Events
Last updated
Last updated
As a part of sales promotions, many companies issue coupons to attract current or prospective customers. Coupons help a company have a competitive edge over its rivals and quickly boost the sales of a new or existing product. According to a study from Juniper Research, the value of digital coupon redemption will reach $91 billion by 2022. The digital coupon market is boosted by smartphones, in-app digital coupon advertisements, and coupon redemption. There are several ways a company can distribute coupons, including direct email, in-store advertisement, website advertisement, tv advertisement, and others. However, many companies approach third-party advertisement platforms to display Ads regarding coupons to attract many customers. The third-party advertisement platform charges the advertiser based on different parameters like content type, bid, target customers, quality score, etc. Also, the company has to go through several third parties to reach a sufficient number of customers. On the other hand, customers love to use coupons to save money. Therefore, they will go through different third-party platforms to find coupons. Unfortunately, most online coupon advertisements are click bait, and customers end up clicking malicious links, thereby either losing personal information or landing on malicious websites.
Challenges of advertisers with third-party coupon advertisement platforms are numerous like Third-party advertisement platforms may overcharge an advertiser by forging the customer statistics. An advertiser may need to pay massive commissions to third-party advertisement platforms. Most of the third-party advertisement platforms do not provide coupon redemption services. Also, Customer's attention to the advertisement cannot be guaranteed.
In the DonBangSeok dApp, we combine the online coupon system and advertisement platform without third parties. As a result, DonBangSeok offers the following advantages for advertisers and users:
The cost for an advertisement is known upfront. No hidden costs and no platform-related charges.
All financial transactions in DonBangSeok happen through Blockchain, providing transparency.
As all the user's interactions with different DonBangSeok modules are recorded on the Blockchain, the advertisers can know all the advertisement-related statistics in a real-time and trustworthy manner.
The users can earn event related brand coupons if and only if they interact with the event advertisements on the DonBangSeok dApp.
Currently, DonBangSeok V1 supports only Marketing Paradigm Shift (MPS) brand tokens. MPS brand tokens are created and transferred to the winners of an event. The ownership of each brand token is recorded in the Blockchain. Each brand token has a token id and an associated value. The value of the brand token depends on the advertiser.
We have adopted ERC 1155 standards for developing brand tokens. The owners of the MPS brand tokens can transfer full/partial amounts to others. However, in DonBangSeok V1, only total amounts transfers are allowed. MPS brand tokens can be redeemed through DonBangSeok at the advertiser website/store. Once redeemed, the brand token value is burned. A brand token will expire after a month of issuance. Even though the brand token is burned or expired, the user retains ownership of the token. However, once the tokens are burned or expired, the users cannot redeem or transfer them.
Structural Flow of Events
