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Noah blockchain is developing rapidly. Recently, the tools platform has been launched, which has given NOAH holders even more opportunities for coins usage. One of the main features is Coiner, which allows creating new cryptocurrencies. We have already written about it in this detailed guide, but the community is interested in specific examples of using the function.
In a previous article, we talked about creating a cryptocurrency for a small design studio, choose the optimal parameters for coin and listed the benefits for owners and customers. You can familiarize yourself with this guide here. Today, we want to continue the series and talk about the coin for one-time events, promotions, and competitions. Let’s get started!
The benefits of the owner
This case will be useful for almost everyone who is attracted to the idea of creating a cryptocurrency. Events, user rewards, and promotions are extremely important in any business. A reward coin will definitely be a step forward.
Let’s take an example of a commodity company (can be any) that uses giveaways for the promotion of their social network accounts. Users will receive some amount of tokens by subscribing to a specific account. Completing all the tasks will raise the stake and his chances to win the prizes.
First of all, let’s describe the main advantages that the creator of the coin receives:
- Simplicity and transparency. Creating a competitive coin will take no more than a few minutes and the blockchain guarantees the honesty of the distribution of awards (all transactions can be checked).
- Reusability. You can refill the balance at any time and reuse the coin for rewards.
- Growth prospects. In addition to the fact that the token will be used as a reward, it’s still a cryptocurrency and, with sufficient interest and parameters, its price can increase.
- Innovation. Using new mechanics and approaches can attract the attention of new customers.
Simple steps to mint a coin
Now, we can move on to the coin creation. In this particular example we suggest you use the next parameters of a cryptocurrency:
- Coin name: RewardCoin. Of course, it must be unique.
- Coin symbol: REWARDS. We have selected 7 letters to pay a lower creation fee. It’s a smart move for a reward token.
- Initial amount: 1000000. It’s interesting to receive a big amount as a prize, even if it costs not that much.
- Initial reserve: 250000. It’s the minimal amount and makes sense for one-time promotions, you can add more in the future.
- Constant reverse ratio: 25%. As a reward coin, it’s not designed for selling but more for exchanging for prizes. There is no sense in speculations because the CRR is on a low level and the quick sale will push the market price down fast.
- Message (optional): Coin to pay rewards. Let people know what your crypto is all about.
- Coin to pay a fee: actually any is available but we recommend NOAH.
Below the form, you can see the initial price of the REWARDS coin that is almost equal to 1 NOAH token. It’s pretty useful and lets you easily compare the changes in the price of your coin to a NOAH. The last step is to Confirm creation in the popup form.
It’s done! Now you can please your customers with the original form of awards in any events.
How to use the coin
It’s our last stop in this case. Basically, the usage of the coin is only limited by your imagination but here are some ways:
- The simplest but definitely not the most interesting way is to pay rewards with it. User taking part in events, completing tasks, and receiving coins.
- Coins can be used to access some premium competitions. Users must purchase cryptocurrency earlier or win in other events. That is, the user will be interested in keeping coins to have more opportunities in the future.
- The coin can be used as a means of payment in the events. For example, the user answered the question wrong and to get the second attempt he must pay.
- Make a bonus system. Depends on how big the REWARDS coins stake of the user, he will get some benefits, e.g. discount from 1% to 10%.
Another great use case of the Coiner feature off the assembly line. If you think about it a bit longer, you will understand that you can use any minted coin for the reward purpose but the efficiency won’t be the same. The configured parameters are optimal for starting one-time events, promotions, and competitions.
People get something absolutely new, interesting, and, what’s more important, valuable! Experiment with the options and create new purposes and we will deliver other cases!
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