German cocktail bar Sausalitos is launching its own native cryptocurrency, Sausalitos Coin, with which it will reward customers for every purchase via the blockchain-based loyalty rewards platform ‘qiibee’ that runs on the Ethereum blockchain. Customers at Sausalitos can now build up their cryptocurrency portfolio just by consuming alcohol.
Having a loyalty rewards program use blockchain technology comes with the benefits of being cryptographically secure, so customers won’t lose their points from hacking, being easily traceable and verifiable since points will be recorded on an immutable blockchain. Since the points come in the form of real cryptocurrencies, they will never expire. In fact, given the long-term price rise on average across cryptocurrency markets, the tokens earned through a loyalty rewards programs could end up being worth a lot of money in the future.
Approximately 4 million customers visit Sausolitos’ 41 restaurants every year, so this will be an excellent operational test for blockchain-based loyalty rewards programs, which is relatively uncharted territory. Sausalitos Coin will use the ERC-20 protocol, which is a popular and easy way to create new cryptocurrencies secured by the Ethereum blockchain. A single smart contract is all it takes to create an ERC-20 token.
Sausalitos Coin will be tied to the value of qiibee’s native cryptocurrency QBX, which is needed to trigger the smart contract which creates Sausalitos Coin. With the qiibee loyalty rewards app, customers just have to scan a QR code with their phone after every purchase and coins will instantly go into their wallet. Customers can then use qiibee
To convert the Sausalitos Coins into fiat and buy drinks or exchange Sausalitos Coins for tokens from other loyalty rewards programs. Basically, customers can get rewards from all other businesses hooked up to qiibee.. In the future, qiibee is planning on facilitating the trading of its loyalty rewards tokens for major cryptocurrencies like Bitcoin, but customers will be able to withdraw coins from the app even before this and trade them on compatible cryptocurrency exchanges.
The CEO of Sausalitos, Christopher Heidt, said he was looking for “something innovative” when choosing a proper loyalty rewards programs. He also said qiibee “offers many options to us, including the option for our loyal customers to switch into using cryptocurrency, which is very exciting”.
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