PayPal-Backed Codemojo Will Build On Existing Rewards Platform With ICO
Codemojo is developing a Global Rewards Network which aims to foster redemption of rewards points through a blockchain platform. The platform will be an upgraded version of their existing Rewards Network that is currently engaging 6 million digital users every month across 2000+ publishers (Apps and Websites) using 100+ brand rewards.
The service is backed by online payments giant PayPal. Codemojo will host an ICO pre-sale starting Oct. 15 for its Alloy token. It will replace their existing wallet-based architeture with a blockchain ledger. The ICO anticipates a total token supply of 100 million Alloy, with a maximum ETH cap on the crowdsale of 86,596 ETH. Of the total tokens, 50 percent are allocated for the public sale, 20 percent is retained for the founders, core team and early backers, and 30 percent will be reserved for transactions and incentives. One ETH will be worth 575 Alloy, with purchases available in ETH or bitcoin.
Block Tribune talked with Shoaib Mohammed, the co-founder/CTO, about the plans.
BLOCK TRIBUNE: Loyalty rewards seem concentrated in a few types of businesses – hotels, airlines, credit cards. Are you expanding beyond that circle?
SHOAIB MOHAMMED: Yes. The Global rewards network will also give publishers (APP & Website developers) an opportunity to reward and engage their users. In turn, these users can redeem their points in the Rewards catalog. This is for mutual benefit. Publishers need to maintain their own catalog, and publishers can bring ina fresh set of consumer inventory benefiting the brands to increase their transactions
BLOCK TRIBUNE: How automated is your system? Can you pretty much set it up and then review once a month?
SHOAIB MOHAMMED: Yes, As a publisher or brand, you get to log in and set a conversion factor for your points, and going forward, everything is managed by the system. As you rightly pointed out, it can be reviewed once a month or on a need basis
BLOCK TRIBUNE: You had this in operation since 2015. What companies use it?
SHOAIB MOHAMMED: We work with 110+ major Brands in India and close to 2000 publishers, engaging around 25mn users across the network. A few noteworthy names would be Raymonds, Bigbasket, OYO, IXIGO, Skyscanner etc..
BLOCK TRIBUNE: Are there parts of the world that are under-served in loyalty programs? I would imagine anything beyond a handful of First World countries doesn’t have or use them much. Tell me about your plans to penetrate that market.
SHOAIB MOHAMMED: With the penetration of mobile apps and Internet, there are lot of economies like Indonesia, Korea who is joining the loyalty space, as you rightly pointed out, the programs are under-utilized due to the current infrastructure and limitations of program operators. We aim to break this using our Borderless Rewards Catalog, which will allow a consumer to redeem their points across any part of the globe for any merchandise or product made available in the Rewards Network. We have a rollout plan for each geography under our initial target radar.
BLOCK TRIBUNE: How does your company make money?
SHOAIB MOHAMMED: Our business model is straightforward and on both sides. At one side, we will be charging the brands/publishers who are allowing their users to redeem their points a convenience fee. And on the other side charging the brands whose product consumers redeem a commission for driving sale.