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Earning money online has become a popular trend as advancements in technology continue to revolutionize how human beings interact. In the last few years, the Pandemic and the growing mobile and internet penetration have seen people from all walks of life find alternative ways to earn money. While the whole online industry is gaining traction, blockchain-based projects seem to be gaining most of this attention.
The need for change
Despite its popularity, blockchain still lacks fundamental systems, especially applications within the marketing industry. The marketing structures in the blockchain industry still lack the proper systems to distribute referral rewards to promoters who participate in promoting various processes, including Initial DEX Offering (IDOs), Liquidity Pools, decentralized applications (DApps), and NFTs. Moreover, there is also no Web3 native solution that is trustless for affiliate marketers, which can be used for making payments expanding promoter’s performance.
As the world moves to decentralization and complete digitalization, there is a need to create decentralized structures to help with the transition. So far, most marketing systems are highly centralized, a structure that has proved to be a danger to many businesses. Centralized marketing systems have over the years been involved in numerous fraud cases, data protection concerns, and lack of transparency in operations. As a result, there are highly strained relationships between project owners with promoters and consumers who lack trust in one another.
In addition, the introduction of Web3 has clearly outlined the imminent need for change within affiliate marketing (performance-based referral marketing). Sharing the same principles as blockchain technologies, Web3 promises to provide verifiable trustless and self-governing applications. Web3 also allows for the native built-in payments system, permissionless and distributed robust systems. However, the innovation is yet to address marketing issues available in the current market. So far newly introduced solutions from the decentralized space seem to still be reminiscent of the traditional ones, where promotions are still centrally managed within siloed referral campaigns scattered across the ecosystem and blockchains.
Attrace provides the solution
Attrace is a first-of-its-kind trustless decentralized referral marketing network. The Attrace protocol is a fair ecosystem for Web3 marketing via a three-party promotional system (project, promoter and participant). It is aiming to bridge the broken trust between project owners and promoters with a blockchain agnostic referral standard.
Created in June 2021, Attrace essentially verifies in a trustless manner user acquisition via third-party promotions. The network empowers promoters to support a project they believe in by enabling them to share these projects with communities and getting rewarded for the real additional participation achieved. This promote-to-earn system allows better interactions between project owners, promoters, and the community at large.
An important part of the Network is the Attrace Referral Oracles: When a project has listed a promotion. promoters can register by signing a referral contract with their wallet. After this, the promoters can obtain a referral link, which they can share with their audience. A participant that follows this link will be offered an incentive to sign with its wallet, after which the relation with this promoter (wallet) is shared with the Referral Oracles. These oracles now have all the information needed to observe the transactions on an external blockchain, search for a legit conversion, and trigger the commission and bounty distributions.
Attrace is already live on Ethereum, Polygon and plans to add more networks to its ecosystem before the end of the year (e.g. BSC). The protocol recently launched IDO referrals, Liquidity Provision referrals, Yield Farming referrals and will go live this week with NFT referrals.
The future looks bright for the Attrace community as the Network also plans to introduce gamification to allow its users to benefit from the Play to Earn space.
