LoyalCoin (LYL) replaces traditional customer loyalty programs with a flexible, fully transferable token that can be used to redeem rewards from any participating brand, anytime, anywhere. It creates a more open ecosystem for customer loyalty that strengthens relationships between brands and their customers. LYL is a token built on the NEM Mosaic platform.
The launch of LoyalCoin will involve commitments from entities who will have the digital asset and use it for consumption, operational, and/or other purposes. Participants in this new ecosystem will drive the new loyalty economy with their activities and financial support for the scaling of our platform. For instance, in the consumption-driven emerging economies in Asia, the spread of a unified, proactive customer loyalty system can usher in more customer retention for companies, who will then boost their top and bottom lines. Mass adoption and economic activity from this dynamic loyalty environment will be the engine that can add value to each LoyalCoin. Simply put, by replacing the limited reward points in the current customer loyalty setup with a blockchain-backed dynamic currency that supports increased participation between customer and brand, we can unlock the full potential of rewards programs and increased value for participants in this revamped loyalty ecosystem.