Coinbates
Status:
Announced pre-sale
Token:
BATES
Start:
25-10-2018
End:
24-12-2018

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coinbates 24 Aug 2018 02:49

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Hello BitcoinTalk,

We present to you Coinbates and our vision and mission of opening crypto to everyone, starting with our first product —crypto cashback ecommerce shopping: https://www.coinbateslaunch.com





Background

I'm Omar, the founder. The other team members will also be available to the community here on BitcoinTalk. My background is in omnichannel marketing. I've helped drive multimillions of dollars in sales and awareness to brands and retailers both on their websites and in brick and mortar retail. You can say I know how to marry the traditional and the modern. I've also been a follower and user of crypto since 2010, and while now I wish I was full time in crypto since 2010 (I'm sure there are many of us that feel that way); I'm happy to bring the skills, experience, and connections I've built through digital marketing for the past 10 years to the crypto world through Coinbates.

I support Bitcoin and crypto because I sense that civilian control of money and communication networks is a net benefit to mankind. Governments have a tendency towards tyranny, and crypto is a wonderful check against that fact. Even if we were to apply Hanlon's razor, we could say governments instead have a tendency towards mismanagement, and crypto is providing people with a hedge today to that reality in those countries unfortunate enough to be experiencing hyperinflation.

Of course, crypto is not just about offering a competing alternative to government issued fiat currencies, distributed ledger technologies disrupt both banking and payment systems as well. It is a remarkable thing for a person to be able to have uncensorable, unseizable, auditable control of an asset, which they can also transfer to any one of the billions of people using a connected device somewhere in the world today, at fees and settlement times superior to what's available by legacy methods.

Crypto's impact on society and commerce is just getting started. I believe that crypto, like the Internet of which it is in symbiosis with, is a multi-generational story in its unfolding, and that we are all very early to a shift that, as Vitalik would say, is epochal in its significance.

Our first product: crypto cashback ecommerce shopping in 12 coins through 25 brands and retailers


Our thesis at Coinbates is that consumer adoption of crypto must happen before merchant adoption. This requirement is evident in the history of money, from which we understand that an object must first become a store of value before it can become a medium of exchange. Besides, the scalability of crypto-infrastructure and market volatility is simply not conducive to most merchants today.

That's why we've split our mission into two phases: Phase I, in which we will make it our focus to increase the individual participants in crypto, and Phase II, during which we will work towards onboarding merchants into the new economy.

To help widen and increase the consumer participation in crypto, the first product we are releasing at the beginning of Phase I is crypto cashback ecommerce shopping.

The beta product is live today! Go to https://www.coinbateslaunch.com.

Here's how it works

1. Create your Coinbates account, with just an email address and password.

2. Choose the cryptocurrency (we support 12 digital assets at launch) that you would like your crypto cashback rewards paid in by specifying your wallet deposit address.

3. Every time you click through from Coinbates and complete purchases at the websites (with a credit or debit card as usual) of our Supported Brands, your Coinbates account will be credited with your crypto cashback reward.

4. Crypto cashback rewards are paid out once per quarter directly to your specified crypto wallet address. You can change the coin that you would like to be paid in at any time before your next payout date.

The product is accessible via desktop, mobile and tablet browsers. This immediately opens us up to 220 million digital shoppers in the United States, which is the primary market that we will support during the beginning of Phase I, and an important and influencing demographic for crypto on the world stage.

We've built this product for both existing cryptocurrency enthusiasts, so you have another way of obtaining your favorite cryptos, and also for people who are completely new to crypto or maybe haven't even heard of it. This is what we mean by "opening crypto to everyone."

With the launch of our beta, the crypto market now has a way to introduce and onboard new crypto-participants in a manner that is risk-free, frictionless, and of a net benefit, since each crypto cashback rebate that we will pay out is also a discount on a purchase.

Supported brands and coins at beta launch

We've been careful to integrate a roster of merchants that are both well known and from an assortment of categories. At launch, big names in fashion and apparel such as Gap, Lacoste, DKNY, Calvin Klein and Bloomingdales are available. In consumer software and hardware, we have Microsoft and Lenovo. ASICS and New Balance from the footwear category are also live, as well as Bodybuilding.com and TRX in health and sports. Create your Coinbates account and browse our merchant catalog to see our complete roster of 25 launch brands and retailers: https://www.coinbateslaunch.com.

We agree with Naval that crypto is about the freedom to choose, and that's why we are supporting 12 coins at launch. We've chosen to support the following coins based on a criteria of factors, including liquidity, usability, popularity, and philosophy: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Nano, ZCash, Monero, Binance Coin, IOTA, EOS, XRP.

The 12th crypto that we support for crypto cashback is our own native token: BATES.

The BATES Token

BATES is a fixed supply Ethereum based ERC-20 token, designed to deliver the value of Coinbates to both consumers and businesses.

