- The first ever Global Awards Token will target mainstream retailers to issue branded cryptocurrencies
- System to launch with SK Planet Japan across 60,000 retail outlets throughout Asia
HONG KONG, Sept. 18, 2017 /PRNewswire/ -- "GATCOIN is inventing a future where every consumer can use crypto-currencies for everyday purchases," says founder and CEO, Simon Cheong. "In this future, global franchises will use blockchain-based cryptocurrencies they brand and control to enhance the consumer experience, cement loyalty, and gather valuable data."
GATCOIN enables companies to issue their own cryptocurrencies in a blockchain "multiverse" of shops, consumers and exchanges. Vouchers, stored value cards, reward points and more will be converted into cryptocurrencies that circulate on purpose-built high-speed super large ledgers.
Customers will be able to instantly collect and manage retail issued cryptocurrencies on their mobile devices. They will even be able to exchange them for cash.
"The average consumer belongs to over 30 shopping incentive programmes. Most of those incentives will never be claimed. For consumers, this is like losing money out of their pocket. For corporations, it means a waste of resources and lost customer loyalty," says Cheong. "Consumers will be able to collect retail currencies on their phone, spend them for real products, and exchange them for other currencies with other retailers if they want."
Starting in Japan in 2018, that reach will include over 60,000 retail and online shopping outlets. The network includes global franchises in fast foods, consumer beverage, beauty and convenience stores.
The network will be managed by the GAT Foundation, an independent non-profit organization based in Singapore. GAT tokens will be made available to the public on October 28, 2017. Details regarding GATCOIN, the GAT token and the GAT Foundation are available at www.gatcoin.io and in the project whitepaper.
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GATCOIN is a distributed retail shopping platform operating on high-speed super large ledger technology developed by Prof. Wei Tek Tsai, one of the most respected blockchain scientists in China. Working SLL testnets have reached speeds equivalent to average Visa/Mastercard transaction speeds. The GATCOIN platform includes a mobile shopping platform, a mobile wallet, and a mobile exchange to trade merchant tokens.