We all have heard about the ‘point earning system’ when making transactions. In fact, all companies offer this system to gain more customers. When you do more transactions, you get more points, and more points mean rewards!
Different industries make use of the point system to reward their loyal customers. Now that we have the digital currency in place, do you think that the point system will still be applicable? The answer is a high-flying yes!
One university made a very creative way to let their students earn digital money through the point system. Imagine getting a crypto point every time you shop! What an ingenious way to promote cryptocurrency.
Australian University Allows Students to Earn Ethereum from Campus Purchases
An Australian university has partnered with Blockchain startup to offer Ethereum-based rewards program. Students at the University of New South Wales (UNSW) will soon be able to earn Ether tokens for purchases made on-campus. The program runs from October 6 to November 20, 2017.
According to the startup’s managing director, Andrew Lowe, they are excited to monitor how the student members will respond to the program due to the sharp rise in the value of Ethereum.
“Last month, the value of Ether rose by 30%, so we’re excited to see how members respond to this type of loyalty currency vs. traditional approaches such as points. We’re confident they’ll find it much more engaging, but the research will give us a more definitive answer.”
Brief details of the loyalty program
The Unify Rewards program is limited to 500 participants who previously signed up. It focuses on the utilization of a mobile application that can be used by the participants to buy at the school’s campus near Sydney, NSW. Participants can earn $5 worth of Ethereum for every 10 transactions they make using the app.
The program is supported by several departments at the university, including the School of Computer Science and Engineering and the School of Business. UNSW and its Blockchain partner intend to collect enough data to analyze the behavior of participants in the program once they start to receive Ethereum as a reward. The results of the study are expected to be published by the partners in the near future.
The Unify Rewards program can be compared to the initiative previously advanced by Massachusetts Institute of Technology (MIT). In the project, the researchers distributed Bitcoin tokens worth $500,000 to the institute’s undergraduate students.