A Look at 2local’s Blockchain-Based Loyalty Platform – Is it a Viable Project?
2local, a fintech company based in the Netherlands, is introducing a blockchain-powered loyalty platform that connects consumers to companies providing sustainable goods and services. In this review, you will find out what makes 2local’s product unique and whether this project is viable.
Bridging the Inequality Gap
Today, the gap between population groups is growing wider and wider. According to statistics from Global Inequality, less than ten percent of the world’s population owns 84 percent of the global wealth.
2local wants to bridge this gap by promoting sustainability and prosperity with its product. The platform will have a network of consumers and companies from all over the world. When consumers buy local-2-local and sustainably, 2local will reward them through a monthly cashback for purchasing from the companies in the network. Moreover, consumers will benefit from using the L2L coin which is likely to increase in value as its demand rises.
On the other hand, 2local will reward the companies on the platform by “turning transfer costs into a beneficial value rise” and building loyal customers through the loyalty program.
The aim of the cashback system is to boost global prosperity by rewarding people for purchasing local and sustainable goods and services. Furthermore, 2local is promoting sustainability through local-2-local buying. This is because local systems enable people to rethink social and ecological values and build relationships that reward equality.
How it Works
The 2local platform has a payment app that connects consumers to companies. This is one of the places besides an exchange and the 2local website where users can buy L2L tokens. When you buy from the app or website, you will receive a one percent discount. The app has a decentralized L2L wallet.
Once you buy L2L tokens, the next steps are as follows:
- Search for connected companies that produce local and sustainable goods and services with the help of filters.
- Buy from your preferred company. The 2local platform charges a one percent fee for every transaction. These fees are used in the monthly cashback system.
- You will receive a monthly cashback for the purchases you make. This cashback will increase as you make more purchases on 2local. However, this reward has a maximum limit.
- You can convert your L2L cashback into fiat through the loyalty program.
2local will use a smart algorithm to buy L2L tokens from official exchanges. After holding the tokens for a month, 2local will use the profit from the rise in value to pay users’ cashback. Additionally, the purchased tokens are used to run operations on the platform.
Companies that are interested in joining the 2local platform can register on the website and fill the questionnaire that has been provided. 2local wants companies that are associated with organizations that have sustainability characteristics or that produce regional goods. Once chosen, these companies will receive a 2local note in their wallet which enables consumers who purchase from them to get L2L coins. Also, connected companies will benefit from free advertising.
The L2L Token
The L2L token plays an important role in 2local’s platform. That is why 2local has designed it to increase in value. Since the 2local platform requires the L2L token to operate, users will constantly utilize it in various ways hence creating demand and liquidity. The rising demand will increase the value of the token.
Moreover, 2local uses a smart algorithm to keep the token’s exchange rate increasing at a steady pace. The company will maintain a reserve of L2L coins and fiat to enable its price to rise steadily. According to 2local’s whitepaper, the L2L coins stay stable “by using the buffer between the coin and the USD.”
Through their website or mobile accounts, users can view the amount of L2L coins they have, the history of the purchases and transfers they have made, and the cashback they have received. Additionally, website users can enable two-factor authentication to keep their accounts safe.
2local’s IEO is in Progress
2local is currently holding an Initial Exchange Offering (IEO) that is live on p2pb2b. The IEO began on 12 February 2020 and will end on the 21st of the same month at 2 PM (UTC+0).
Here are more IEO details:
- Token protocol: Stellar
- Hard cap: 1,000,000USD
- Bonus: 30 percent for amounts from 2,000 L2L
- Token price: 0.0017137USD
2local has set aside 54 percent of the tokens for the initial token offerings, 33 percent for the ecosystem, 9 percent for promotional purposes, and 4 percent for the contributors.
To join this IEO, go to p2pb2b and register. You can buy the token with Ether, Bitcoin, Stellar, and Tether.
After the IEO, 2local will onboard more than 20 companies and audit the platform ahead of the Q4 2020 platform release.
Why should you Choose 2local?
2local already has a working product. Currently, you can create an account on 2local, access your wallet, and download the 2local app on your Android device.
Other reasons include:
- 2local has an experienced team that is fully supporting the product
- They have a community of over 100,000 members
- 2local raised $600,000 during its ICO
- Users can access an online and mobile multicurrency wallet
- The L2L token is designed for stability, liquidity, and to increase in value
- 2local’s blockchain consumes low energy
- The company is contributing to the achievement of the UN’s Sustainable Development Goals
- 2local focuses on local and regional communities
- The 2local app has a QR code that users scan when sending L2L coins to each other
2local is providing a solution to a problem that is affecting everyone. The project has also received a lot of support, a sign that the product has a high success rate. Therefore, it is accurate to say that 2local’s project is viable and you should consider investing in it.