Giftz ICO – the Review
Giftz is a Los Angeles-based company that tries disrupt the current loyalty system by utilizing blockchain technology. Big enterprises offer loyal customers different rewards expressed in miles, goods or points. These kind of rewards are really costly for most merchants. Those who can’t afford them are in risk of losing customers that would prefer the rewards offered by other companies. Giftz has created a solution to this problem using blockchain technology.
What is the Problem?
When consumers have to choose an enterprise, they also take into account which one of them offers loyalty rewards. This leads to the fact that some customers stick with the same businesses discarding other options that do not offer loyalty programs.
If a smaller enterprise wants to create a reward program, it will not only be very costly but since the program is very small, it will be not as attractive as to join a card bundling more businesses.
In order to create a reward program, the company just needs to go to the platform and within a few minutes it will be created. There is no need to contact specialist in order to offer a reward program anymore. Giftz offers the possibility to do it in a few clicks with their platform.
At the same time, these enterprises that can afford the costly reward benefits face other kinds of problems. According to a research study by Knowledge Network, 81% of loyalty members don’t even know the benefits of the said programs. They also don’t know how and when they will receive the rewards. Furthermore, most of the programs lack excitement, users like to feel that they are getting high value deals, but nowadays, loyalty memberships can’t offer that.
This ICO is trying to solve one of the most costly problems that different enterprises face. The reward programs that an Airline or a Hotel have can be totally different, but they both offer similar benefits. Why is not possible for a customer to receive rewards in one centralized platform and decide what to do with the tokens in a simple way? Giftz will help users to feel that the reward program in which they are is worth.
Enterprises that are not able to give a loyalty program, or they spend a lot in these gifts so as to keep attracting consumers, will benefit from Giftz. Any enterprise that wants to reward its customers, now it will be able to do so by buying tokens and giving them to their users. This will reduce the general budget of the company and furthermore, have happier clients.
Problem of the Customers: 3/5
Not many people have the pain that they need to carry arround many gift cards.
Problem of the Businesses: 4/5
Many merchants don’t see the rewards cards as something crucial. But if one decides to implement a loyalty system to his or her business, then the problem gets to 5/5
In order to solve these problems, Giftz is working on a free blockchain rewards ecosystem, a common rewards token, and an online wallet. The intention is to unify the reward and loyalty industry in one platform built upon Blockchain technology. The way that Giftz works is not the same as the Bitcoin Gift Cards.
With Giftz any merchant is able to afford a rewards program. Consumers can collect itCoin in different stores, apps, and websites. Giftz reduces costs for businesses, allowing them to offer an efficient reward program for every single customer. For a small business, this is important. While only big retailers and enterprises can offer reward programs, small merchants are outside the game. Giftz empowers businesses with low cost loyalty programs.
With the digital wallet named Waulit, an airline or a hotel will be able to reward every single customer from one place. Loyalty providers decide how and with whom the customer uses these rewards. This solves something that the study carried by Knowledge Network says: users don’t know the benefits of their programs or how and when they will receive the rewards. With the wallet, any user can control the rewards received, and can use them at any moment in the available shops.
The solution to have one main token and then many subtokens, intertradable, is gorgeous. This means that different merchants don’t need to interact with eachother to come up with deals and plans that work for both sides. With Giftzs, the users decide upon the value of each token pair!
Currencies and Debit Cards and Token Distribution
Giftz will also allow its customers to have a virtual debit card that could be used with points from the Waulit wallet. A virtual debit card will be given to those who order it. It works in the same way as the virtual one, preloaded with the reward points stored in the Giftz wallet.
28% of the Token Sale Allocation will be reserved for sales incentives and bounties for developing the community. 35% will be used for liquidity pools, token utility spending and blockchain build-out. 23% will be allocated for corporative infrastructure, sales teams, sales growth, developer team, advisors and founding investors. Finally, 14% will be distributed to promotional teams and other contributors.
Should I Invest in Giftz?
In order to decide whether it is a good investment, let’s take a look at the main characteristics of this ICO.
Giftz team is conformed by an experienced, recognized and professional group of individuals form different fields.
John Paukulis is Giftz founder. He was working at Worldwide Panel, TestSpin, Inc., and Paramount Pictures. What is Giftz for his creator? “We’re democratizing rewards for businesses and consumers. The merchant only pays for the itCoin he offers as ‘giftz’ to his customers. Shoppers have fun earning a crypto reward which is simply a tokenized micro-gift-code, but has real value within the Giftz Ecosystem. It is our goal to make loyalty more exiting, streamlined and secure over a distributed network.”
