“Elements,” is a blockchain based digital currency that seeks to revolutionize the loyalty rewards industry. Elements offer a universal platform for multiple merchants, enabling them to leverage cryptocurrency’s underlying technology to increase sales and visibility as well as customer satisfaction.
A blockchain is as good as the algorithm it uses. Elements operate on the proof-work (POW) mining model with X11-changed hashing algorithm as its POW. X11 conceived by Evan Duffield, the core developer of Dash, is similar in design to Bitcoin’s distribution procedure. X11 is possibly the most secure algorithm out there, offering 30 percent less wattage in GPUs and is 30-50 percent cooler than Scrypt.
Loyalty programs aim to improve customer experience and consequently merchant revenues. However, there is major fragmentation in the industry with no room for interoperability. Consumers are overwhelmed with memberships from different loyalty programs with no substantial benefits. As a result, customers end up not taking advantage of these programs. Merchants on the hand have to deal with the burden of liability that comes with running a loyalty program. As a result, the loyalty program industry has become inefficient.
Elements, keen on experimentation is disrupting the future of loyalty programs. Elements provide a universal loyalty currency accepted by various merchants. Consumers can use the currency wherever they please. A single currency accepted by multiple merchants is beneficial to both consumers and merchants alike. A universally accepted loyalty currency motivates consumers to spend more to spend more.
- One of the biggest challenges merchants face with loyalty programs is liability. If all consumers were to cash in their loyalty points simultaneously, businesses would collapse. With, Elements, however, Merchants can acquire coins free by mining, thus massively reducing the cost of liability.
- Elements offer a single currency accepted by multiple merchants, an advantage to consumers and merchants alike.
- The blockchain records all transaction on the immutable ledger, which means customers cannot counterfeit their loyalty points.
- With Elements loyalty currency, the customer’s privacy remains intact, as Elements does not store the customer’s data.
- Elements’ blockchain processes transactions instantly.
- Customers can use a wallet of their choice for transactions
- Customers can use the “Elements” loyalty coins to purchase products from merchants or exchange the coins for either fiat or crypto-currencies.
More information on Elements is available at https://theelements.io/