Current LIX Platform Status
Over the past two years, the team at Libra Incentix has been building LIX platform on which its crypto loyalty services will be launched. The next stage in our development will be to release of a crypto loyalty marketplace that will use LIXX cryptocurrency for the transactional processes among brands, stores, and consumers. This platform will be ready for release in the first half of 2023.
This Whitepaper highlights the key stages and features of LIX platform and the future development in which our products will be released. In addition to the utility usage in the LIX loyalty platform, Libra Incentix offers pre-payment for LIXX tokens.
Libra Incentix allocated 2,5 Bln tokens at the initial market value of $0.004 USD per LIXX.
We had an early pre-sale and the price rose from $0.0001 USD to $0.004 USD in just 10 months which is a 4,000% token growth.
Further details of the ICO and the potential utility usage of LIXX tokens are provided in this Whitepaper.
Existing LIX Platform Overview (Phase 1)
2.1 Most of consumers are fatigued by the number of loyalty programs
With this understanding of a loyal customer’s value, many companies — from startups to Fortune 500 — have been using loyalty programs to retain customers and grow the number of loyal consumers. With perks like discounts and exclusive access, these programs are the overwhelming tactic to retain and build on loyal customers. However, these programs recently have been less effective at maintaining consumer engagement, eagerness and loyalty with their complexities and transactional nature.
Most of consumers are fatigued by the number of loyalty programs they are part of — and thus fail to redeem the majority of the points they may accumulate.
2.2 LIX Blockchain Platform
Blockchain attempts to solve a majority of the pain points that consumers face with loyalty programs today — from juggling multiple loyalty cards to trying to remember multiple passwords to different accounts. The logic behind the introduction of blockchain is the possibility to use loyalty tokens that are interchangeable between loyalty programs and don’t lose value over time. These tokens are exclusively granted by the company to the customer, and while the transaction is publicly recorded, there is no risk of it being taken away, expiring or losing cost — which is intended to ensure a transparent and fair loyalty system.
The interchangeability of tokens across loyalty programs — from miles to points to discounts at your favorite restaurants — are meant to keep up the consumer’s enthusiasm at all times without locking them into a rigid process with no flexibility and limited timelines. This ensures that the consumer can maintain their loyalty to a variety of brands at once, rather than one single one. It also attempts to reduce the amount of effort required to remember all the programs with their own rules — and the loyalty cards that come with them.
As technology evolved, and after studying these problems, we set out with a plan to address these issues. Enter Libra Incentix (LIX platform), a company that aims to redefine the loyalty rewards and marketing industry through blockchain technology. As a result, we have created the most automated coalition loyalty management platform in the world.
2.3 Overview of existing LIX Platform (Phase 1)
The LIX application is a pay-as-you-go loyalty management system that aims to connect people to your brand. As a company, you can now reward people for engaging with you. Through an API integration with POS software and e-commerce platforms, LIX automatically rewards your customers based on real-time expenditure. loyalty currencies with complete control over the earning and redemption logic. LIX is also the bridge to other coalition programs where points are seamlessly transferrable anywhere in their global ecosystem. In addition, you can monetize your loyalty program by negotiating different redemption values with each of your partners, transforming your company’s marketing department from a cost center to a revenue stream.
https://app2.libraincentix.com/ this is where current LIX platform can be seen and used.
2.4 LIX Platform consists of:
2.4.1 Organization (Brand)
This is the core of the whole platform; everything belongs to an Organization. An organization is the equivalent of a workspace in other platforms
- An Organization is a group of Projects
- Users have and belong to many Organizations
- That is, an Organizations table, has user_id, that is the id of the user that created it.
- Then the Organizations table has a Teams table.
- The teams table specifies the users that belong to the Organization and their roles in that Organization
- An Organization can have multiple wallets. Each wallet can contain a currency eg. USD, EUR etc
- An Organization can fund their wallet by clicking a 'fund wallet' button. This button submits a request to a currency.
- An Organization can create a custom currency
- Once an Organization is funded with LIX, all the other modules under the Organization have access to that LIX.
