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Beauty Platforms have started using Cryptocurrency to attract more customers

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Beauty platforms have started harnessing the power of cryptocurrencies. Virtual currencies like Bitcoin have made a mark in almost every industry. The latest news is beauty platforms are leveraging them and attracting the customers using the blockchain technology.

Just two weeks ago,  beauty platforms have made announcements about using these cryptocurrencies. Opu Labs, a facial recognition technology platform, talked about its artificial intelligence-powered abilities and its own cryptocurrency called OpuCoin.  In a press release, the company describes itself as “a mobile application that bridges skin care, artificial intelligence, and blockchain technology into one ecosystem.”

Opu plans to use facial recognition technology to connect beauty consumers with dermatologists and, with beauty brands. Users will upload a photo of themselves that will be checked by Opu’s AI if they have any wrinkles or pigmentation. By uploading your selfie or connecting your Instagram profile, users will be rewarded with Opucoin. The brand then wants you to use your Opucoin to buy more advice from their platform.

“I think in a not-too-distant future everyone will have the equivalent of a PayPal account with different cryptocurrencies — you will have all these different loyalty programs and points [from different brands],” said Richard Reed, COO of Opu Labs.

Another beauty platform, Augmented reality makeup app, Perfect365, which provides services to over 100 million users, also announced it has integrated an already existing cryptocurrency called Kin in the last week in order to retain users. The platform wants to engage its customers by asking them to take specific actions like downloading hi-resolution photos of their makeup looks to upload onto social media platforms. In exchange, the platform — which features Ipsy, Nudestix and Hot Tools as brand partners — can take even more brands on board to pay (in dollars) to advertise on the platform.

To do this, Perfect365 is using Kin, a cryptocurrency created by the messaging app company Kik a year ago, and is only intended to be used within the digital app economy. Other platforms that currently use Kin include apps like Lollicam and Draft Fantasy. Perfect365 users are able to earn Kin on the Perfect365 platform by answering survey questions and, in the coming months, by creating and sharing makeup looks. Currently, the Kin currency is only available for a test group of Android users in the U.S., India, U.K., Canada, and Australia.

These platforms are employing an unusual strategy to drive people to use them. Well, they are using the virtual currencies as the equivalent of a new type of rewards program. The catch is that these specific currencies can only be used to purchase virtual products and only within that respective platform, therefore locking people into an earn-and-spend pattern.

 

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Bitcoin under $4000

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Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.

2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.

Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.

It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000

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India’s largest Mobile & Internet industry forms Blockchain Committee

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India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.

India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups.   India’s most-read business daily the Economic Times report.

The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country.  This will give a boom to the new digital economy in the country, the report added.

The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.

She told the publication:

“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.

Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.

Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.

Singh added:

The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”

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BTCC Chinese Crypto firm plans to start its services in South Korea

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BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.

Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to  China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.

According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.

Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.

Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”

The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.

In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.

 

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