SHOP token is a development project which is based on uCoin, originally conceptualised in 2014.
Description: SHOP tokens are to be used as a stable coin mirroring USDT can be exchanged for SHOP utility tokens to give holders of $SHOP tokens and also customers of Online Shop and/or it’s ecosystem, including partner networks a way to be rewarded for their loyalty and use of services. Anyone can buy SHOP tokens directly on exchanges but the only way to earn it, for free would be by using Online Shop or a service from its partner network, earning SHOP and by investing that token into longer term liquidity pools. Spend money, get rewards, invest rewards for longer term gains and get a golden goose token as a result. A bit like spend money at your big-chain grocer, earning you club card points but your club card points are also earning you airline miles.
SHOP then stays stable and rewards a growing online community with consistency of rewards and value which would be appealing to other investors and adopters who would like to join the partner network. SHOP tokens will also be able to be swapped for other tokens and currencies making it a virtual currency for all online gaming and digital purchases but because it is intrinsically linked to real world spending it bridges the two worlds. E.g. if a customer buys a £2000.00 GBP TV on Online Shop they can receive the SHOP tokens which can be spent on buying NFTs, skins, characters in partner games.
Executive Summary: customers of the Online Shop ecosystem and its partner network can earn utility SHOP tokens when purchasing products or using services to earn discounts, redeem rewards or partner-led incentives, free shipment, ability to purchase products at wholesale prices, or use towards increasing rank for dropshipping capability which will unlock added benefits such as 30-day payment terms on orders, or spend them on digital goods such as NFTs. SHOP tokens are earned every time there is a substantial purchase of value made £0.10 or greater which are used to stake the ecosystem. SHOP tokens will be stored in users’ digital wallets and will be able to be accessed via shoptoken.org and be independent of any accounts they may have created through Online Shop ecosystem or the partner network. The wallet can be created by users creating an account via Online Shop ecosystem or any partner network website and/or service which will support said functionality.
Ecosystem & Partner Network: the SHOP utility tokens will be stored in a user’s digital wallet powered by Online Shop, this digital wallet can be integrated with other services owned and operated by Online Shop (“ecosystem”), and it’s partner network, which comprises of various other websites and/or services where SHOP tokens can be earned and redeemed.
Use Case Scenario: a customer registers for an account with UK-based Online Shop, upon their registration they enrol in the SHOP loyalty & rewards programme and a unique digital wallet is created with a unique identifier number and seed phrase. The customer purchases products that have a cart value of £50.00, the customer receives SHOP tokens which reflect the market value of each token (i.e., £1.00 GBP is equivalent to 1 whole SHOP token). The SHOP tokens can then be redeemed towards other purchases, for example as a discount against a product, free shipping or else. The customer decides to book an experience through one of partners of the partner network, i.e. Beyonk.com, the customer can use the same SHOP tokens earned through purchase of products to redeem a discount against the final value of the booking, or an upgrade to existing booking (depending on provider), or earn SHOP tokens if not redeemed.
Rewards & Partner Led Incentives: similar to airline miles, the SHOP utility tokens will give customers the ability to redeem various rewards and incentives. For example, customers will be able to access shoptoken.org and connect their wallets independent of any accounts they may have created elsewhere and view their current balance of SHOP tokens, and see any rewards or incentives available for them to redeem, this could be a hotel stay, a free flight, a free product, or another reward and/or incentive.
Wholesale Prices: customers who frequently use Online Shop, or any websites/services within the partner network where SHOP tokens can be earned will have the ability to redeem and access wholesale prices on select products per category for a limited time until expiration of the redeemed SHOP tokens.
Use Case Scenario: a customer redeems 500 SHOP tokens to access wholesale priced products on the Toys section of Online Shop, the amount of tokens spent will give a finite amount of time for the customer to purchase select products from select sellers at best possible prices. The time available to redeem and use this will depend on the value of SHOP tokens, availability of merchants, products and market demand.
Gamification, Collateral & Rankings: customers who want to increase their rankings on Online Shop and the ecosystem will be able to redeem SHOP tokens to increase their ranking, from level 1 to level 80. This will enable serious customers and business accounts to access dropshipping functionality such as bulk ordering to other addresses, special customer support, API’s to integrate with their own website and/or platform, use SHOP tokens as collateral to sign agreements to purchase products via a 30-day payment guarantee instead of immediate payment via select merchants. Once higher level of account is reached, the earning potential of SHOP utility tokens also increases, with multiplier for level 10 being 0.80x, level 25 being 1.25x, etc.
Refunds: customers can ask for refunds by merchants to be processed as SHOP tokens instead of fiat currency, this means that a merchant can issue a refund and it will automatically convert into SHOP tokens for the customer.