The problem LoyFin solves

Companies provide loyalty points to their customers. It is like a strategic investment. For example, in India, the supercoin by Flipkart and insider points on Myntra and Paytm first rewards on Paytm. Government banks like SBI also give loyalty rewards. But still, the loyalty program is not at its fullest, reasons are- low redemption rate, every company issues their loyalty point, some companies do not have the digital infrastructure, redemption requires a threshold value.

To counter this problem, we are creating a token and a platform, LoyFin. Companies can buy these tokens and then distribute them to their customers/ employees as loyalty rewards from our website. There will be several other functionalities like a company dashboard, where token can be bought with fiat currencies and USDC tokens. There will be another unique functionality of "streaming rewards" on our website, where rewards can be rewarded to people continuously for a certain period at a specified rate of transfer (opening endless use cases for corporate and consumers). Later these tokens can then be redeemed by consumers or token holders at several marketplaces, supermarkets, and can also be traded among peers as gift rewards. (example - Token holders can redeem airline tickets, movie tickets, e-commerce platforms can add the provision for redeemable items between different vendors, etc ) Finally, the vendors will be able to convert these tokens to fiat currencies through our website. The entire system will be decentralized and a blockchain-based system will make it easy to add and remove partner companies and vendors.

Challenges we ran into

We couldn't integrate whole stack.