- Task and Project creators can set a limit to the total amount of LIX that can ever be consumed by Activities in that Task or Project
- A project is a group of tasks
- A project belongs to an organization
- An organization can have many projects
- A task is a group of activities
- Every task belongs to a project
- There can be subtasks. One task can have multiple subtasks
- Subtasks are simply tasks that belong to other tasks using the field pratent_task_id
- An upper limit to the amount of token a task can earn can be set.
- Every task has a custom token attached to it from which users who complete the task are paid.
2.5 Tokens used in LIX Platform
2 type of tokens used in the 1st Phase
Blockchain Token (LIXX)
2.5.1 Blockchain token (LIXX token)
Libra Incentix has designed LIXX token using BEP20 standard and deployed it in BSC (Binance Smart Chain).
The token is created by using the following smart contract:
- SYMBOL: LIXX
- ADDRESS: 0x16530b5C105fcB7c50BC84A039a0a4ed806a5124
- NETWORK: Binance Smartchain(BEP20)
LIXX token is used as a utility token to provide functionality for loyalty campaigns launched by brands/stores on LIX platform.
2.5.2 Custom token (Custom Currency)
Currently LIX platform is using customer token to launch and run loyalty programs. These custom tokens are not related to blockchain at this moment.
Only Brand and Stores can issue Custom tokens. The issuing brand/store usually define the number of created tokens based on the loyalty programs they run. After creating a custom token, an organization can then transfer some units of that token into any wallet of their choice denominated in the same token.
Any organization can add any custom token to their wallet and request to get units of that token into it by clicking the "fund token" option. The organization that created the custom token can then approve this request and the transfer of units will go through. An organization can backup a custom token, by using their credit card to make payments to the tune they want to backup the token.
If a custom token is backed up, that means the users who earn that token can convert it to cash in their bank accounts (cashout). When creating tasks, an organization selects one of it's Custom Token as the Token to issue payments to users from.
2.6 LIX points
Currently LIX platform has issued LIX points a custom token to run loyalty programs. This token is used to rewards. This token is used by default every time a new brand/store joins LIX platform and runs a loyalty program.
Key elements of LIX points:
LIX points run without using blockchain
LIX points can be purchased on LIX platform and swapped to LIXX tokens
The exchange ratio of LIX points to LIXX tokens is 1:1
The following goals are achieved by using custom tokens without using blockchain in phase 1:
it makes much easier to move current version 1 of LIX platform to future version 2 in a future where virtual tokens will be replaces by real tokens in private blockchain.
Reducing transaction cost in the current phase 1 which would be higher in case of using blockchain.
2.7.1 User Wallet
Each user has a wallet which has 2 part in it:
part associated with real account in blockchain. This connection allows receiving LIXX tokens info like balance in real time. The Libra Incentix wallet is connected with its account in blockchain via Metamask by using Web3.
part storing custom tokens which user can earn, swap or buy in LIX platform
The following functions used:
transfer selected custom tokens from one user wallet to other user wallet in LIX platform
swap custom tokens to LIXX tokens. The exchange ratio is defined by LIX platform
2.7.2 Organization Wallet
Each brand/store has only one wallet which is created when a brand/store joins LIX platform. These wallets used to store Custom Tokens. It is used for new Custom tokens creation.
The exchange ratio for new Custom token is calculated by using the following formula:
exchgRate = LIXX volume / Custom token Volume
The brand loyalty program users use this formula to swap tokens, they received as rewards, to LIXX tokens.
to send Custom tokens to wallets of other users or brands/stores
to request Custom token from a brand/store
to approve request to receive Custom token from a brand/store
2.8 The Custom token creation description
The scheme below shows user and token interactions:
Schema how Custom tokens created:
Once a brand/store issue a custom token the following actions happen:
In order to create a Custom token a brand or store must have LIXX tokens in its wallet. These tokens can be purchased in a centralized crypto exchange or swapped in Pancakeswap (blue arrow in the schema). If the number of tokens LIXX on exchange is decreasing, then the exchange rate of it will grow
Steps to create Custom Token: (green arrow on the schema)
- Send a request on LIX platform to create a Custom Token
- Define the exchange rate of your Custom token vs LIXX token. This is required in order to define the price of Custom token.
