Our project, Loyal Network, is a loyalty rewards program and point of sale software for restaurants and other businesses. Our model owns a liquidity token which restaurants buy and use to create a unique loyalty point token for each business which has an assigned monetary value. Customers make regular purchases using fiat (cash, card), and when merchants approve each transaction, customers are given an NFT that represents their order and includes necessary information, as well as a series of loyalty point tokens. Once enough of these loyalty point tokens have accumulated, customers can redeem (burn) their loyalty tokens to get a free meal from the restaurant. This is beneficial to use with blockchain because it reduces the costs that it requires to set up a loyalty program, which enables small business owners to create a full loyalty point program that was not accessible to them before. It also enables interoperability, as customers are able to exchange their loyalty tokens from one unique loyalty token to another, increasing the value of the entire network.
This project was created by Nishant Bakhru, Jakobi Haskell, and Brian Delgado.