Vision of Cryptocurrency
Cryptocurrency started as a technical discussion on a list, grew into a little movement, attracted hordes of speculators, then splintered into zillion useless imitations of itself. We believe it’s destined to consolidate and eventually subside to a battle for power on the worldwide stage. We foresee uncomfortable disruption, a true threat of catastrophe, and a true promise of increased prosperity.
Let us try to explain why.
Money is broken in some parts of the world — corrupt governments have a hard time maintaining stable value in their currencies.
Cryptocurrency is attempting to unravel this problem, with many projects performing on centralized coins that are pegged to the US dollar.
The future dominant cryptocurrencies are going to be a decentralized, dollar-independent stablecoin, and it’ll change the economic situation in many countries around the world.
Our Vision
With Blockchain revolutionizing business models worldwide, businesses’ rewards and customer engagement functions are making underwhelming progress, if at all. These programs follow the archaic and decades-old practices that have led them to become ineffective means of generating customer loyalty. In support, research shows that 54% of loyalty members are inactive, further pointing towards the ineffectiveness of reward programs in retaining customers.
Clanity aims to address this problem with its plan to build a self-sustaining community worldwide by connecting businesses with their customers through our blockchain rewards and engagement program.
With the cost of customer acquisition increasing by 60% over the past six years, Clanity believes businesses are drawing their attention towards customer retention as a more cost-effective and long-term solution.
The loyalty management market in 2020 was estimated to be worth $185 billion globally, with a 5–6% CAGR estimated till 2022. Clanity aims to exploit this growing and massive opportunity with its unique and innovative solution revolving around customer retention and loyalty.
What is Blockchain to Clanity?
A blockchain is an open, distributed ledger that records transactions in code. In practice, it’s a little like a checkbook that’s distributed across countless computers around the world.
Transactions are recorded in “blocks” linked together on a “chain” of previous cryptocurrency transactions.
Imagine a book where you write down everything you transacted on each day, each page represents a block, and the entire book represents a blockchain. Blockchain transactions rely on one of the two validators, proof of work or proof of stake.
Both rely on a consensus mechanism to verify transactions. However, proof of work requires more computing resources and power to solve mathematical equations to validate. In contrast, proof of stake reduces the amount of power necessary to check transactions through “staking.” Think of it as like a bank deposit to earn interest. Participants can stake their cryptocurrencies to participate and be eligible to verify transactions and, in return, get shares of cryptocurrencies.
One key feature of blockchain technology is that a hacker cannot alter a blockchain ledger unless they successfully got at least 51% of the ledgers to match their fraudulent version. The amount of resources necessary to do this makes fraud unlikely. This feature makes the blockchain ledger immutable and transparent.
Growth of Cryptocurrency and Blockchain
Interest in Cryptocurrency among consumers, businesses, and everyday investors skyrocketed in 2021 as the price of Bitcoin rose from $5,300 to $60,000 in 12 months.
Cryptocurrencies have many benefits for frictionless transactions and inflation control, but many investors add these currencies as assets to their diversified portfolios
As cryptocurrencies evolve and their number expands, retailers both large and small in the U.S. and globally are left to evaluate whether they should jump on board this semi-regulated digital train, and if so, how. Individual investors, small enterprises, and small-scale industries are increasingly switching to digital money to prevent the loss of cash in economic collapse or other crises in the current situation.
At the same time, other kinds of organizations, from financial management businesses to nonprofit fundraising groups, are examining the best way to integrate cryptocurrency use into their operational strategies. An example of this can be how several globally leading companies have begun accepting Cryptocurrency for transactions. Such a list of companies includes Microsoft, Coca-Cola, Tesla, Amazon, PayPal, Visa, etc.
The global blockchain tech market size was about $3.67 billion in 2020 and was projected to grow with a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028. The report cites studies showing that by 2030, blockchain technology is expected to be a significant contributor to the global GDP, lifting it by close to USD 2 trillion.
Deloitte’s research suggests that 40% (out of 1,386) of companies in their survey are planning to invest US$5 million or more in blockchain initiatives over the next year. Clanity hopes to bring the same growth and opportunities to their targeted sectors.
What is Clanity
Clanity is a blockchain technology hoping to return the power of finance to the end-users to promote financial inclusion. To simplify, Clanity wants to give the economic power back to the people. Clanity’s goal is to create a community that supports each member through its contributions and create a community that thrives within its financial ecosystem or model. Once Clanity is fully and universally adopted, a cycle will then be established through the platform, building self-sustaining communities, one town at a time, all over the world.
“It is our responsibility to inspire this ideological change, to break free of models that optimize only to the demands of the existing capitalist system. It’s difficult, but it’s doable.” — Maja Vujinovic
Source: Clanity Whitepaper
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Clanity will revolutionize the blockchain rewards program by creating a universal rewards token.
