On March 15th, 2018, Narrative announced the Native decentralized rewards network. Native is described as a ‘Stripe-like’ service that will allow merchants to integrate and distribute rewards through an API. Partner merchants will be able to easily reward consumers without having to set up their own system, whilst solving problems of trust, transparency and easy of use.
Native is being developed in tandem with the Narrative platform, and will provide the basis for a system in which Narrative users are rewarded based on their overall activity, redeemable in tokens or fiat. Partners will have the flexibility to design custom reward models such as payment on purchase or payment when certain thresholds are met. Native has many possible use cases, from donation oriented services, to community based applications, to commerce.
Native will employ a two token model: NTV will be the primary currency for issuing rewards and PEP will be used for transaction fees. Both tokens will be NEP-5. 200 million NTV and PEP tokens will be minted, with 40 – 50% of tokens being airdropped to NRVE holders. All Narrative token sale contributors will receive NTV tokens at the rate of 0.6 NTV per 1.0 NRVE token purchased. The NRVE token sale ends on March 29th and contributors of all phases are eligible. There is not yet a distribution plan for PEP tokens, and Native will not have it’s own token sale.
In order for partners to distribute NTV rewards, they are required to maintain a reserve of tokens. Though the use of the Native API, applications can invoke a reward request that will transfer tokens from the reserve account to the customer. A fee is payable in PEP based on the value of the reward.
An additional global reward is paid to all users of the network, based on the aggregate of all rewards received in the previous month. 20% of all fees taken across the entire network, as well as newly minted PEP tokens will be distributed to users so that all may share in the revenue of the system.
Narrative plan to release the Native Wallet, which will support NEO, GAS, NTV, PEP, and any NEP-5 token. The wallet will also provide consumers with a single dashboard to see and receive rewards across multiple merchants. Native aims to be user-friendly for “crypto-phobic” consumers, who will be able to get rewards out in either fiat or tokens.
For more information on Native, you can visit their website, read their white paper or follow them on Twitter. You can also join the Narrative community on Telegram, or follow them on Twitter or Medium for updates.
About The Author: Dean Jeffs
Dean is a digital project manager who has worked extensively with start ups and agencies in the marketing space. Fascinated by the potential applications of blockchain technology, Dean has a passion for realising the new smart economy.
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