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BMW Korea trials a blockchain-powered rewards program ahead of global launch

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Customers of the world-famous car manufacturer will soon be able to claim blockchain tokens as rewards as part of a new membership scheme, called BMW Vantage.

The Korea Times reported on Oct. 7 that BMW Korea is the first branch in BMW Group to run a trial of the new scheme and aims to fully launch it in the country by the end of 2020. It successful, the company is planning a global rollout.

The points-based rewards program uses blockchain technology to securely allocate and track tokens for participating customers. First-time buyers of new BMW models could be eligible for 300,000–500,000 points. Buyers of existing vehicles, like the  X1, X2, BMW 1 and 2 series cars, could receive up to 600,000, and those who purchase new BMW 5 or BMW 6 series cars up to 900,000. For BMW repurchases, customers will receive extra points based on the vehicles’ prices.

Buying BMW cars isn’t the only way to earn points. BMW Korea has rolled out an app with gaming and social features, through which users can also earn their dues. Broadly, the purpose of the points-based scheme will be to provide loyal users with discounts on car maintenance and other BMW services. For those with higher-tier membership in the program, the company is promising them invites to cultural events organized by BMW

In recent years, BMW has been using blockchain solutions for both customer-facing and business-to-business operations. As a co-founder of the Mobility Open Blockchain Initiative, the manufacturer has collaborated with high-profile blockchain developers and tech firms such as Hyperledger, IBM and IOTA.

In March, BMW announced plans to roll out its supply chain solution, PartChain, to 10 suppliers in 2020.

As early as 2018, the car maker was experimenting with a tokenized rewards system to encourage drivers to track mileage on their leased vehicles. 



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Blockchain

A review of SushiSwap roll-outs

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Launched in August 2020 as a fork of the Uniswap decentralized exchange, SushiSwap briefly surpassed its competitor. Now ranking third behind Uniswap’s v3 and v2, the DEX rolls out numerous integrations with major networks beyond its native Ethereum blockchain to offer users a single entry point and lower fees. 

The SushiSwap protocol is one of the largest proponents of a multi-chain future in decentralized finance as the DEX is already live on Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom. Data by Covalent provides insight on SushiSwap across these five chains.

Data reveals the most popular chain by the number of swaps executed daily is Polygon, as the protocol usage skyrocketed in May. Polygon continues to set new records as it hosted 120,000 swaps on SushiSwap recently.

Left far behind, Ethereum ranked second as of June 2021 by daily swap count. Fantom and Avalanche tend to follow the same trend as Ethereum, although the gaps among the three have been widening since the active trading days in late May. Avalanche and Fantom even outstripped Ethereum by the number of transactions on May 19, when a market-wide liquidation frenzy occurred.

A closer look at daily swap volume shows a different story. The dominance of Ethereum in SushiSwap had been unshakable for a long time, with the peak of trading volume at almost $3 billion on May 21. However, Polygon overtook Ethereum by swap volume in June with a $420-million mark, which highlighted the rapid take-off of the layer-two scalability solutions. 

The reduction of transaction costs is the major driver behind the adoption of a multi-chain approach. SushiSwap has achieved this by offering options outside of Ethereum. Data on gas usage on Ethereum and other chains could not even be compared in one chart due to a dramatic difference in numbers.