The term Blockchain partially describes its tasks and purpose. The blockchain is a chain of blocks (so naturally). And not just a chain. It maintains a strict sequence.
What are these blocks and what is a chain? Blocks are data about transactions, transactions, and contracts within the system, presented in the cryptographic form. Initially, the blockchain was (and remains) the basis of Bitcoin cryptocurrency. All blocks are lined up in a chain, that is, interconnected. To write a new block, it is necessary to read information about old blocks sequentially.
All data in the blockchain is accumulated and forms a regularly supplemented database. It is impossible to delete anything from this database or to replace/replace a block. And it is “unlimited” – an infinite number of transactions can be written there. This is one of the main features of the blockchain.
It is an exchange currency protected by unique data encryption methods – cryptography. Cryptocurrency can be paid only on the Internet.
This money cannot be fake. They have no paper or metal counterpart. Either banks or governments do not control cryptocurrency. Currency turnover occurs through a single network consisting of different independent computers.
Everyone can buy various products or services for cryptocurrency, and it can also be exchanged for real money. If desired, everyone can create their analog of cryptocurrency.
The main advantages of using the blockchain are the transparency of the transactions performed and multiple copying of all these transactions in such a way that each participant in the process always has information about each step of all partners.
The entire chain of transactions is duplicated and stored in an unchanged encrypted form for each participant, and it will not be possible to forge it somehow.
Blockchain is decentralized. There is no one common “command center”, hacking that will succeed in destroying all the data about the transaction and its participants or changing them. And that is why the blockchain is ideal for implementing our idea of creating a platform to buy loyalty tokens.
We strive to create the loyalty of the new time, and for this, bonuses that can be exchanged are ideally suited. Now buyers will be able to decide for themselves what rewards they need, and sellers will be able to control the turnover of bonuses and independently maintain the keen interest of customers in their loyalty programs.
Also, we unite all loyalty programs in one environment, which will allow businesses to save on creating their loyalty programs, which will enable them to spend more money on customer benefits.
Also, participation in the Bonex network will allow all participants to get information about what bonuses exist on the exchange, as well as to monitor the relevance and use of the application until they cease to be valid.
At this stage of development, the Bonex platform cannot exchange material loyalty cards for digital bonuses.
We chose the Stellar code as we consider this platform as the most suitable for the new loyalty. Stellar allows you to move and sell bonuses within the system quickly.
In addition, Stellar smart contracts support multi-signatures, grouping / atomicity (the ability to include a group of operations in a single transaction, and cancel an entire group if at least one of the processes is rejected) a sequence (sequence numbers ensuring that certain transactions do not start running before the previous ones) and timeframes (time limits beyond which the transaction cannot be executed). It will allow Bonex and its members to get unprecedented security and ease of operations.
You can help the project, expressing your opinion about the product, test it. Also in the foreseeable future, you can leave your impression about the loyalty program in our Loyalty Compare project (under development).
Also, you can become an investor in the project and support its development financially.
The blockchain technology implies the complete security of the wallet while protecting it with the help of seed phrases, so its loss will close access to your wallet.
Seed phrase you need to access your wallet. Only you have a seed phrase, so if you lose it, you will not be able to get into your wallet.