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Appsolutely to use NEM blockchain to scale transaction rate for LoyalPlatform

The partnership marks the founding of the Appsolutely-NEM Blockchain Center, an incubator, accelerator and co-working space for blockchain startups in SE Asia.

Appsolutely, a blockchain omnichannel loyalty solution, today announced a partnership with NEM, the smart asset blockchain, to scale Appsolutely’s LoyalPlatform for fast, transferable and secure customer loyalty redemption. Operating at 4,000 transactions per second (TPS), the NEM blockchain provides top processing speeds that can now be leveraged for transactions involving LoyalCoin (LYL), the currency of the LoyalPlatform. 

Today also marks the launch of the Appsolutely-NEM Blockchain Center, an incubator, accelerator and co-working space for blockchain startups in Southeast Asia. The vision of the new center is to build a strong community that enables entrepreneurs to learn how to use blockchain technology to create innovative services that solve challenging business problems in the Philippines and worldwide. The flagship location, a 900 m2  space in Manila, is planned to open by end of 2017 or early Q1 of 2018. The center is the first in a planned series of blockchain centers across Southeast Asia.

“The LoyalPlatform is designed to allow consumers to interact with brands across the globe anytime and anywhere, making speed vital to our success from day one. We consider NEM to be the leading player for blockchain solutions that can operate both safely and rapidly enough for the demands of international eCommerce. Therefore, we can’t think of a more ideal partner to bring our vision for a universal loyalty ecosystem to fruition.”

Patrick Palacios, founder and CEO of Appsolutely, Inc.

Appsolutely’s use of NEM’s blockchain brings significant security benefits to the LoyalPlatform. Through Eigentrust++ trust management and an incentivized public node network based on its two-tier architecture, NEM grants Appsolutely the flexibility to retain control over aspects of the transaction process for which protection of customer data and privacy is a top priority. In addition, Appsolutely expects that NEM’s strong relationships throughout the Southeast Asia region will facilitate considerable partnership opportunities as the LoyalPlatform evolves.

“Appsolutely is putting customer loyalty programs on the blockchain, a secure, tamper-proof database of all transactions, including rewards redemption and similar deals, powered by NEM technology. When a rewards program is on the NEM blockchain, redemption is faster, more secure, and easier to set up. It opens up more features that were previously impossible with traditional rewards. In addition, Appsolutely’s use of the NEM blockchain guarantees that they deliver transactions faster than just about every other rewards solution there, blockchain or otherwise.”

Emerson Fonseca, Head of NEM Philippines

As a result of the partnership, LYL can now be purchased with and exchanged for XEM, the NEM blockchain’s standard currency, in addition to Ethereum (ETH). According to the terms of LYL’s token generation event, 50 LYL = 1 XEM/1 LYL = 0.02 XEM.

This announcement comes after last month’s unveiling of the LoyalPlatform.

Source:LoyalCoin
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