The Incent token crowdsale launched today, offering a merchant-backed loyalty token enabling instant, transferable rewards that hold real-world value.

Cryptocurrency directory and merchant hub BitScan has partnered with custom blockchain token platform Waves to create a new merchant-defined loyalty and rewards network with native token called Incent.  The Initial Coin Offering (ICO) runs from 1 Oct – 30 Nov and aims to raise $5m.

Existing loyalty schemes are costly to run, have low customer satisfaction ratings and issue rewards that can only be redeemed with the issuing business. To tackle this problem, Incent proposes a shared loyalty scheme where retailers can enjoy a low cost loyalty-as-a-service solution whilst still controlling the deals they offer to suit their audience and profit margins.

The Incent platform is delivered as an easy plugin for merchants who will have access to a shared customer base with push marketing capabilities. A proof of concept app is available.

Token Crowdsale

Incent has now launched its crowdsale with a cap of $5m in place. The pricing will be in the following tiers until the sale concludes on November 30 at 23:59 GMT or until $5 million US has been raised.

October 1-4:   10,000 INCENT per BTC (0.0001)
October 5-11:   9,000 INCENT per BTC (0.00011111)
October 12-18:  8,000 INCENT per BTC (0.000125)
October 19-25:  7,000 INCENT per BTC (0.00014286)
October 26:       6,800 INCENT per BTC (0.00014706)
October 27:  6,600 INCENT per BTC (0.00015152)
October 28:  6,400 INCENT per BTC (0.00015625)
October 29:  6,200 INCENT per BTC (0.00016129)
October 30 – November 30:  6,000 INCENT per BTC (0.00016667)

This week, Incent closed a private pre-sale that raised over $280,000 USD getting the launch off to a flying start.

Businesses onboard

Incent has been informed by BitScan’s prior experience as the #1 bitcoin business directory. Merchants can configure issuance and redemption via the dashboard — sending customers a proportion of the value of each purchase in Incent, and setting the discount available for paying with Incent.

BitScan has more than 9,000 merchants who accept bitcoin in its directory, which will provide a viable market for the first phase of Incent’s market entry. The goal for Incent is to create a token of steadily increasing value, driven by organic market demand — which will also benefit ICO investors. Every time a merchant rewards a customer, tokens will be bought on the open market, potentially increasing prices.

Our engagement with the merchant community has been very positive. We have taken Incent to a significant number of retailers all of whom have shown a keen interest in the savings we offer and in our easy-to-use platform. Retailers recognise that current loyalty systems are overpriced and underperforming and are looking for something new. Rob, CEO, BitScan

Once such company is landscaping supplier Sure-Green whose UK CEO John Warner had this to say,

Here at Sure-Green we see great potential in Incent to help us grow repeat business across our wide trade community, through provision of rewards for custom that our tradesmen will really value at a manageable cost to our business and with no administration overhead.

Waves platform

Incent has a strategic partnership with Waves platform, which after successfully raising $15m has been busy developing a full ecosystem including token issuance, wallets and a decentralised exchange. Founder & CEO of Waves, Sasha Ivanov stated,

We’ve built Waves for applications like Incent. I am thrilled to announce our partnership on this exciting project’

After the ICO is complete, Incent tokens will be distributed to users’ Waves wallets and will trade on the platform and any third party exchanges.

The Incent ICO will run from 00:01 GMT on 1 Oct to 23:59 GMT on 30 Nov.