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Premio, meaning “award” in Esperanto, is a token on Celo that enables the distribution of awards on a blockchain network. Premio is a decentralized award distribution programme that provides several incentives for different marketing activities including but not limited to loyalty programmes, staking and farming.
Through Premio, companies in the real and crypto world can strategize several promotional incentives and reach out to their target market without complex, irrelevant or valueless rewards. Premio also helps crypto assets participate in different Defi functions such as staking and farming activities by offering Premio tokens to its audience.
By being on the Celo network, Premio will gain the competitive advantage of offering fast and secure transactions with very low costs, thus enabling companies in consumer goods and other low reward per person loyalty programmes to successfully perform their initiatives without any constraints.
Problems in the Industry and the solution Premio provides
According to a research in the U.S., consumers are part of several loyalty programmes that rewards in different currencies, take too long to pass the threshold and rewards are mostly not valuable. In addition, there is too much communication from several channels and consumers do not trust these programmes in regards to security.
Blockchain provides instant redemption for consumers and therefore consumers do not have to wait at all and be able to transfer any amount from their “wallet” to their account. In addition, thanks to blockchain technology the consumers have the option to keep their anonymity and still be eligible for rewards. Premio focuses on the anonymity of its users and protects its users from sharing their contact information with third parties and being bombarded with emails and phone calls.
Currently, there are blockchain solutions to real sector loyalty programmes and we have started witnessing the merger between loyalty programmes. However, Premio is unique in its way that it focuses not only on the real world but also on the crypto world and the promotions within the sector. Aiming to be the award system within the Celo community, Premio will aid several projects with their staking and mining programmes.
How Premio Works
Premio merges with partners with companies from crypto and real sector and acts as a gateway to provide value for the consumers. Different loyalty programs and crypto gains will reward Premio tokens. As Premio token is on the Celo network, it will be accessible on the mobile wallets and claimed with little cost concerns. Through different DEFI services such as staking and farming consumers can add value to their Premio collected and cash out through the Defi platform as they please. Users also have the chance to spend their rewards on the marketplace tailored for them.
Premio’s unique offering is based on 5 pillars which highlight the blockchain solution that Premio brings to real and crypto world loyalty programmes. These pillars are:
1. Reliable systems
Owning a Premio token cannot be revoked and is recorded publicly on the blockchain. The issuing company cannot take away those points due to some internal policy. This is both a win for the consumer who doesn’t have to worry about their points expiring or being devalued before they can use them, and a win for businesses who gain greater customer loyalty by providing a better and more transparent customer experience. Therefore, it attracts consumers in a trustworthy approach.
2. Less clutter
Premio tokens can be used at other platforms, switched for different cryptocurrency, or stored for later. That means consumers won’t have to manage 100 market points, 10,000 American Airlines miles, and 10 Starbucks card stamps.
3. More flexibility
With Premio loyalty tokens, customers have more freedom in how they redeem their tokens, including being able to redeem them in smaller portions. One of the complaints many customers have with loyalty programs is the complex point systems and limited rewards, so allowing for more flexibility in how they use the rewards they’ve earned is a big advantage. As it is a crypto asset, it can also be used in DeFi platforms to engage with other assets in the crypto world.
4. Reduced costs
Program costs won’t take a long time and huge budgets to implement, facilitate and maintain. Because of CELO Blockchain’s native ledger, you already have a loyalty record.
5. Overall transparency
Users will know that companies cannot change rules or blockchain token amounts based on their will. This gives customers satisfaction that they can redeem what they want, when they want.