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Why is the Ruby Network a better loyalty program?

In the rewards and loyalty dimension/area/space, the technology has dictated nomenclature i.e the name of the product should be unambiguous.

 

To date projects that have been developed largely without the use of blockchain are referred to as Points & Rewards Programs while those built on the blockchain either native or ‘borrowed’ are called Blockchain Tokens or Cryptocurrency.

 

This does nothing to distinguish which projects are truly disruptive and which are largely innovatively rebuilt models of old or existing rewards programs and loyalty schemes.

 

In truth it the blockchain does dictate some preference and bias in the functionality, but this is largely driven by the philosophy of decentralised model and absence of 3rd party or centralised model rather than technology itself (this is less true of the new blockchains that sacrifice the decentralised demands for drastically improved performance; see EOS vs Ethereum debate).

Rubies for the Customer 

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Ownership of Your Points

Tokens

Once you own a Ruby token, it’s yours, and it can never be taken away from you.

You can trade them, sell them or horde them. Whatever you choose to do.

Points

In a points program you as the user don’t own your points.

 

You have no rights to any value of the points except what the company offers

Tokens Don't Expire

Tokens

Rubies cannot be expired by the partner that gave you the tokens, the ownership of your token is recorded in the blockchain and you are the owner until you choose to use them.

Points

Most points systems need to clear out old stored points.

 

They have the right to expire points after a period of time if you don’t use them.

Rubies are Cross Platform

Tokens

Ruby Tokens can be swapped for other cryptocurrencies, cashed in for rewards, given to friends and family or saved in your secure wallet until you want to use them.

Points

Point programs are normally only used within that business.

Tokens are Accounted Differently

Tokens

Ruby tokens are part of the Ruby Play Network and do not impact your company balance sheet as the users directly own the tokens.

Points

Point programs normally form a balance sheet liability and need to be accounted for by the company.

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Rubies for the Business 

Security

Tokens

Ruby tokens are part of the blockchain, their ownership is unique to the user and stored on the blockchain ledger, which is a highly secure system and does not need to be supported by your team.

Points

Databases regularly get hacked, customer data is stolen, privacy is breached and can even be erased or altered by hackers.

Cashing Out

Tokens

The Ruby token is part of the Binance network, the user can convert their Ruby rewards the same way they would any cryptocurrency.

Points

Point programs do not normally provide a mechanism for earners to convert points into fiat currency without charging a massive conversion rate for the user.

Contact

Us

 
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