DragonBite ( A New Way to Loyalty Reward Points System)

5 min readMay 5, 2021

OVERVIEW

DragonBite is an open, decentralized Asset Management platform for customers to store and swap all kinds of digital assets in One App with One password! Their vision is to disrupt the loyalty market with innovative business models and technology.

An average household enrolls over various loyalty rewards programs, which becomes a hassle to manage all the apps, cards, and passwords. At the same time, dragonbite complies with all reward points from different apps and accounts, making it easy to manage. The rewards points can be also be exchanged for official BITE tokens. The points that the customers earn are usually expired as they aren’t able to earn enough points to redeem. This problem can be easily solved by converting all the points in BITE tokens which never expire.

KEY FEATURES

DragonBite allows users to convert idle points from one brand to another. Customers can also convert all their points earned from different brands to BITE tokens.
DragonBite has an asset conversion protocol system which utilizes their liquidity pool. It can convert rapidly any of its supported digital assets to other digital assets at market value in real-time.
DragonBite aims to shift from centralized governance to DAO ( Decentralised Autonomous Organisation )
They have an Online-to-Online ( O2O ) execution platform, which is an advanced geo-targeting tool. Merchants can connect to their platform using API and design their campaigns to drive online traffic to their physical stores.

They have a dual token feature. BITE is a publicly traded crypto in exchanges. In the Dragonbite ecosystem, It is used as transaction fees and contribution rewards in transaction activities. BITE tokens represent the ownership of DragonBite; the more we have, the more voting power and governance ecosystem. While BITE point is DragonBite’s universal tokenized reward point pegged in USD at the ratio of 1:1. It acts as a medium of exchange between Digital assets and provides liquidity to buyers and sellers of their digital assets on the ecosystem.

All transactions, including redemption of points, loyalty transactions, and e-voucher issuances, are handled at the back-end server of the merchants and DragonBite without blockchain. To offer sufficient protection, their CTO will keep a check on both off-chain and on-chain components.

SF REVIEW

Loyalty marketing is a marketing strategy where companies offer rewards, perks, and incentives to customers, build trust, inspire customer loyalty, and increase customer retention. Loyalty marketing programs are a vital tool for businesses today as they attempt to stand out in a saturated market. The market for global loyalty programs is expected to reach $215-$216 billion while growing at a CAGR of 5–6 percent between 2017 and 2022. According to Beroe’s loyalty management market report, by 2020, the global loyalty management market was expected to reach anywhere between $184 and $186 billion. Loyalty marketing programs include rewards, software, and engagement tools that enhance and expand your customer value proposition. These can be used to attract new customers or inspire growth and loyalty from existing customers. Non-cash rewards are three times more cost-effective than cashback or discounts. Not only that, but non-cash rewards are more memorable and emotionally impactful.

We can see the growth of loyalty incentives has been rapid over the past years making room for new competitors. Most merchants are currently integrating with loyalty marketing to increase their users, making more space for growth. Current loyalty platforms fail to satisfy their current users and are often disappointed. DragonBite has analyzed the current market problems and bringing the perfect solution for the consumers through decentralization by crypto.

TOKENOMICS

Token Symbol — BITE

Token Utility — It is used as transaction fees and contribution rewards in transaction activities. BITE tokens represent the ownership of DragonBite; the more we have, the more voting power and governance ecosystem.

Total token Supply — 1 billion

USE OF FUNDS

ROADMAP

PARTNERS AND BACKERS

DragonBite has raised around 2.7m dollars in only 48 hours and received investments from some of the top blockchain-based investment firms in the market, which includes Molecular Hub, Mantra DAO, Duck DAO, SMO Capital, Rio Fund, Brilliance VC, and many more.

At the same time, it has top prominent crypto firms as their partner who are working together to walk a successful journey.

TEAM

SENTIMENTS

HYPE RATING — High

TEAM RATING — High

Investor’s Rating — High

Public IDO Rating — Medium

CONCLUSION

Loyalty marketing programs include rewards, software, and engagement tools attracting a lot of consumers while at the same time consumers face a lot of problems in claiming process and management. DragonBite has been aiming to solve these problems and disrupt this sector by bringing decentralization and governance ( DAO ) through crypto and merging all the loyalty points from different apps and platforms making it easy for consumers to manage their loyalty rewards.

Overall this sector has very high scope and with a vision like the DragonBite has, It will surely be reckoned soon in the market.