Here at RedFOX Labs, we’re in build mode. Our first blockchain venture — Zaddex — is nearing the end of its Beta phase. And our first taste of launching a user-friendly product has us yearning for more.
Now, if you’ve seen Benny’s interview with Crypto Rich, you already know that we’re drawing plans for a trio of profitable business models. We’re structuring a language instruction portal, an insurance aggregator, and an NFT marketplace.
Oh, did you miss that video? It’s a deep dive into what RedFOX Labs believes in, and how we plan to achieve our mission of seeding blockchain networks throughout emerging markets.
We have some highly recommended viewing material for you right here:
But today, we’re talking about a new blockchain venture that falls into another category altogether. And if you spend any amount of time online — like you’re doing now! — there’s a good chance you enjoy a similar service.
What is it? Well, let’s talk about it!
An Immensely Gratifying Industry
One of the Internet’s most ingenious inventions is the online rewards portal. These platforms are aggregations of products and services, offering the ability to earn points. Advertisers pay to have their goods on offer, and consumers get a kickback for their participation.
Portal members accumulate points by shopping at specific online retailers, watching videos, or taking surveys. A points-based ecosystem rewards participants with cash and gift cards — for activities they’re already doing.
Typical redemption options include gift cards for Amazon or Walmart. And in some cases, cash straight to your PayPal account. Who doesn’t like to receive payments for everyday activities?
A Brewing Partnership in Myanmar
As a blockchain venture builder in Southeast Asia, we identify profitable business models, then replicate their success right here at home.
Now, our CEO, Ben Fairbank, is no stranger to the business world. Ben’s C-level experience includes a vital role at Grab, one of Southeast Asia’s largest ride-hailing companies.
And for our new blockchain venture, Ben’s tapping into his vast network to partner with one of Myanmar’s largest online audiences. Just like the head start afforded by leveraging Komodo’s Antara Framework, we’re not starting from scratch.
RedFOX is teaming up with an established industry player whose monthly social engagement reaches tens of millions of followers. We can’t yet divulge who, but we can tell you that they can’t wait to add blockchain security to their business. The organization operates within a behemoth industry realizing hundreds of billions in annual revenue.
Combating Bad Actors
We build blockchain ventures because we believe there’s no better technology to fit the bill. And, unless blockchain enhances a business model, we don’t bother building the enterprise at all.
Blockchain tech eliminates the fraud plaguing today’s rewards portals.
As you can imagine, customer loyalty programs are targets of all types of hacks and scams. Phishing emails which redirect unsuspecting clickers to phony, credential-stealing websites are but one tactic. Hacking into dormant accounts is another, which can lead to ID theft.
Because the RedFOX chain is under Komodo’s protection, we boast the security of the world’s most robust network — bitcoin. Compared to a standard rewards website — the equivalent of a ‘hot’ wallet in the cryptosphere — a blockchain network delivers a host of upgrades.
From locking down user funds to verifying and storing their identities, distributed ledgers offer unparalleled safety.
Plus, protection from 51% attacks is but a single component of what KMD offers our project. The project’s new library of blockchain-building modules gives us the freedom to get creative with our native coin’s circulating supply.
The Main Chain
Our RFOX coin is currently in the midst of double-duty events. First off, the Liquid exchange is hosting a trading competition in which we’re giving away up to 3.5 bitcoin. But that’s only half of the equation.
Once the contest concludes on September 18, 2019, we’re burning up to 35M RFOX coins. As we spark trade volume on one of the crypto industry’s rare regulated exchanges, we’re torching our circulating supply to drive asset value.
And speaking of driving value, KMD’s new tech offers unlimited opportunity for further decreasing our coin supply. You see, every new blockchain venture gives us the option to convert RFOX coin into an all-new crypto asset.
For example (only), let’s assume we come to an agreement with our portal partner. Soon after that, we create a new, non-exchange-tradeable currency.
Every transaction within our rewards ecosystem earns points for the member base. Point-based rewards are redeemable for cash and prizes, just like the portals you’re familiar with now. But for this iteration, we’re applying blockchain tech to maintain a fast and clean environment.
Now, this is also where we have complete control. The Antara Framework allows us to eliminate assets on one chain while creating equal value on another. In this instance, the RedFOX blockchain is the parent chain, and we can create unlimited ‘child’ chains. And to create value, we need only burn RFOX coins.
The RedFOX team is excited about the prospect of expanding our international presence. Before you know it, we’ll have a blockchain venture running within each of Southeast Asia’s diverse countries.
Tapping into Komodo’s suite of products allows us to not only launch ventures but also to manage the supply of our native coin better. In other words, every new business we establish has the opportunity to influence the trade value of RFOX positively. Yes, we’re strategically thinking long-term here.
Our upcoming customer loyalty program is a reflection of how blockchain tech can enhance nearly every industry in existence. We’re fostering an environment in which cheaters can’t play — no falsified purchases, no bot-completed surveys, no gaming the system.
Another exciting element of blockchain-powered rewards is the capacity for real-time settlement. Instantaneous rewards drive repeat purchases — the underlying goal of all loyalty programs. And, increased loyalty can cause additional more brands to embrace our portal as an effective outlet for reaching customers.
Like all of the other initiatives we’re currently working on, we can’t wait to share our portal’s full launch with you. And as always, we’ll share details with you as soon as we’re able!