Nowadays, startups and existing businesses favor token sales as the primary means of raising capital to fund their projects. This is perhaps the main reason behind the rapid increase in the number of ICOs in the past few months. The Universal Reward Protocol (URP) recently decided to follow this approach and will soon conduct an ICO to fund their upcoming blockchain project. The project seeks to develop a platform that fosters smooth interactions among consumers, merchants and manufacturers. The firm, which has been gaining popularity of late, expects to raise ETH worth €20 million during the crowdsale.
Yves Benchimol, the CEO of URP, stated that the protocol intends to improve the shopper’s experience and revolutionize the relationship between consumers and merchants. Essentially, the URP project is a platform that facilitates the direct peer-to-peer interaction amongst consumers, retailers and manufacturers, and automatically rewards their conduct and resource sharing in a specified and seamless manner.
URP's Extensive Research
The new solution, made in collaboration with Occi, has been in development for the past three years. It is a revolutionary platform that provides crucial data to retailers by leveraging the inbuilt geo-locator, artificial intelligence and data fusion. URP conducted thorough research while developing the new platform, visiting stores over 10 million times, identifying over 350,000 shoppers and sending over 40,000 client offers.
Therefore, they know the challenges that merchants face on a daily basis. During this survey, URP worked with renowned brands such as Auchan, Carrefour and Nestle. This is the world’s first blockchain application that has URP’s features, meaning that it can audit the behavior of shoppers during shopping.
How Does URP's Software Work?
The URP blockchain-driven software will analyze both online and offline in-store actions, including store visits, browsing and buying goods. In exchange, shoppers who accept to share their behavior data with merchants will earn URP tokens, while the retailer use the date to improve the quality of service delivery. The earned points will be redeemable at any partnering merchant store. Notably, shoppers will retain control over which aspects of their data they wish to share with the merchants, depending on the customization they desire and their concerns over privacy.
To make the deployment of this product on a global scale a success, URP have enlisted the services of Thomas Wolf, a previous European regional director of Catalina Marketing, a prominent digital couponing firm. Furthermore, the chief advisor to this project is Francois Poupard, a former executive at the Auchan retail enterprise.
The eagerly-awaited ICO is scheduled to start on June 1, 2108. A total of 240,000,000 URP tokens will be up for sale during the crowdsale, with each going for a paltry €0.10. During the sale, the acceptable currencies will be Ethereum and leading fiat currencies.
Undoubtedly, this new development by URP is set to transform the relationship between retailers and consumers. By rewarding both sides with tokens and business improving ideas respectively, this project will improve the quality of service delivery as well as the volume of purchase made by customers in various sectors of the economy.