We are delighted to announce that Universal Reward Protocol is working with ConsenSys! Following the collaboration between URP and ConsenSys Paris team in writing the technical paper, ConsenSys Paris is appointed as technical advisor to design and architecture the blockchain layers of the protocol.
Universal Reward Protocol is proud to announce the release of its Technical White Paper. This paper focuses on the blockchain components of the protocol, and how we intend to leverage the current state of the technology to build our product, detailing our use of a sidechain fully pegged to the Ethereum mainnet. You’ll find in this article the main takeaways of the technical white paper.
Our product has been designed with three main concerns in mind:
Universal Reward Protocol aims at rewarding shoppers for any type of shopping behaviour deemed relevant to the marketing strategies of multiple retailers and brands. In the long term, we envision the protocol as an infrastructure where thousands of retailers and brands reward millions of shoppers daily. That’s why we decided to use a sidechain, fully pegged to the Ethereum mainnet using a Parity bridge.
Sidechains allow to set transactions costs to almost zero, and yield throughputs of hundreds of transactions per second, while still benefiting from the security guarantees of the mainnet by regularly committing a hash of the state of the sidechain to the mainnet.
That’s how we’ll solve the scalability issue, allowing URP to handle millions of transactions per day.
While most tokens suffer from volatility, URP tokens are different because they are designed to be backed by physical and tangible assets through the redeem offers and should consequently, over time, tend towards an intrinsic value, corresponding to a weighted average of those redeem offers. Moreover, as explained in the paper, Universal Reward Protocol also aims to smooth volatility over time, by implementing “equivalent fiat” and rolling campaign systems.
The paper also details how shopper privacy is being managed, requiring the shopper’s opt-in for each campaign and adding this opt-in to the blockchain state, giving the shopper absolute certainty about who collected which data about them, while maintaining their privacy with respect to outside observers.
It also outlines the handling of shopper data by the protocol and its different stakeholders, as well as the security measures in place to secure the tokens stored on the sidechain.
You will also get a much more detailed view of the URP token economics in the paper, including an end-to-end view of the token circulation, from the rewarding retailer buying the token on the mainnet to the shoppers redeeming their earned tokens either for cash or through a personalized redemption offer.
Universal Reward Protocol is a blockchain-based protocol that lets retailers reward shoppers for any type of shopping behavior, such as simply visiting a store. By accepting to share their shopping behavior data with the network, a shopper earns reward URP tokens, while the data is used by retailers to build redemption offers that best suit each customer’s needs. Shoppers can redeem their tokens through these exclusive and personalized offers.