Negative Interest Rate Advocates to Develop a Blockchain-Based Customer Rewarding System

News and Analysis

A group of developers has announced they will launch a new blockchain-based system CRYPTonFly, which would distribute cryptocurrency dubbed CRON$ for various real-life activities. The system’s creators believe it will be popular with commercial organizations, which may use it to incentivize their customers to use their services.

Currently, the project is a prototype. However, the team considers using Ethereum to implement it. The project is consulted, among others, by Alexander Pankov, who had earlier advised QIWI on their BitRuble project. Economist Rustam Davletbayev, known for his advocacy of negative interest rate policy, has devised the project’s economic development model.

“CRYPTonFly, called CRON$, is designed for motivating of human to an active lifestyle in various spheres of routine life and allows to create cryptocurrency by making certain human activities and actions, which can be authentic measured and verified using telecommunication devices, i.e. smartphone, tablet, PC and etc.

CRYPTonFly gives opportunity to each user to make money by converting amount of a time during which the activities or actions were performed or amount of performed activities or actions into the CRON$,” the project’s whitepaper reads.

The project’s team believes that, considering crisis conditions and continuously declining purchasing power, market would seek new technologies capable of placing business processes in horizontal discourse. Additionally, they could minimize advertisement costs and attract more customers, thus increasing sales rate.

CRYPTonFly’s creators consider monetization of previously non-monetized activities a solution to the problem. Such actions include publication of photos and videos in social media; geo-tagged check-ins at stores, cafes, restaurants, etc; photos in brand-name clothes; attending fitness clubs; riding public transport; phone calls; internet accessing, etc.

“We’re considering different ways of monetization. There might be a fee for transactions, cryptocurrency withdrawal, or ad campaign fees ordered by companies,” CRYPTonFly’s CTO Roman Agafonov told ForkLog.

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