Emilio Diez Barroso, Chariman and CEO of NALA Investment, is one of the most important investors that is working with Giftz. He has studied economy and finance at Harvard University, I.T.A.M, and Boston Universities. He has been named as one of the most powerful latinos by Poder Magazine. He has also been investing in different foundations and institutions, making of him an experienced and innovative member of Giftz team.
Another group member is Linda Giambrone, Investor and Advisor. She was working at Endemol Shine North America where she has produced different tv series like ‘the island‘. She has an extensive experience working in different television formats and productions. These different activities performed by Linda Giambrone make of her one of the most respected production executives.
Steven McClurg Chief Operations Officer of Crowdfunder is one of the important advisors that Giftz has chosen to offer a great quality reward program for every single enterprise. He has a vast experience in the fintech industry and is ready to advise Giftz in the best possible way.
With the white paper presented by Giftz, the intention is to provide individuals and enterprises the necessary information to invest knowing in what they are investing. The paper is clear and explains in any single way which are the main characteristics of the ICO and project.
White Papers allow investors to be informed about an ICO and about possible profitable investments. The concept is expressed clearly in Giftz white paper and the road map is explained. In addition to it, the document gives a clear information about how disruptive and innovative the proposed idea is.
The white paper explains the idea nicely, but it also has way too technical parts. Those feel like a complete waste of lifetime if you don’t have a science degree. It is important to keep a short, clear and investor-friendly white paper. For example, it is not clear how Black, Gold and Silver itCoin work. As mentioned before, it is written in a technical way that does not help to spread the message of the ICO.
There should be a shorter white paper that explains properly how the ICO works and all the basic things and information. A technical white paper must be provided in order to complete the user-friendly white paper in case it is needed.
Giftz and its team, are sure that companies need this new way of understanding loyalty rewards. With Giftz, more enterprises than ever before, will now be able to offer to their customers a reliable reward program. This will increase consumers satisfaction and reduce several costs for the businesses.
Big enterprises usually spend big amounts of money in having an acceptable, and sometimes not efficient, customer reward program. Small businesses are not able to offer loyalty rewards due to the lack of necessary funds to create these kind of programs. Giftz helps both, big and small enterprises that want to offer their clients different rewards. Several companies would now be involved in one centralized program that would facilitate things for them and for their customers.
According to Bloomberg, airlines make more money selling miles than seats. While having access to tokens, businesses can profit from that by offering more efficient rewards than without the tokens. These companies would be able to reach a bigger audience and more markets than before.
The website offers everything what an investor needs to know about the ICO. It has an own style, different from the traditional ICO landing page. Leaving things simple may be the best option for everyone to understand and find what they are searching for.
It is important to remark that the website has a clear menu structure, where one is able to find everything that he or she needs to know about Giftz. That’s one of the most important things. If an investor can’t find what he or she is searching about the ICO, he would probably decide not to invest in it at all.
Since the first review, the Giftz.io has stepped up their game. But it is still a very slow loading page, with some chaotic structuring. The webpage does not seem to be at the same level as the whole ICO. It is a step behind and should be updated as soon as possible to make it more useful for the investors.
The itCoin has been created in order to facilitate the reward programs. While before each company had their own rewards, now it would be easier to compare between rewards from different companies. It centralizes an industry that was diversified and without the possibility to compare different programs. Now, it will be centralized in one token that will allow users to compare between enterprises and different loyalty programs.
The price of the token can increase in the future. Nowadays, several businesses run loyalty programs that are worth more than the entire enterprise. If some companies would start to turn their investments into this token, it has an important potential for the future. It can become the next currency used for every single enterprise with loyalty rewards.
Giftz wants to build a loyalty program with the intention to solve the diverse problems mentioned in the article. Gitfz will allow companies to pay for points in the platform and distribute them to customers. Users will be able to use them later in different places.
Businesses without the possibility of creating a loyalty program, will now be able to have one for a much lower price. Moreover, users will be able to be part of a reward program that is entirely made for them so as to be enjoyed and used at any time.
As an investor, Giftz has an incredible working team that knows what its offering. The idea is kinda clear and solves one of the biggest problems that different enterprises from different fields face, when they try to implement loyalty programs. Website and whitepaper are stuffed with information that could have been presented in a better way. At the end, the idea and the team are the most important things.
Besides that, Giftz was ranked top 10 ICOs for 2018 by Inc Magazine.
- Cointipping and Why It’s on Its Way Out - Nov 7, 2019
- Bithoven Exchange Announces New Margin Trading Services For Users After Several Requests - Jul 11, 2019
- Binance Exchange Launches a New Fiat Crypto Exchange Called Binance Jersey - Jan 17, 2019
- VISA Acquires Ripple’s Partner Earthport After Closing a £198 Million Deal - Dec 29, 2018
- Report Says Cryptos Could Soon be Legalized in India - Dec 28, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.