Consumer demand

On the consumer side, BATES offers three levels of memberships: Free, Premium and Maximum. As is obvious, free accounts cost nothing to maintain, but they offer less crypto cashback per purchase than Premium and Maximum memberships. Premium accounts offer more crypto cashback per purchase than Free accounts, and Maximum members receive the entire crypto cashback available at each merchant.

Memberships are billed annually, and payable only in BATES tokens. Premium memberships are priced at $5 in BATES per year, while Maximum memberships cost $15 in BATES per year.

Simple financial logic demonstrates why one would and should acquire and maintain a Coinbates membership. A consumer can earn back the cost of a Premium or Maximum membership with just one purchase.

Here's an example from our whitepaper:

Take Alice, who spends $300 at a fashion retailer in the Coinbates merchant catalog. She receives 6% crypto cashback as a Maximum member, while Free members receive 3% and Premium members receive 4.5% on purchases from the same merchant. The $18 in crypto she receives from that single shopping session exceeds the cost of a Maximum membership ($15 in BATES). Alice will effectively have a free Maximum membership for the rest of year, enjoying the most crypto cashback per purchase available through Coinbates.

BATES tokens will be the only crypto that will be accepted for purchasing upgraded memberships at Coinbates. To help service those users who may be new to crypto and are not ready to acquire BATES from the market themselves, it's on our roadmap to integrate a credit and debit card payment option into Coinbates that allows this group to purchase BATES for consumption, using fiat.

Business demand

We anticipate that the Coinbates userbase will consist of a growing mass of people new to the crypto-ecosystem. Naturally, these users will need to interact with the necessities of the space: wallets, exchanges, and portfolio trackers. We are building out a business development team to partner with other companies and projects in the space, for integration into Coinbates as recommended providers of the crucial products and services we all use in this new economy. Business clients that advertise within Coinbates will be billed in BATES for their access to the Coinbates userbase. We are exploring the developing concept of a token curated registry for the ecosystem recommendation engine.

Annual burn in perpetuity


Each year, we will burn a portion of the BATES spent by consumers and businesses within Coinbates. We plan to burn 80% of the spent BATES in the first year, 60% in second, and 50% on the third year and every year after that, perpetually. This is our way of giving back to our community of token holders, and is inspired by a similar burn model employed by Binance with their BNB, and also by Vitalik's recommendation for medium of exchange tokens to have 'sinks' that regularly cause for token supply reduction.

Token Sale

A maximum of 400,000,000 BATES will be minted, with 70% offered for sale to the public, 20% reserved for the Coinbates Team, 7% reserved for Referral and Bounty campaigns, and 3% for Advisors.

Our softcap is $1M and our hardcap is $14M, implying a total market valuation of $20M. The price per token at the public sale price with no discount or bonus is $0.05. ETH and BTC will be accepted.

We plan to conduct the token sale in Q4 (October to December) of this year, and are currently registering pre-sale interest. If you are interested in purchasing BATES tokens, create an account at Coinbates and then click 'Token Sale' in the header menu to access the form to join the token sale.

We are accepting global participants in the token sale, excluding residents of OFAC sanctioned countries.

Any unsold or unreserved tokens will be allocated to an ongoing Referral campaign to help grow the Coinbates userbase. The team tokens are locked for 1 year, after which no team member or advisor can liquidate more than 3% of their holdings in any given calendar month.

Team


Roadmap

A partial roadmap is published on our homepage. See our whitepaper for the full roadmap going into the middle of 2019.

Whitepaper
Learn more about Coinbates and our consumer growth initiative in the Phase I whitepaper. Read whitepaper

Join our community


Bounty campaigns

An announcement regarding bounty campaigns for language translation, and signature campaigns will be made at a later date. To start earning BATES now, please participate in our Referral campaign, explained above.

Contact us

Our team is available via the social channels listed above, and also via email: contact@coinbates.io.

Please feel free to ask us any questions here on BitcoinTalk, we look forward to growing with you and the rest of the crypto world. Smiley

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Information

Coinbates’ crypto cash back model will widen the participation in cryptocurrencies. When a shopper completes an order at a merchant’s website through the Coinbates merchant catalog with a regular credit or debit card, they receive a portion of the merchant-paid referral fee in the form of a specified cryptocurrency. The Coinbates crypto cash back model enables the possibility of obtaining exposure to cryptocurrency and entry into digital asset networks in a manner that is free of speculative and investment risk, embedded in a common everyday behavior; the ecommerce purchase, and within transactions that are of an immediate net benefit, as the consumer enjoys discounts on their purchases. Our mission is to help drive mass adoption of cryptocurrencies in the marketplace. During Phase I of our initiative, our goal is to help increase the number of cryptocurrency users globally. By issuing crypto in the form of a rebate, we relieve the financial and technical pressure associated with crypto investing today. This offers new entrants an opportunity to enter the space with a mindset that lets them freely explore the developing technologies and ecosystems. Ultimately, we aim to increase the consumer and business participants in crypto by leveraging existing business models, behaviors and networks, while educating new entrants about the rapidly emerging new economy enabled by cryptocurrencies and distributed ledger technologies.

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