At the NEO ❤️ Amsterdam conference held on at the DeLeMar Theater, April 13th, Eduards Marhelis and Andras Ignacs received an award of merit for their “I made this…” E-Signature project entry to the NEO dApp competition, which was co-hosted by Microsoft. Part of the codebase for the E-Signature project went to the creation of Gagapay, a new network marketing platform built for companies to launch their own network marketing channels. Gagapay is holding an initial coin offering that is due to start on the 30th of April.
The Gagapay network is powered by the NEO blockchain and will allow its users to create their own affiliate, referral and network marketing, loyalty and bounty programs powered by smart contracts. The smart contracts used can automate most processes involved in running a network marketing system, like dispensing loyalty points or registering new customers. The smart contracts work to eliminate the manual labour and cost involved in running these kinds of systems, an important consideration for small to medium-sized businesses.
Gagapay will feature a simple drag and drop interface with a simplistic design and ready-made templates. These templates can be used with any of Gagapay’s network marketing programs, controlled under one membership account. Each action on the Gagapay network is controlled via smart contracts that are designed to self-execute, which makes the network decentralized and trustless.
Gagapay will be promoted to both blockchain and non-blockchain businesses as Gagapay plans to support both crypto and fiat currencies through its integration of various payment plugins. These integrations can be integrated with Gagapay’s crypto platform for the storage, exchange, and use of earned crypto rewards via mobile and debit card payments.
The problems that Gagapay intends to solve are the time and expensive, required setup and managing a company’s network and affiliating marketing efforts. Technical expertise aside, many startups do not have the time or resources to launch or manage a network marketing campaign, although word of mouth marketing is often considered one of the best ways to promote and grow a business. Billed as annual membership, Gagapay aims to allow companies of all sizes to quickly launch their word of mouth marketing campaigns, eliminating the two biggest objections of time and expense.
The membership subscription and its related features are purchasable with Gagapay’s internal currency, the GTA utility token, which will be sold in the token’s sale held on the 30th April. Certain features of the platform can be unlocked only through GTA tokens, which will give them a practical use case as part of Gagapay’s ecosystem. Finally, the holders of GTA tokens will also receive reduced commission fees through the payment of GTA tokens, meaning that early investors could use their tokens with the platform if they wish.
As part of the token sale, 69% of the 1,000,000,000 GTA tokens minted will be offered through Gagapay’s initial coin offering, with a hard cap of $34.5M and soft cap of $1M to launch the platform as a working product.
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About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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