MiL.K platform will function as a square by integrating mileage points from different services and providing means to trade them interchangeably. It will gather small amounts of spread mileage points of various services into a meaningful amount and support the users’ ability to trade these points according to their needs. In this way, our platform will make users to benefit from mileage points more substantially.
MiL.K will make integration and transaction of mileage points happen seamlessly by using reliable and fascinating methods powered by the blockchain.
This project is supported through the joint efforts of Yanolja (the unrivaled leisure platform in Korea), Lambda 256 (which operates Luniverse and is a subsidiary of Dunamu, the owner of the crypto exchange, Upbit), and Key-Inside (which has proven its technical expertise in enterprise-blockchain development). MiL.K are also in discussions with market leaders of various industries, and the number of participating companies will continue to grow. Through this project, we will demonstrate how blockchain technology and the real economy can be combined and used in the real world.
Vision
MiL.K aim to build a platform that integrates mileage points of various, different service companies in the lifestyle industries, including travel, leisure, fashion, and culture.
Through the blockchain, we will implement a mileage point integration platform that secures the credibility of data, does not require direct exchange of personal information between companies, and has no needs for the post-settlement.
Platform’s Direction
Maximization of Mileage Point Value
MiL.K primary goal is to maximize the mileage points’ value. So far, mileage points have been used only within a certain company. The amount of it has been mostly small, and it has had expiration dates. So, utilizing mileage points has required significant efforts and commitments to customers. To solve these problems, we plan to increase the number of participating services so that customers can have more options to gather and spend their mileage points from/on. And further, we will enable cashing out the points as well.
Partnership among Various Lifestyle Service Companies
There are various services and products in the lifestyle industry, and competition among service companies is quite fierce.
For MiL.K partners, that is the participating service companies on our platform, we will maximize their marketing effectiveness by sharing massive pool of customers within the platform. There will be only collaborations, not a competition on the platform because we only allow for one company to join and represent its belonging sector. With this structure, participating companies will make synergies by sharing their customers and carrying out marketing events together on the platform.
Partnership with Global Companies
The platform will make partnerships with global companies in the lifestyle industries (travel/leisure/fashion/culture/and such), and this will be a chance for our existing partners to enter into global market without efforts.
Brand Token (BT)
As Brand Tokens are the service companies’ mileage points (rewards) directly converted into tokens, the way of handling them is same as handing mileage points. (Brand token is issued and managed off-chain and its transaction is recorded on-chain.)
In other words, both the issuance and circulation amount are controlled by the service company, and when customers of the company use their Brand Tokens, the company shall guarantee the same redemption value for the tokens spent.
Mil.k Coin
Mil.k Coin is a cryptocurrency that functions as the currency of our platform and is the medium that integrates Brand Tokens of the aligned service companies. On the platform, Brand Token is like a product, and Mil.k Coin is the currency to purchase it.
There are several ways to acquire Mil.k Coin. First, it can be earned when a user sells his/her Brand Token (On the platform app) that he/she has earned by using its relevant service. Second, it can be purchased at the external crypto exchange. Lastly, it can be individually transferred between users.
BENEFITS FOR USERS IN MIL.K ALLIANCE
Integrated use of mileage
Integrate small, spread mileage point for practical usage.
Encashment of mileage
Cash Mil.k Coin, earned by exchanging the points, at the cryptocurrency exchange.
Additional discounts
Buy mileage points at a lower price than actual value with Mil.k Coin.
MERIT OF USING THE BLOCKCHAIN
Formation of a Mileage Point-Trading Market by Utilizing Crypto Token
Enables integrating mileage points without needs for post-settlement and purchasing the points with discounts in the market.
Data Transparency and Reliability
Since all transactions are being recorded on the blockchain, no data can be counterfeit.
Reduced Platform-Building Cost
Building a platform on the blockchain costs much less than conventional System Integration that physically connects each centralized system.
Utilization of Global Crypto Exchanges’ infrastructure
Tokenization of mileage points means that the token can be traded and cashed at the crypto exchange.
Team
| Member | Jayden Cho, CEO & Co-FounderRooney Jung, CTOShawn Woo, CBO & Lawyer |
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Quote This article is writing on 24 December 2019 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258
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