The purpose of the CollabCoin token is to build a blockchain technology based loyalty rewards program to support small to medium sized enterprises (SME). This is done through rewarding consumers with CollabCoins as they spend fiat at SMEs within the CollabCoin network of businesses. These CollabCoins can be redeemed for products, sold for fiat, or gifted to someone else.
The CollabCoin app refreshes in real time to reflect the market price, the value of each CollabCoin is tied to the market price. For example: Say on a particular day, CollabCoins are worth $1. If, on that day, a pair of shoes costs $100, and through CollabCoin there is a 50% discount, it will take 50 CollabCoins to receive the discount. However, if on the next day the value of CollabCoins are now $2, then it will take 25 CollabCoins to get the 50% discount. You will still only be able to get 50% off the pair of shoes.
All businesses within the CollabCoin network will be paid in fiat currency
If a customer continues to remain loyal to a business within the network, the amount of CollabCoins they receive for each purchase increases.
- Bronze is the base level and customers receive 10% more coins for continued shopping at a SME
- Silver customers will receive 15% more coins
- Gold customers will receive 25% more coins
- Diamond customers will receive 50% more coins
For both business and Consumers there is no cost to join or participate in the CollabCoin network.
Yes. The CollabCoin token is how customers are rewarded for shopping at SME’s. Moving forward CollabCoin will also reward customers for other actions that benefit the CollabCoin SME network.
Not in the traditional sense, however we can say CollabCoins are “mined” whenever a purchase is made at a SME within the CollabCoin network.
No, the token is not equity.
No, not in the current iteration, this functionality may come in the future.
400 Million pre-mined coins will be generated in total, divisible up to 8 decimal places.
Yes, CollabCoin offers SMEs metrics to track the success of their loyalty rewards program.
Coins can be redeemed at any business within the CollabCoin Network.