About 9 months ago BCShop.io project and BCS token were introduced to broad public. A lot of things had changed in blockchain industry since then, new standards were developed and practices established. At the same time BCS token functions were being shaped, improved and polished.
The team came up with the following core concepts for project’s token:
- Exclusive to token holders utility functions is a must.
- User convenience is very important, no intermediary sites or exchanges should be used for users to purchase BCS. Token should be purchasable in couple clicks with convenient wallet option right from the BCShop.io website. Users should know nothing about the process of communicating with decentralized exchange which actually happens when they purchase tokens.
- Fast token turnover is bad. Token should be designed the way that users would prefer to hold it. “Purchase token – use platform – sell token” scheme so common in blockchain projects today should be avoided.
- Users should have a choice: to use or not to use BCS token. Obstacles in form of “buy token or you can’t use the platform” should be avoided.
Based on the concepts above several BCS utility functions have been developed.
Cashback rewards for buyers
Cashback reward system – an incentive program where percentage of the amount spent by user is payed back to the user’s wallet. Practically this means that every BCS token holder will be able to claim a small percentage of all spendings made through BCShop.io platform. We did not decide about exact numbers yet, but the maximum cashback allowed will be in range of standard debit / credit cards cashback: 0.5% - 2%.
Cashback feature is unique for BCS token holders. To be eligible for it a user must hold certain amount of BCS on the wallet. Currently 3 tiers of cashback are planned (100% - 300%) depending on how much tokens a user possesses.
Commission cut for merchants
For merchants using BCShop.io platform we offer decent (50%+) commission cut if they hold tokens on their wallet. The fees on the platform are already extremely low (0.5% - 2%) compared to out-of-crypto world. Holding BCS tokens on the wallet allows to cut the fees even more. Each BCS token provides certain amount of commission cut monthly. The more BCS tokens are on merchant’s wallet the more ETH is saved on commissions over month.
The use of tokens is very convenient from practical point of view: buy and hold, no additional actions needed. Commission cut happens automatically for every purchase with results easily accessible right on the BCShop.io website. It’s worth to mention that not only platform’s commission is being cut, but escrow’s commission as well if merchants decides to attach an escrow to the deal.
BCS as a payment option
The team understands that people in blockchain and crypto field are mostly used to BTC and ETH. That’s why we are not forcing them to use our token as the only payment method to buy and sell goods or services. Right from the start there will be two payment options: ETH and BCS. Thus, platform’s users can choose which one they like at their convenience.
Furthermore, current state of Ethereum blockchain and several decentralized exchanges around allows us to add more ERC-20 token payment options at later stages. This means that BCShop.io can add utility value to the whole Ethereum ecosystem!
BCS as a promotion ticket
At a post-release update which is scheduled later this year and is being actively worked on, we will be adding another unique BCS token function. Any merchant on the platform will be able to apply for approval using BCS tokens. This means that the merchant and its goods and services will be verified by BCShop.io company and added to built-in catalogue increasing exposure to platform users.
Needless to say how important it is for Ethereum ecosystem to have a utility hub where people can come and search for what they like to purchase, with no intermediaries and no exchanges involved, with tiny fees. The team hopes that BCShop.io can become such a hub.
About BCShop.io
BCShop.io project aims to reinvent the way digital commerce and payments work today. Focusing on digital goods and services area project’s goal is to enhance it with fast-growing opportunities blockchain technologies and cryptocurrencies have to offer. In January 2018 BCShop.io hit hard cap of 2000 ETH at its token sale.
Website: https://bcshop.io/
Twitter https://twitter.com/BCShop_io
Telegram https://t.me/bcshopio
Facebook https://www.facebook.com/BCShop.io/
Business Inquiries [email protected]
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good job
thank you