JCASH Creates a Fully Monetized Cryptocurrency Ecosystem
Singapore-based JioJioMe, a social app that hopes to create a digital marketplace that will benefit everyone in its interconnected ecosystem, has created its very own cryptocurrency — called JCASH.
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Through leveraging its native ERC-20 token, the platform’s goal is to benefit all of the economic players within the cryptocurrency ecosystem it will have created. In essence, it’s hoping to monetize the activities of everyone: users, merchants, and advertisers respectively.
In essence, consumers and producers will both benefit from the app, which the company is calling a “hobby app.” In addition, JiojioMe users can then earn JCASH when they jio — meaning to invite in Chinese — other users to take advantage of promotions and discounts through the app.
Who Benefits from JCASH?
Both consumers and producers benefit from JioJiome by allowing consumers to indicate their own advertising preferences — which allows businesses to more effectively market to their target audience.
Participants will be awarded in JCASH, directly to the users who promote an advertiser’s ads and to the merchants who earn JCASH from users buying their products on the Jio Market.
Specifically, businesses can use the upcoming decentralized platform to more effectively advertise and to attract more customers through voucher and promotions. On the flip side, users will obviously benefit from using JCASH on the Jio Market to cash in on these promotions and discounts offered to them.
With the JIo Market, JCASH may be used to trade for items of physical value, and with more than 600 merchants on board the JiojioMe app, users will be given a sizeable purchasing power in the process.
User can also be rewarded upon every successful recommendation through JCASH’s Proof-Of-Activity (POA) consensus. According to the team’s official press release, POA is designed so advertisers know exactly what they are paying for.
About JCASH and JioJioMe
JCASH, for the moment, is a centralized currency managed by the JioJioMe team and used for in-app transactions. However, the startup will be transitioning to a decentralized, blockchain solution once it finishes its token sale on November 9th, 2018.
With the use of Smart Contracts and Application Programming Interface (API), the JiojioMe app will move transactions to the Ethereum network. This will make the entire process trustless as no central entity could feasibly obtain control of the currency once this transition is completed.
Furthermore, some other obvious benefits will come from integrating the blockchain, including enhanced privacy for users and data anonymization that will give companies the ability to respect their customer’s data, while simultaneously better understanding their behavior.
Image via Jcash
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