BIST Token Utility & Tokenomics Overview
In this blog, we will be giving an updated and summarized vision of the BIST tokenomics and circularity of reward systems versus use cases within the ecosystem. Use cases will be subject to change or regulatory frameworks but the system described below is the one in which Bistroo will pioneer crypto utility within the foodservice industry. The use cases mentioned are the same as previously mentioned in the White Paper and announcements but have been fine-tuned and updated. Let’s dive in!
The schematic above reflects the economy behind BIST and its use-cases. Web3 is aimed at rewarding the user community for certain types of contributions and behavior with value, represented in BIST.
Users have the option of earning, or acquiring, BIST through multiple channels and utilizing the token to get access to specific use-cases, perks or incentives:
- Loyalty & NFT-Loyalty
- Loan & Lend
Each use-case is being covered more in-depth below.
To accommodate for growth, the treasury needs to hold sufficient value to keep the economy afloat and maintain the reward pools with the necessary BIST to keep up with the growing demand for rewards, originating from platform growth. This is partly supported by protocol services being paid in BIST, but will also be supported by periodic buybacks on the secondary market. These buybacks will have a main objective of holding enough BIST in treasury to keep up with the demand from the reward-pool structures.
Reward systems, Token Utility & Use-cases
Onboarding your friends, family or restaurant-colleague onto the platform entitles you to referral rewards. When we grow, we grow together.
Ratings & Reviews
Leaving valuable reviews or achieving a top-rating as a merchant allows us to reward your qualitative presence and actions within the ecosystem with rewards.
Periodic ordering by consumers, or top volume by merchants in certain regions or categories results in appreciative rewards for your performance and usage.
Advertisements & Data
Advertising your new menu, promotions or products to the users, or allowing personalized offerings to be shown to you as a consumer, will reward you for data-sharing, and ad-service usage with BIST tokens. This consent-based model is designed to keep data driven ecommerce dynamics efficiently targeted and effective.
User groups able to utilize the token’s use-cases will almost always fall in either two primary categories of merchant or consumer. However, any token-holder is allowed to access the use-cases facilitated by BIST. If you desire to lend your tokens to a merchant in need of funding, just participate in the lending pool’s requests and earn interest yield on your tokens.
- Loyalty Systems
One of the most basic but effective loyalty systems to implement is a digital in-app stamping card. On this card you collect digital stamps to reach your next discount event based on merchant-specific, or platform-wide, ordering.
Boost with BIST
BIST-boosted stamp-card rewards are coming to Bistroo as a first implementation of a crypto loyalty use-case for BIST. It simply entails that stamp rewards are doubled if you hold BIST on your connected wallet. Any specifics and requirements for this program will be communicated prior to its beta-launch in 2024.
An extensive and dynamic NFT-loyalty based system will be implemented as a strategic element for BIST and a future-proof loyalty system. In the next segment we will give you a rundown of the design-pillars on which this system will be built.
NFT Loyalty System
With major players in the industry trailing with NFT-based loyalty systems, like Starbucks or Nike, it is expected to provide a real tangible use-case for NFT’s. Holding or acquiring a certain type of NFT will entitle you to:
- Gamification / Leaderboard rewards
- Gifts or Event invites
Crossbrand Loyalty NFT’s
Bistroo is in a favorable position to extend loyalty systems across brands and parties. Collaborations with restaurant chains or product distributors, like franchises or beverage suppliers, will result in campaign rewards for their brands or for benefits within the Bistroo ecosystem. Those are to be collected from using the platform and, repeatedly, buying products from certain distributors, or meals from certain merchants or formulas. For this, strategic partnerships will be drafted within our growing number of selling partners.
If you want to quickly acquire a specific NFT that fits your needs as a consumer or merchant, simply see if it’s available on the NFT marketplace and collect the specific perk that you desire for a feasible rate. Each and every perk has a different intrinsic value for each specific user.
For example, a 10% service-fee discount on commissions will have different absolute annual values for merchants that have a very high order volume, compared to a merchant with lower ordering volume. In this instance, it might be beneficial to collect this perk by acquiring the NFT from the Marketplace, which would potentially be selling for a premium for the previous owner. The ability to offer a collected NFT on the marketplace, results in liquidation opportunities for the users that previously acquired the NFT through participating in the loyalty system’s campaigns.
2. Loan & Lend
Short-term credit-lines, or merchant cash-advance, may be provided to merchants in need of investment. Interest and settlements are returned to the credit-providers, based on the subsequent GMV sold by the merchant through Bistroo’s ecosystem. A community lending pool is set-up in which you utilize BIST to provide the necessary funding liquidity for the merchant that submitted the funding request. Based on the merchant’s historic performance and other key-indicators, factor- and interest rates are determined for its request. Each and every following sale transaction that is settled by the merchant within the ecosystem will contribute toward paying off the outstanding debt and the loan’s interest.
Inspired by the Brave Browser, and BAT token, Bistroo will also launch an advertising-system for merchants and distributors. Merchants or distributors spend fiat, or crypto, on acquiring advertising space or running personalized advertising campaigns on the platform. While consumers are rewarded to accept ad-views, and share valuable information for customized offerings.
Payments with BIST allow you to acquire meals, platform services, NFT’s or merchandise. Discounts will be applicable when paying for these subjects in full with BIST. For fiat payments, a portion of the turnover will be allocated to acquiring BIST from the open market to fill up the treasury and reward pools, and potentially increase the BIST payment discounts and rewards to make the system more appealing to participate in.
To keep up with growing demand for BIST, when the adoption of the reward-systems and use-cases grow, a periodic and systemic buyback strategy will have to be implemented to keep the balance within the economy afloat. The initial implementation of the token economy described above is executed from the current treasury holdings but when the ecosystem grows, the load on the reward systems should increase, resulting in a structural need for buy-backs, tied into the system’s demand for the tokens.
In conclusion, in the last few years we have worked hard at building a sustainable foundation for our ecosystem, with the Bistroo protocol and -products operating and growing within the launching market. Preparations have been made to make the ecosystem technologically globally available.
With this foundation in place, it is now time to look ahead at implementing the token’s utility and tokenomics into our ecosystem going forward. Leading to symbiotic growth and adoption opportunities across the globe for both the protocol as well as the BIST token. A 2024 roadmap will be published in December to showcase the development priorities going into next year.
Thanks again for your ongoing support and let’s take BIST to the next level together!
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Bistroo is a peer-to-peer marketplace for food & beverages, powered by the BIST Token. Bistroo is a pioneer in the blockchain-based food industry, building protocols that empower the merchants in an ecosystem that also benefits the customers.