- Transfer LIXX tokens to LIX platform wallet
- Based on the number of transferred LIXX tokens and the exchange rate defined in section 2 above, a certain number of Custom tokens will be issued. The formula is the following for this transaction: N custom token = N LIXX * R exchange rate
- The issued tokens get transferred to the Brand wallet.
This brand connects issued Custom token to a certain loyalty program or to a certain task in the program (brown arrow in the schema above)
Once LIXX tokens get transferred to LIX platform they could be offered for sale on crypto exchanges in order to remove disbalance between demand and LIXX token offering. An additional revenue can be received from this transaction (red arrow on the schema)
2.9 Increase balance of LIX points or custom token
A Brand, while running loyalty program on LIX platform may decide to increase the number of Custom tokens. This may happen in case if the loyalty program become super popular and the demand is very high or the organizers decide that the rewards are too small
Schema: How the custom token balance is changing
In order to increase the number of Custom tokens the following steps need to be taken:
A Brand decides to increase the number of Custom tokens which used as rewards in a loyalty program
In order to increase the number of Custom tokens, this brand needs to have LIXX tokens in its balance. This can be done by buying them on a crypto exchange or by doing swap in LIX platform (blue arrow in the schema)
In case if offering of LIXX tokens in exchanges is decreasing, its exchange rate will grow. Additional steps needed to be taken in this case in order to increase Custom token balance (green arrow in the schema)
A Brand can send a request to LIX platform to increase Custom token balance
LIXX tokens need to be transferred to the wallet on LIX platform
Depending on the number of transferred LIXX tokens and exchange ratio, a certain number of Custom tokens will be issued.
The formula of issuance is the following:
N custom token = N LIXX * R exchange rate
The issued Custom tokens transferred to the brands wallet.
Once LIX platform receives LIXX tokens it can offer them on exchanges again in order to balance the LIXX token price. An additional revenue can be generated (red arrow on the schema).
2.10 Rewards Distribution
Schema: How rewards for loyalty program participation are distributed
This schema describes how rewards are awarded for participation in loyalty programs. A brand needs to have a sufficient number of LIXX tokens in its wallet before users/shoppers start participate in the loyalty program (brown arrow on the schema)
A user takes steps defined by the loyalty program in order to receive rewards in Custom tokens per Project Task (yellow arrow on the schema)
Once the defined requirements met, this users receives certain number of Custom tokens in her wallet.
The user can store these Custom tokens in her LIX wallet or exchange them to LIXX tokens (blue arrow on the schema)
- A request is send to exchange Custom tokens to LIXX tokens
LIXX platform calculates how many Custom tokens can be exchanged to LIXX tokens based on the formula:
N LIXX = (N Custom token * R exchange rating) - FEE - Blockchain Fee
- A swap happens where Custom tokens exchanged to LIXX tokens and these LIXX tokens transferred to the user wallet.
Once user receives LIXX tokens she can swap them to other tokens, sell on exchange or store them in her wallet (green arrow on the schema)
2.11 How LIX Platform is currently organized
Client: This can be a Mobile phone, tablet or desktop computer that a client will use to access the system
UI using Web3: This can be any UI framework like react, Angular, Vue.js etc, the UI will also have a Web3 Component so that signing of transactions can be done on the frontend through a client wallet like Metamask. When Loyalty points need to be transferred then this is were the signing for the transfer will happen
Lix Microservice: This is just a representation of the business logic microservice that the system uses, it also provides a set of api’s that other system can use to hook into the system, in reality you will have many business microservices this is just for simplicity for now.
Smart Contract Microservice: This is where the system does the Minting and/or burning of Loyalty points and executing the smart contracts on the backend. Since only the owner of the smart contract can call Mint and/or burn functions it also adds for more security by having this functionality here.
IPFS Microservice: This handles saving and loading files from the IPFS node.
Lix Database: Represents the permanent business storage that the system needs like static data and dynamic data that is needed.