Table of contents
Update: Please take into consideration that this blog article stems from 2021, and our platform underwent a significant metamorphosis in the meantime.
Crowny Loyalty System
The loyalty system Crowny offers is built on Solana. Solana serves as a stepping stone for registered companies to our advertising portal. This feature is valuable for both companies and consumers.
The Loyalty System provides companies with a very easy way to incorporate loyalty points into their business, completely free of charge. These ‘loyalty points’ will help companies boost brand recognition, increase engagement, and gain repeat customers.
How does it work?
The Crowny Loyalty System is built on Solana and offers registered companies their own token program. These tokens will not have any value. The figure shows our current development build of the loyalty system. We are working on extra features to create even more synergy with other parts of our platform, to be announced in the future.
Mockup of the loyalty points.
Crowny works by using encrypted QR codes to perform the operations needed on the program. For example, when a company wants to reward points to one of their customers, they choose the amount of tokens they want to mint, which in turn produces a QR code. Once the user completes the task assigned by the company, the QR code is unveiled and the user can scan it within the mobile application. Accepting points from a company through QR code scanning will automatically create a token account for the user, who can then use these tokens within the app’s ecosystem. From that moment on, it will be shown in the loyalty section of the Crowny mobile application.
Redeeming points is effectively a burn instruction. This also produces a QR code that can be scanned. Because of the mint and burn mechanism of the system, the total supply of tokens/points reflects the amount of points in circulation.
Mint and burn principle of the loyalty system.
The loyalty system serves as a stepping stone to our advertising portal. For example, imagine a company wants to send out a message to customers that they can get a certain product with a 50% discount if they redeem a certain amount of loyalty points. This message is only relevant for users who are actually holding some loyalty tokens AND for users who are consistently engaging with that brand. Therefore, companies are incentivized to reward users of the Crowny app and users are incentivized to interact with brands.
Crowny's consumer application
Like companies, users start by creating an account. During the account creation process, users will be presented with the list of preferences they can choose from. After completing all of the steps, they are ready to start using Crowny.
Crowny has implemented features to give the users total control over what messages they will receive and how often these messages are sent. One of these features is the ability to fully customize the frequency of notifications, including the possibility to turn them off completely. Users are also able to follow a specific company, block a company, or block a single advert from ever being repeated. They can change their preferences at any time.
Mockup of where users can select their preferences.
The app includes direct access to a wallet for $CRWNY and separate wallets for the loyalty points the user has earned. Users will eventually be able to swap $CRWNY to fiat via direct access to the wallet.
Whenever a user receives a message or completes a follow up, they will receive a reward in $CRWNY.
By using GPS triggers (geofences) and QR codes, brands will be able to create fun interactions for their community that will drive brand recognition, community engagement, and more — all while rewarding the user for interacting.
On top of that we are developing features that will introduce more gamification elements into our platform. One of the futures we will be focusing on is around gaining NFTs that will benefit a $CRWNY holder and/or platform user. Details regarding these features will be released during a later stage.
Stake Your $CRWNY
You are already able to stake your $CRWNY on AscendEX and have the chance to earn around 55% APY. This is even without the Application and Loyalty Program being active. In the future we will provide our own LP staking programs, but more info about that will follow soon!
Stake your tokens here
Conclusion
Through the use of the Crowny app, we believe brands and users will become more integrated with cryptocurrency, fueling the overall adoption of the ecosystem. As more users and brands begin to integrate with the Crowny platform, traditional loyalty programs will become a thing of the past. On top of that we also provide the staking mechanisms to give users an even better chance to earn on their hard-earned tokens.
We are excited you’ve joined us on this journey.
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