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The Waves platform, a decentralized application (dApp) platform spearheaded by Australian-based loyalty program Incent, has released the open source code to enable supporters to set up their own full nodes. This will ensure the platform’s further decentralization and operation.
Customers Can Launch dApps, Create Own Tokens on Waves
By enabling the Waves platform to decentralize further, it will grow in computer power, become more secure, and serve as a basis for other distributed apps (dApps). Moreover, because customer businesses can launch their own customer application tokens (CATs) on Waves, businesses will have increased opportunity to engage with their customers using modern, transparent and blockchain-based rails.
Peter Godbolt, Incent’s lead developer, said:
“Waves has some great functionality that makes it a very good fit for what we’re aiming to do with Incent, so it’s nice to have the software ready in time to play with it a little before we launch our token. One of the first things we’ll be doing is running a full node, of course, to stake with the WAVES we’ve received from investors and support the network.”
All tokens created using Incent’s platform will have a finite supply, therefore adding credibility to the incentive to obtain rewards by customers. Once the ICO distribution takes place, there will be no additional coins released. Such security, however, means that the loyalty tokens may also go up in value, which in turn should make incentives stronger for participation by both businesses and customers alike.
“As it stands air miles are widely considered the most effective loyalty-reward in existence – but even they have very restricted utility and half-life.’ said CEO Rob Wilson. ‘Now imagine an air mile that any merchant can offer as an incentive to transact; an air mile that is delivered instantly, can be spent anywhere, that never expires and appreciates in value. This is Incent.”
This use case specific blockchain infrastructure is aiming to prove value in niche segments where there is a significant need to move beyond paper tracking and towards an “Open Value” model, as Incent puts it. Because large, mainstream businesses measure rewards programs, the hope is that both small and large businesses alike will be able to share this loyalty value with customers.
Blockchain technology has not found a ‘killer app’ use case yet, and through measuring customer engagement on a blockchain perhaps both customers and business will be able to engage in a new way. Having transparency with code and node operation is a best practice for the industry, and Incent is directly proving its intention to stick within these.
What are your thoughts on the Waves platform? How do you foresee this impacting small businesses? Share your thoughts in the comments below.
Images via Shutterstock, Waves Platform