News Update January 2019
It’s hard to believe that, at least in the Western world, the first month of the New Year is already almost behind us. Despite Christmas and New Year celebrations, the teams have been working relentlessly on the commercial version of our product, prepare the listing of the Momentum Token on a number of exchange(s), and of course developing our partner channel and sales pipeline. These first few months of the year signal a very important time for us and we of course would like to share a bit of insight into what we’ve been up to.
On the last day of 2018, registration for our whitelist was closed. We were delighted to have almost 2,000 people register their interest in purchasing Momentum Tokens before it is listed on the exchange and want to thank everyone for registering! It’s great to know that so many potential customers and partners have shown their interest and want to join the Momentum Protocol platform.
As we have indicated, we would ideally like to conclude the purchase process as soon as the token is publicly available and as soon as we have the green light, we will contact each registrant by email to help them complete the purchase process.
In general, we have a staged, multi-tier exchange approach, combining larger, global exchanges, with smaller, regional ones, in order to build a good, global reach over time and ensure that any customer/partner/user that would like to purchase tokens to access our platform, can do so conveniently. Throughout the month of January, we have been working with several exchanges to progress our listing applications. This is going well, although we have some delays due to the Chinese New Year for example. As soon as we have dotted the I’s and crossed the T’s, we will share with you the exact dates and exchanges we will partner with to start with.
The development team of the Momentum Protocol platform has been hard at work to design, develop and deploy our platform. We have had customers and partners already enjoy the system and now our team is working on deployment of the commercial version, with a focus on the processes to create loyalty programs, add users to programs, let these users earn, create, redeem and swap loyalty point- tokens, secure the transactions on the blockchain and make all of it manageable through the wallet (for the end consumer) and the Momentum Panel (for the companies running their loyalty programs on the Momentum Platform).
We are in good shape, but developing this type of technology on the blockchain is often uncharted territory, both from a technological and a policy-based perspective. As you are all aware, the blockchain world is going through so many changes and we want to make sure we are up to speed and make all the correct choices to meet our longer-term goals. To offer brands and consumers a secure and user-friendly platform, extensive research, testing and constant evolution are needed and plenty of future iterations will help shape and mature our product over time.
Meanwhile, the opportunity of Blockchain and Loyalty Programs is continually confirmed by industry developments, media outlets, business leaders and entrepreneurs, strengthening Momentum Protocol’s position day-by-day.
A great example is Deloitte’s Tech Trends 2019 report, which explores the technologies that will reshape business and government in the next 18-24 months. According to the firm, over the next five years, blockchain will likely become as important as digital experiences, analytics and cloud are today.
The report stresses that the “profoundly disruptive” nature of blockchain is likely to transform the way humans transact and engage. It notes that large enterprises and consortia are deploying enterprise-grade blockchain solutions and that as technical hurdles and policy limitations are being resolved, we will likely see breakthroughs in gateways, integration layers, and common standards in the next few years.
Deloitte’s Tech Trends 2019 report echoes predictions from Arun Ghosh, US’ blockchain leader at KPMG, who foresees that blockchain adoption will spike across numerous sectors this year.
“We will see a greater understanding of what blockchain is – and what it is not. Combined with more accessibility via blockchain services on public clouds, companies will move towards successful implementations and strategic projects that result in business outcomes – such as reducing reconciliations in the order to invoice process or financial services organizations combatting fraud,” Ghosh said in a statement.
Tokenization will continue to take hold in 2019 with loyalty set to emerge as one of the key areas to be the most impacted. Ghosh predicts that an increasing number of companies will tokenize loyalty rewards to drive better customer experiences.
The 2018 Delphi Report on the Future of Loyalty Marketing also highlighted the applicability of blockchain technology for loyalty programs.
‘If a universal and distributed ledger of all loyalty currencies could be created, it would facilitate exchange between the programs, remove unwanted friction and greatly accelerate the value for program members. The total value of unused points, miles, vouchers and cryptocurrencies is staggering and the market potential for a blockchain solution certainly outweighs the ‘technical’ development costs. The issue is participation, trust among the participants and who controls (or manages) the blockchain.’
The overall take-away is that Momentum Protocol is in a prime position to benefit from these developments in the market and, during our conversations with retailers, brands, and loyalty and marketing experts, we get the same feedback. If you or any of your connections are interested in working with us, please don’t hesitate to get in touch. Please send us an email at firstname.lastname@example.org to start the conversation.
Thank you for your continued support! We are incredibly excited about the months ahead of us. We have plenty of work ahead of us, but can’t wait to fully realize our vision. If you have any questions, please don’t hesitate to contact us. We’re always here to help.
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