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I am delighted to announce that on January 1, 2023, we formally released the Bitcoin Industry Journal (BMJ) token.
It is as opposed to anything at all that has occur ahead of.
The BMJ token is a member rewards token, which performs like standard loyalty systems these types of as reward factors, airline miles, or repeated consumer reductions. (Consider Starbucks Benefits, Delta SkyMiles, or Amazon Key.)
Quality users who connected their MetaMask digital wallets prior to January 1 been given a worthwhile airdrop of BMJ tokens, despatched right to their wallet address. Going ahead, Top quality users will obtain BMJ tokens on the 1st of each individual thirty day period.
I’ll describe what we have created, and why it is so innovative.
The Problem: Getting Started with Crypto
Bear in mind our mission: to welcome the next 100 million individuals into crypto investing. (It is at the leading of just about every e-newsletter.)
Our solution is a prolonged-phrase, buy and keep tactic in high quality crypto property (study extra here). We’re not about chasing fads or limited-expression trading: we’re about supporting our audience create lengthy-expression wealth as aspect of a diversified portfolio.
For 5 several years, we’ve been conversing with our community associates, at our in-human being events and Zoom workshops. What we’ve discovered from listening to you is that the most difficult aspect of crypto investing is just finding started.
In other words and phrases, at the time folks get started with our month to month expense system, it has labored: our average reader has crafted in excess of $200,000 in crypto property. But also quite a few folks are sitting on the sidelines, however ready to get started.
When we produced our Top quality membership in 2021, we developed it as a great “push” to triumph over the inertia and get you started off on your investing journey. With unlimited access to our in-depth research, reviews, and workshops, it has labored: hundreds of delighted Premium associates are now onboarded to crypto.
But there is nevertheless so much potential in the millions of buyers who have not discovered crypto. We imagine – we know – that productive investing is a long-term activity, and we needed a way to make it stick.
Enter the BMJ Member Benefits Token.
The BMJ Member Rewards Token is a activity-changer for the sector, because it calls for you to produce a electronic wallet to get them. It is the least complicated on-ramp to crypto in the environment.
Reward Tokens: A Blockchain No-Brainer
With so many blockchain-primarily based tokens developed above the last 5 years, it is thoughts-blowing that tokens are even now not normally utilized for member rewards, which are a no-brainer for blockchain.
Feel about it: Why aren’t your United MileagePlus factors on blockchain? Or your Dick’s Sporting Products benefits details? Or your CVS ExtraCare points, which are as an alternative printed on a receipt the length of the Magna Carta?
We imagine there is space for anything new.
Building reward courses on blockchain offers users additional rewards outside of the common “buy 10 coffees, get 1 free”:
- Interoperability: Blockchain reward tokens can be opened up to a huge selection of businesses, enormously growing their positive aspects and get to. (Envision using your Marriott rewards for third-party ordeals like live shows and cruises.)
- Exchangeability: Reward points can be bought, marketed, and transferred amongst individuals, generating a secondary industry where by more compact balances can be cashed out, while much larger members can get their way to even bigger rewards levels. (Picture getting people last 500 repeated flyer points on the open sector to receive a free flight.)
- Transparency: Reward individuals can have a entire accounting of how lots of reward factors are in circulation at any time, when firms can look at reward factors actions and flow involving users, figuring out their most engaged shoppers. (Imagine viewing how many Starbucks Benefits are in circulation.)
We want to do for reward packages what cryptocurrency has finished for money. In shorter, we want to set reward packages cost-free.
Our Premium (compensated) members are the 1st to encounter this eyesight: you’ll get every month reward tokens that can be saved in your MetaMask digital wallet and redeemed for true-daily life benefits (see the present-day list listed here).
Our Eyesight for Reward Tokens
Today’s reward applications are tightly controlled and centralized: right after all, there is a genuine monetary value to spending out rewards. (No cost flights still value cash.)
For this motive, reward plan principles normally improve, ordinarily to the annoyance of prospects who ended up conserving up for that 50,000-mile bonus that is now only offered on Tuesdays in May possibly, after a $100 processing price. (No question they’re at times identified as repeated liar programs.)
A blockchain-primarily based reward token disrupts these legacy systems as radically as the open up-resource movement disrupted programming.
Organizations now situation the tokens, but they do not individual them.
In its place, users very own them, and can obtain, sell, trade, gather, and redeem them like regular cash.
What businesses reduce in manage, they much more than attain in growing their reward ecosystem.
We visualize reward techniques that incorporate amazing worth to their buyers, permitting collaboration concerning complementary (or even competing) brand names, and making a flywheel of mutual development.
Imagine if BMJ tokens were not limited to our rewards, but could be redeemed for Spotify subscriptions, Life is Excellent T-shirts, or a Netflix streaming membership. These associate firms could simply acknowledge our BMJ Member Benefits Token, and produce it off as a advertising and marketing expenditure: the cost to get a new consumer (a superior-income shopper with $200K in crypto, no much less).
Which is the eyesight for tomorrow here’s how the method functions these days.
How the System Is effective
- Anybody can indication up for our no cost publication, which is sent 3x/7 days.
- When they are all set to “level up,” subscribers be part of our Top quality application, which gets them a everyday publication, furthermore a substantial on-desire library of crypto investing content material.
- Premium associates then have the selection of connecting their MetaMask wallet to the site (check out the movie).
- With a related wallet, they begin to accrue 10 BMJ tokens, on the 1st of just about every month.
- These tokens are ERC-20 compliant, and will be minted directly to Ethereum (we pay back the fuel fee)!
- These tokens can be “redeemed” (i.e., burned) for actual-entire world rewards like T-shirts, NFTs, special activities, and more. As tokens are redeemed, they are burned.
- Click on below to see the present record of Member Benefits.
We’ll be chatting all this week about the journey to bring this token to existence. You are going to find out how to tell how significantly money we’re creating, why we chose Ethereum (not a Layer 2 remedy), and why we predict this will kick off the future great wave of crypto expansion.
Stay tuned – I assure it is likely to be satisfying.
