Blockchain seems to have become the buzzword of 2018. Every day, new companies are popping up with new ideas for how blockchain can be applied to one problem or another.

For the uninitiated though, blockchain is a minefield of technical terms and jargon. When taken all together, the blockchain space can quickly become overwhelming.

At its heart, a blockchain is simply a form of database that drives Bitcoin and other digital currencies. Remember that millions of people use the internet daily without needing to know the definition of HTTP. Similarly, people drive cars without knowing the details of how the engine works.

So, as blockchain technology develops, more and more tech companies are starting to recognize that people shouldn’t need to know all of the intricacies of blockchain to be a user of the technology.

One such blockchain project is FlipNpik. The company is developing a platform and a smartphone app that anyone can download and start using immediately in the same way as they would use Facebook or Foursquare. It doesn’t require anyone to understand blockchain, cryptocurrency or the technical jargon surrounding both.

What is FlipNpik?

FlipNpik is aiming to combine social media and digital marketing for small, local businesses into one collaborative, value-shared ecosystem. The company recognizes that in today’s world, many industry sectors have consolidated into fewer, larger, and often global players. This has been to the detriment of local businesses who cannot compete with the reach and budgets of their global counterparts.

In the areas of marketing and digital advertising, this same industry shift has also happened with a few prominent social media platforms and online marketplaces now dominating, and catering to big companies like Amazon or Uber.

Consequently, local companies increasingly find there is no easy way for them to reach consumers even in their own location. This is because they do not have the budgets to gain priority positions in the algorithms of marketing platforms such as Facebook.

FlipNpik 360° Economy

FlipNpik wants to overcome this inequality between small and large businesses by providing a platform that exists for users to share and promote the local companies around them.

By using blockchain as the basis for this system, the company is able to incentivize users that like and share updates from local companies by providing them with “FlipSocial” tokens on the platform. These tokens operate as a type of points-based system, allowing users to spend their tokens on games or promotions happening on the FlipNpik platform.

Companies wanting to use FlipNpik for promotional purposes will pay using the native digital utility token of the system, called FlipNpik (FNP). This will allow them to run promotions and gain visibility to the user base around their location.

To ensure that brands can keep momentum on the campaigns they are running within the FlipNpik system, a third role will exist alongside businesses and users — that of the brand ambassador. These individuals will partner with companies on the platform to ensure that the brand’s campaign effort in the ecosystem keeps momentum among users.

Brand ambassadors participate by agreeing to stake a particular number of FNP tokens as a form of security deposit. They also commit to achieving specific goals like referring new users and regularly sharing content from their partner brands. Failure to do so will mean they lose their brand ambassador status and have their security deposit returned. In exchange for these extra efforts, brand ambassadors are rewarded with 20% of the budget paid in FNP by the brands they are promoting.

In this way, FlipNpik is creating a 360º collaborative ecosystem, wherein each party plays its own role and receives its own benefits.

No Cryptocurrency Exchanges Required

FlipNpik is launching its initial coin offering (ICO). Usually, for anyone wanting to invest in an ICO, they must pay using Bitcoin or other existing cryptocurrencies. In the case of investing in FlipNpik’s ICO, however, it is much easier to participate for non-crypto investors.

Anyone wishing to join the FlipNpik ICO can do so using fiat currency via the company website. This ease of use aims to create a viable user base for the platform from the first point of the launch.

Users in the company’s initial locations of Montreal, Dublin, London, Singapore or Geneva will be able to download the FlipNpik app from the Apple or Google Play stores.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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