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Coupit aims to disrupt the world of e-commerce by building a platform for buying and selling goods and services online. Coupit's big idea centers around improving loyalty and incentives programs for both retailers and customers.
The Problem and Solution
If there is one thing the world has in abundance, it's e-commerce sites. There are something like 110,000 of them already in existence.
So why does Coupit think the world needs another e-commerce platform? The answer centers around problems that the Coupit founders perceive within the ways that traditional e-commerce sites build trust and loyalty with customers.
Currently, according to Coupit's whitepaper, "most attempts to verify trust from one centralized service to another result in failure." That is because reviews of companies that are left by other users can be easily forged or manipulated, and other types of data that consumers might use to evaluate a company -- such as records of past transactions -- are typically not available to the public. As a result, consumers have little means of knowing whether an e-commerce company is really trustworthy before they engage in a transaction.
The issue of building trust harms not just consumers but also e-commerce businesses. When a business operates fairly and treats customers well, it is hard to incentivize customers to tell other consumers about their positive experience because there are few good ways to reward customers for such activity.
Coupit aims to solve these problems by using the blockchain (specifically, the NEO blockchain) to build incentive and reputation features into its platform. Specifically, Coupit will offer three key features:
- On the Coupit platform, smart contracts will pay users for qualified referrals to a business through a built-in affiliate program.
- Coupit will also offer a reviews system that uses the blockchain to confirm that a reviewer has actually purchased something from the company he or she is reviewing in order to prevent fake reviews.
- Finally, Coupit's token system offers a built-in loyalty and rewards system because holders of Coupit tokens automatically receive another type of special token, called Recoupit, that can be used to redeem rewards within the platform.
Notably, Coupit's vision includes support for traditional payment solutions like credit cards. In other words, you don't have to use cryptocurrency to use the Coupit platform. That's a good idea because it will help Coupit to attract customers and integrate into the traditional e-commerce ecosystem. At the same time, however, not all of the platform's special features will be available to users who do not use cryptocurrency, which creates an incentive for users to adopt the token.
Coupit's executive team includes:
Unfortunately, we can't find much about either executive's past experience, which makes it hard to have high faith in the leadership team's abilities.
Coupit has not one, but two, tokens. The platform's main token, Coupit (COUP), serves as the utility token for the platform. In other words, it's what buyers and sellers use for advertising, making purchases and so on.
Meanwhile, Coupit's other token, Recoupit (RCPT), is designed to incentive people to continue using the Coupit platform. Recoupit tokens are generated automatically for anyone who owns Coupit tokens, and Recoupit tokens can be redeemed for special offers on Coupit. Therefore, if you own Coupit tokens (which is a sign of your loyalty to the platform) you will gain access to special rewards via the Recoupit tokens that are created for you automatically.
Coupit's community presence helps make up for the uncertainties raised by the question marks related to its executives' backgrounds.
We think Coupit has a pretty realistic and grounded vision that also manages to be innovative in the crowded e-commerce market. The company has identified practical ways to build better incentives, rewards, and trust in e-commerce by taking advantage of the blockchain and smart contracts.
At the same time, however, the company remains tethered to reality. It realizes that some people will still want to make payments using traditional methods, and it will support them even while it designs systems to incentive users of cryptocurrency. We like this healthy dose of pragmatic, forward-looking thinking.
We also like that Coupit has so much source code publicly available. Few blockchain companies have this much code to show.
Our only serious concern is the lack of information about where Coupit's two executives came from prior to starting Coupit. We can't give the leadership team high marks. But in all other categories -- economics, competitive advantage, token and novelty -- Coupit gets above-average marks.
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