Even though blockchain technologies are still finding their feet in the global economic stage, there are already many developers and experts in the field of cryptocurrency who say that ‘a distributed network system is fundamentally better/ cheaper than a centralized system ‘. This is especially unique given the fact that ‘decentralized computing’ is quite expensive to maintain in this day and age. Thus with this information in mind, Pryze has been created to eliminate the need of marketing consultants and expensive escrow services by acting as a legitimate substitute.
In its core essence, Pryze can be envisioned as a ‘Decentralized Automated Sweepstakes Protocol’ that is intuitive in its design and has been built upon the Ethereum Blockchain. It is the first program of its kind, and will be developed as a smartphone app as well as a fully functional website.
From an operation standpoint we can see that Pryze makes it easy for new and veteran sweepstakes creators to ‘easily run and maintain sweepstakes’. All this is done while staying in line proper security and scalability measures so as to eliminate unwanted costs (some of whom include administration fees and hosting fees). Lastly, due to the use of Ethereum Blockchain, users can be sure about the security side of things.
What Makes Pryze Special?
(i) Eliminates the need of Escrow Services: when looked at objectively, we can see that during the creation of a sweepstakes on Pryze, the protocol that is used can help in the creation of a ‘smart contract’ that has the ability to hold a reward “in escrow” until a winner has been clearly identified.
(ii) Automated Winner Announcement: when using the Pryze Platform, the protocol governing the system will use the Ethereum blockchain to announce the winner of each contest.
(iii) Easier Promotion: one of the revolutionary aspects of this technology is that it pretty much eliminates the need for ‘targeted user acquisition costs’ by making use of a group of relying ‘opt-in users’ who are identified and organized via the use of a specially developed mobile app and website. The app and site also push regular alerts so as to regularly remind users of new sweepstakes opportunities.
(iv) Automated Winner Selection: the system reduces labour costs through the use of an intuitive algorithm that helps automate the winner selection process. Using the decentralized blockchain, Pryze is able to identify a winner in a totally unbiased, fair way.
(v) Easy Sweepstakes Entry: according to the official company webpage, the Pryze’s app has been created to facilitate the entry of a user into many sweepstakes simultaneously. This is done by matching common requirements by saving the consumer’s entry data, thereby allowing for faster entry for users who frequent the website.
(vi) Automated Tax Information Collection: to ensure complete legality in all matters related to money, Pryze can help provide additional security by providing customers with safe platform that requires sweepstakes entrants to ‘submit their tax information before receiving their winnings’. This not only reduces the burden on the sweepstakes creators, but also promotes ease of use.
Key Features Of Pryze
(i) Scalable: all of the operations that have been mentioned above are completely scalable to suit the needs and demands of the customer/ organization.
(ii) Cheaper: when compared to other similar services being offered in the market, Pryze is a cheap and reasonable option to consider.
(iii) Transparent: through the use of blockchain technology, Pryze has ensured that it is secure in every way possible.
(iv) Faster: it is fast and efficient even when handling a plethora of customers at the same time.
Who's Behind Pryze?
Pryze is the brainchild of Peter Franklin (CEO/Founder) who started this company a couple of years back. Peter holds a masters degree in computational economics from Duke. He has been in this field for over a decade, and during the course of his career he as served as a lead engineer at Microsoft and Zynga for projects ranging from Azure and Clusters to Farmville.
Gil Penchina is the co founder of Pryze and has been described as a “serial entrepreneur and prolific angel investor”. Some of his credentials include being the former founder of Flight.vc, co-founder of Fastly, CEO of Wikia, and being a member of the pre-IPO team at eBay.
How To Get In Touch?
Interested Users can drop in a word on the official page of the company. There is a full section where people can type in their query and submit it immediately. Once the request has been processed, company representatives will get in us touch asap.