Crypto Improvement Fund, or CIF, is a community project that aims to spur the growth of the cryptocurrency industry. Find out how the fund works today in our review.
What Is Crypto Improvement Fund?
Crypto Improvement Fund, found online at CryptoImprovementFund.io, is a community project that wants to “spur the growth and popularity of the cryptocurrency market through a very simple, yet effective means.”
The core of the CIF ecosystem revolves around the CIF coin, which “will offer all-in-one functionality.” The project aims to use the CIF token as a business incentive, a marketing tool, and as part of a customer loyalty program.
Overall, CIF wants to implement a token-based loyalty program that encourages users to spend cryptocurrencies at stores – and encourages businesses to promote their acceptance of cryptocurrencies.
What Problems Does Crypto Improvement Fund Seek To Solve?
Crypto Improvement Fund’s overall goal is to spur mainstream adoption of cryptocurrencies. The company believes there are several hurdles currently hindering the widespread adoption of cryptocurrencies. The biggest hurdle is that businesses aren’t yet using cryptocurrencies.
Businesses don’t use cryptocurrencies because there’s no incentive to adopt cryptocurrencies. That’s why they continue using fiat currencies and credit cards – despite the high fees and other negatives.
How Does Crypto Improvement Fund Plan To Solve These Problems?
Overall, Crypto Improvement Fund plans to educate businesses on the benefits of accepting cryptocurrencies as a payment method.
CIF wants to remind businesses that they can attract an emerging market of consumers eager to spend cryptocurrencies in new places. These businesses can also stand out from their competition and tap into a niche market while enjoying low fees.
Instead of just hoping businesses jump on board, Crypto Improvement Fund is introducing a rewards program for businesses. That rewards program will educate businesses while spurring cryptocurrency adoption. We’ll talk more about that rewards program below.
The Crypto Improvement Fund Business Rewards Program
The CIF Business Rewards Program aims to reward businesses for their increased awareness, involvement, and acceptance of the cryptocurrency market.
Businesses can qualify for this rewards program by incorporating and using a form of cryptocurrency as a viable payment method for customers.
CIF doesn’t force businesses to use any specific coin. After all, the goal of the project is to push forward the cryptocurrency market as a whole – not to promote one specific coin.
The loyalty program is available to businesses at zero cost. Crypto Improvement Fund plans to generate revenue through value-added services. Those value-added services will include education and consulting services offered to businesses.
To prove their qualification for the loyalty program, businesses must show 6 months of sales transactions via a cryptocurrency. The business must also show proof that the means of payment – like various altcoins – is advertised and communicated to clients.
Businesses will receive a quarterly amount of CIF (their “allowance”) based on the amount of transactions they conduct with cryptocurrencies. The more cryptocurrency transactions they conduct, the more CIF tokens the business will receive every quarter.
The end result is to encourage businesses to not only accept cryptocurrencies – but also promote the use of cryptocurrencies.
Customer Loyalty Tokens
CIF tokens can also be used as a customer loyalty incentive program. Customers can be rewarded for making transactions in cryptocurrency with a particular vendor. This is how the business can spend the CIF tokens they receive from Crypto Improvement Fund: they cycle it to customers as a reward for spending. Then, as customers spend more in cryptocurrencies, the business receives more CIF tokens from Crypto Improvement Fund in return.
Who’s Behind Crypto Improvement Fund?
Crypto Improvement Fund is led by a Canadian entrepreneur named Scott Douglas, who founded the project in January 2016.
Other key members of the team include Devnullius (Strategic Partner), Petra Hoogerwerf (Finance), and Liam Clark (Marketing). The company maintains an office in downtown Toronto.
The Crypto Improvement Fund ICO
CIF tokens are a POW/POS coin with a total supply of 500,000,000. A total of 40% of tokens are pre-mined, with 125 million available in the ICO, 15 million available for bounties/airdrop, 10 million for the team, and 50 million for the business rewards program. The remaining coins will be mined.
The ICO is accepting BTC in exchange for CIF tokens.
There will be three CIF sale periods, including:
- Period 1: 85 million CIF tokens will be released starting at 17:00 UTC on October 1, 2017. The first period will end on November 1.
- Period 2: 30 million CIF tokens will be released starting at 17:00 UTC on November 1, 2017, and ending on December 1, 2017.
- Period 3: The final 10 million CIF tokens will be available for sale starting at 17:00 UTC on December 1 and ending on January 1, 2018.
Crypto Improvement Fund will allocate CIF tokens after each period. Meanwhile, the full platform is expected to launch on January 1, 2018.
Crypto Improvement Fund Conclusion
Crypto Improvement Fund is a project that wants to promote the overall use of cryptocurrencies across the business world. Today, many businesses are hesitating to adopt cryptocurrencies because they have no incentive. Crypto Improvement Fund plans to give businesses an incentive to accept cryptocurrencies and promote the use of cryptocurrencies. To do that, Crypto Improvement Fund is creating CIF tokens. Those tokens will be used to reward businesses for their cryptocurrency transactions. Businesses can then give tokens to customers every time a customer makes a cryptocurrency payment.
In addition to the token mechanism, Crypto Improvement Fund has plans to promote cryptocurrency adoption in eCommerce, and to create business dashboards and enhanced wallet applications across mobile and desktop operating systems.
To learn more about the ambitious project, read through the company’s whitepaper. The ICO starts at the beginning of October.