Bread announces loyalty rewards program as a way to give back to users
In a recent blog post, we outlined our plans for the future of Bread as we expand to become more than just a bitcoin wallet. The first steps we will take include adding the ability to manage Ethereum, Bitcoin Cash, and Ethereum-based tokens all within your Bread.
Many banks and credit card companies offer loyalty programs to retain users and increase the value of their products. As we strive to become the world’s largest, decentralized financial institution, we have decided to offer our own loyalty rewards program. We are calling it Bread Rewards, and we could possibly be the first cryptocurrency wallet to offer such a program.
At the core of Bread Rewards you will find the Bread token, a digital asset built on Ethereum that users will be able to hold in their Bread wallets. Just like any other cryptocurrency in Bread, users will have complete control over any tokens in their wallet, and will be free to hold them or transfer them to others. This makes Bread Rewards a truly decentralized rewards program, in which rewards never expire and users have the freedom to do whatever they wish with their Bread tokens, without relying on Bread to manage them. Additionally, the total supply of Bread tokens is fixed, and Bread will not be able to create more tokens once the rewards program is launched.
Bread tokens will provide various perks on the Bread platform. In the immediate future, Bread tokens will provide a discount on service fees when buying bitcoin or Ethereum through one of our service partners. Later we will be adding various premium services which will cost a fee to use, but holding a certain amount of Bread tokens will unlock complimentary or exclusive access to these features. This is similar to the multiple levels of perks one might get as they accumulate miles in their frequent flier account or spend more money with their credit card. As we add more features and services, Bread tokens will have more utility within the Bread app and will offer more value to our users.
This rewards program will not only give back to users, but will also benefit the Bread brand. We plan to incentivize users to regularly return to the Bread app by “airdropping” free tokens to users who meet certain activity requirements, which will encourage users to become Bread users and remain loyal. We are also designing various promotions and marketing campaigns that users can participate in to earn tokens; by answering opt-in surveys (which help us understand what our users want most) or posting on social media (which raises awareness of Bread), we will be able to craft a more powerful product and brand image while rewarding the users who contribute to our success.
It is important to note that participation in the Bread Rewards program will be completely optional and will not require any kind of registration. Our core wallet functionality will remain free and open source.
To fund the development of the many features that will make the Bread token most useful to users, we will be selling a limited number of Bread tokens to users who wish to acquire them before the official launch of the Bread Rewards program. Tokens, once received, will be immediately usable within the Bread app and transferable on the open Ethereum network. Promotions to award tokens to frequent Bread users will begin shortly after the close of this early token sale.
The Bread Rewards program is just one of many ways Bread will be replicating traditional financial services with a fully decentralized model, including funding for development, on our way to becoming the world’s largest decentralized financial institution.
More information on the early token sale can be found at token.breadapp.com.