While the previous rewards program is an individual and disconnected ecosystem, the ecosystem of Hilarium is a multi-layered network of diverse entrepreneurs and customers contributing in the creation of a huge network. As the network grows, the network effects will become more powerful. Within a larger network, customers will have a greater number of choices in acquiring and using rewards.
There are many types of membership and loyalty points in the world. Among them, there are memberships and loyalty points that have established themselves as successful business models. But in most cases, customers are experiencing the limitations. Because there are too many types of memberships and points, the management process is complicated and troublesome. In addition, the accumulation rate is slow because you have to earn points separately for each membership. Even if you put in effort to earn points, the incompatibilities between the points make their usages also very limited. For these reasons, customers typically lose interest in earning points at a certain period.
The current membership points and rewards system are fundamentally composed around individual reward entrepreneurs. As the reward operating entity is an individual entrepreneur, the reward ecosystem is very narrow and low in expandability. Thus, customers feel uncomfortable in the entrepreneur-centered system when acquiring or using rewards. Under the rewards program fragmented by each entrepreneur, the participation of the customers is eventually reduced, leading to an undesirable situation for the entrepreneurs who run the rewards program.
Under the consideration of these problems, Hilarium strives to become a realistic reward system in everyday life. The biggest principle of the Hilarium Rewards is that customers can earn rewards with the same Hilarium coin from any entrepreneur that participated in the Hilarium ecosystem. Rewards points, on the other hand, are operated independently by entrepreneurs to ensure their individual autonomy. In the previous membership point system, the conversion of points to actual rewards had many constraints, while Hilarium allows automatic conversion of points to rewards. The conversion of points to rewards is accurate and guaranteed because Hilarium handles compulsory payments systematically. This means the rewards programs’ conversion into a customer-centric system, and within the Hilarium Rewards ecosystem, customers will not feel constrained in acquiring or using rewards.
In this way, Hilarium creates a huge ecosystem of rewards network that is incomparable to previous individual and fragmented reward programs. While the previous rewards program is an individual and disconnected ecosystem, the ecosystem of Hilarium is a multi-layered network of diverse entrepreneurs and customers contributing in the creation of a huge network. As the network grows, the network effects will become more powerful. Within a larger network, customers will have a greater number of choices in acquiring and using rewards. The value and utility of the rewards offered to customers in this huge and integrated ecosystem will be different from the previous ways. This implies customer satisfaction that differs from the previous level, and this will also allow entrepreneurs to participate in the reward network ecosystem, providing a customer attracting effect through rewards different from before.
It is important that the value of the rewards or coins is properly maintained or increased in order for all members of the reward network to fully enjoy the effect. This is because the value created and experienced by the reward network is stored and distributed through the intermediary reward coin, or Hilarium in other words. Fundamentally, as the reward network becomes active, the value of the coin increases; however, the increase in the value of the coin can activate the reward network as well. Therefore, consideration of the value of coin is very important, and for this reason, Hilarium provides various devices to maintain or raise the coin value by methods such as reducing the amount of coin circulation and incineration of some coins.
Also, if the customer, after receiving the reward, cannot use it in everyday life, the value of Hilarium as a reward coin will be greatly damaged. Due to such danger, it is important to be able to easily use rewards for micropayments. However, at the present time, most of the cryptocurrency cannot solve the technical problems such as payment speed or commission, so it is rarely used practically in the micropayment market. Therefore, Hilarium will solve these technical issues so that customers can immediately experience the benefits of rewards through micropayments.
If these Hilarium visions are realized, customers will be easily rewarded anywhere through Hilarium’s reward network, and the rewards will be of practical value and readily available everywhere. This is the vision that Hilarium seeks for and the ecosystem it wants to build.