer receives a discount as a token or reward code only when the referee uses his discount code and purchases at the business.
Plentix offers open source API’s for businesses to build referral programs, basic and easy to use tools that provide an admin panel and integration options, and dApp based API for further customizations. This ecosystem allows users that earn tokens in one business to spend them purchasing at another business.
There are a number of referral systems currently available but they all face several challenges like referral creation, adherence, the safety of transactions and security. Plentix utilizes a decentralized blockchain technology and its associated immutable ledger to provide safety and a safe platform for further development, a consensus mechanism to remove controlling entities, advanced cryptographic techniques and smart contracts for security.
Ethereum and Matic
Ethereum is not suitable for a referral system because of its poor scalability, low speeds, large transaction fees, complex micropayment channels and poor usability.
Matic Network is a scaling solution on top of the Ethereum network that solves scalability and utility issues without compromising on decentralization and leveraging the ecosystem. It allows instant transfer of digital assets and cryptocurrencies like ETH and BTC. It is based on the PLASMA methodology that provides a solution for faster and lower costs on transactions on the chain. The delegate protocol builds blocks which give up to 2^16 transactions on the chain.
Users deposit assets in Matic contract on the smart chain which are reflected on the main chain once confirmed. The user can now transfer tokens for a negligible fee. The remaining tokens can be withdrawn by furnishing a proof of remaining tokens on Root contract.
To enhance security Plentix offers a Fraud proof system where users can submit details of any transaction believed to be fraudulent. If fraudulent the stakes of those involved are slashed and received by challengers as an incentive for fraud detection. This is an ever running bounty program to ensure the veracity of transactions.
Plentix enters into a partnership with businesses to conduct referral campaigns and provide them with a list of landing links. Once a user clicks on a link he is directed to the landing page and the information is conveyed to the referral engine. Here the user can create an account, subscribe to a service or purchase a product. Based on scheduling the funds are released and users are rewarded according to the relevant scheme. This is implemented through the Blockchain and smart contracts.
Plentix offers flexibility and an alternative means of earning to developers and investors. They can improve the referral economy and drive the value upwards. Plentix doesn’t need businesses and users to create, integrate and customize the referral solution. Users can access multiple businesses across platforms through the website or app. It allows users to identify returns on investment of referrals and track number of customers and so on.
The native token for use on the Plentix platform is the Refer token. Plentix token users gain guaranteed tokens on sign-up and exclusive offers on purchases for limited periods. They have a referral per month limit that can increase depending on the amount of Refer, duration of Refer, number of referrals and user rating out of 5. Businesses who own Refer have better listing opportunities and users with more Refer possess more voting power and can influence the community greatly.
Competitors available include referral coin – first digital token exclusive to the referral economy and reachbird.io – an agency offering end-end solutions for monetization.
Plentix offers incentives to both referees and referrers and businesses have greater control over transaction flow. Businesses can control how and when commission is distributed. Some even decide commission based on the number of transactions and interactions by referred user. Businesses can choose development plans and integration schemes. Plentix aims to leverage trust and build a friend to friend referring experience creating a vast array of incentivized micro-marketers.
Team, Advisors, and Partners
The core team of leaders at Plentix comprise CEO & Co-Founder Yashar Toopchi (Ph.D.), Co-Founder & COO Alex Javdanitehran and, Co-Founder & CTO Sirus Moghadasian. This team is advised by industry veterans Mate Tokey – COO @ Bitcoin.com, Ali Ayyash Co-Founder @ Beetoken, Giovanni Lesna – Co-Founder @Blocktrade and Boris Otonicar – Blockchain expert.
More Details of Plentix ICO:
Official Website: https://plentix.io
Post By Anton De Mel
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