All over the world, there is a massive wave of disruption happening in the major industries of the world. From transportation to finance and even the hospitality industry, talks about disruption are quickly becoming top of mind no matter the industry you are in. last year alone saw Bitcoin gain tremendous popularity with a meteoric rise in price that was unprecedented. You only have to look at how the ‘Ubers’ and ‘Airbnbs’ of this world are doing to pretty much predict Bitcoin capability and know that it is here to stay.
With the growth of an internet savvy global society and the borderless supply of information, it is easily predictable that the future has more disruptive technologies in store. In fact, another global industry that is soon to be disrupted to the core is the multibillion-dollar loyalty and reward industry. Basically, consumers have become frustrated with the existing friction that is characteristic of the traditional loyalty and reward industry and are quickly seeking alternatives thanks to the advent of Blockchain and cryptocurrencies. One entity that is certainly at the forefront of this wave of disruption is Ovato.
What is Ovato
Let’s face it, more and more consumers are continually seeking more value and authenticity with every transaction they conduct with businesses across the globe. After all, the need for authenticity in the financial world is what brought Bitcoin to the fore in the first place, right?
In addition to that, millennials are continually forming the bigger percentage of the consumer demographic and the only way for businesses to survive is to cater to their needs. Plus, studies indicate that in the US, only a paltry 14 percent of millennials belong to a loyalty program. This just shows the degree to which millennials are disinterested with traditional loyalty programs. On the other hand, companies offering traditional loyalty and reward programs are often dealing with the inability to successfully integrate their loyalty programs with their marketing efforts, but there is a viable solution with a tokenization approach.
Ovato wants to close in on the existing gap and solve problems that currently exist with traditional loyalty reward programs. At its core, Ovato is a tokenized solution to the challenges characterized by contemporary loyalty reward programs. Ovato is an ERC20 token that is built to provide consumers as well as businesses better incentives with a re-imagined loyalty program that is set to significantly reduce costs while allowing consumers to conduct a safe and efficient transaction for stronger participation and marketing.
How it works
By 2020 the global loyalty and rewards industry is projected to be worth a whopping $100 billion up from its current valuation of about $65 billion. Ovato seeks to build on this and provide the best value to both consumers and merchants by using Blockchain technology. But first things first, to understand how Ovato’s proposition will work, we have to look at how the traditional reward and loyalty programs function.
How do traditional loyalty programs work?
Well, upon registration for a particular loyalty and reward program, the customer is usually offered points or credits on a pseudo credit card. These credits or points are the rewards that a consumer can redeem at the point of sale terminal. However, for the merchant offering the loyalty programs, recordable liability has to be accounted for from the time the points or credits are distributed to the time they are redeemed by the consumer.
Since fewer consumers perceive the value of participating leave alone redeeming points due to their low value, merchants are continually dealing with forwarded recordable liability as more rewards and points expire. This is where Ovato comes into play.
Basically, merchants will be able to dictate a budget for their loyalty programs and get instant delivery through the Ovato token. The tokens will, in turn, be delivered to participants of the reward program on the Ovato Blockchain network solving the recordable liability issue and reducing costs since everything is supported on the Blockchain. Furthermore, with Ovato’s smart contracts, merchants will be able to offer promotional deals to their consumers thus boosting the integration of their reward programs and their marketing strategies.
For consumers, the fact that the Ovato tokens are capable of multiple use cases is a plus as the consumer can spend the earned Ovato coins with other participating merchants of the platform. Plus, they can also share the Ovato tokens with friends and family thus giving more value to the loyalty and reward program.
Bitovaton, the mother company of Ovato prides itself on being at the forefront of change and a facilitator of forward-thinking with its latest innovations. Bitovation is led by David Neill, a senior technology enthusiast with proven know-how in implementing effective business strategies. As an early adopter of Bitcoin since 2014, Neil has been in the crypto space for some time and also boasts of a successful history of scaling fortune 500 firms.
On the other hand, the Ovato project is led by Seth Kamlet who is the CEO with a background of being a VC in New York and a lawyer. Seth also got into the cryptocurrency and Blockchain space early on in 2014 and is also the proud co-founder of Unique Risk Insurance.
The rest of the team at Ovato is comprised of industry-leading tech advisors, developers, and designers including Roger Yack (the Bitovation president and the quintessential entrepreneur).
Ovato ICO details
Without a doubt, the Ovato coin is set for the moon while offering a long-term benefit with a variety of features. Apart from the fact that it will be used as a smart programmable ERC20 token for loyalty programs, its utility will spread into other areas. For instance, it is built for secure storage on multiple wallets while also being traceable for easy auditing. In fact, since it’s based on Blockchain it will manage to stand on its own as a currency with benefit while also being redeemable with other cryptocurrencies and fiat currencies. The pre token sale for Ovato is currently ongoing with about 14 days left until the end of the pre-sale. In total, over 40 percent of the tokens will be distributed in the main ICO that is upcoming.
Check out more details of its ICO below.
Token Symbol: OVT
Hard cap: 5million OVT
Pre ICO price: $0.95
Price in Main ICO: $2.00
Token Platform: Ethereum
Although Ovato is currently in the works, its proposition for streamlining functionality in the fractured multibillion dollar loyalty and rewards industry is quite exciting, especially for most crypto enthusiasts. It will help solve the issue of the inactive but high number of loyalty program subscribers by introducing a Blockchain monetary system that re-imagines the entire concept of reward programs.
The Ovato project is set to represent a tangible solution that will enable the use of cryptocurrencies in real-world situations which is a step forward into the future of Blockchain and cryptocurrencies. Basically, Ovato is the right solution that will enable merchants to convert the contemporary financially conscious consumer. Participants of the Ovato platform can definitely expect to be effective consumers and marketers of products and services thanks to this budding project.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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