Life Leadership is a loyalty program that is powered by cryptocurrency. Participating businesses can offer discounts to their customers much in the same way as frequent flyer miles work. This loyalty program could one day solve some of the biggest challenges facing the crypto space.
Issues Hindering Crypto Adoption
Some of the issues hindering the mass adoption of cryptocurrencies are slow transaction speeds, price volatility, lack of knowledge, high fee, and lack of enough users. This project wants to provide solutions to all these issues in one platform.
Volatility is a major issue that affects crypto. As a result, most businesses have refused to accept crypto payments. The creators of the C4 project claim they have found a solution to this problem. It will ensure that more businesses are willing to accept crypto.
Crypto transactions can take as long as 30 minutes to process. This project also claims to have found a workaround to the proof of work mechanism, which has been blamed for the slow transaction speeds.
High Transaction Speeds
The proof of work mechanism comes with high fees since miners expect to be compensated for their effort. The company has identified a new type of verification method to reduce this cost.
Low Literacy about Crypto
Many people today have no idea how crypto works. This app makes it easy to use crypto without the need to understand how all the background processes work.
The platform claims to have collaborated with thousands of stores nationally. It will help to ensure there are enough participants in the market.
The Meaning of C4
The C4 stands for Community, Content, Commerce, and Cryptocurrency.
Content is the services and products that are provided by stores nationally. Commerce stands for the exchange of money between clients and store owners. This includes credit card companies that facilitate these transactions. Community here stands for the markets that help to create a customer base. Lastly, cryptocurrency is offered by the company, which has created the blockchain-powered platform.
How the Program Works
The platform works in a similar manner to existing loyalty programs. However, there are some key differences. To use this platform, you need to download the app and scan the QR code of a participating business. They will then give you a discount and crypto will be credited to your account. These cryptocoins can be exchanged for fiat if you need the cash. The reason for receiving payment in crypto is that the processing fees are much lower. Best of all, joining this program is free. It’s a great way to take advantage of stores that accept bitcoin.
- You will not need to carry different loyalty cards.
- Rewards can be redeemed at numerous stores.
- You can use the platform online or in person.
- The reward points never lose their value.
DIBS are the native cryptocurrency for this platform. Once you scan the QR code, you are paid in DIBS cryptocoins. There is no limit on the DIBS you can store in the Life App crypto wallet.
Photo Source: Life Leadership Twitter