robsecord / Bloom

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Bloom Finance - Gift Cards that Grow!

The place for retail businesses to create and sell their own gift cards. Welcome to Gift Cards 2.0

Motivation

Gift cards are well known as a way for retail businesses to boost sales and bring in new customers.

In a period of crisis gift cards are an accessible way for customers to show their support for their favourite businesses, in simple terms customers are making an advance payment for goods or services.

For businesses, gift cards are an income stream open 24/7 regardless of whether their stores can be open.

Why?

Right now many retail businesses need to add a lifeline to their business. And there's nothing better than accepting advance payments for goods and services.

Gift Cards 2.0

A gift card that grows in value...

Bloom's gift cards can earn interest. We give gift-card-creators the tools to configure how their gift card earns interest.

  • all of the earned interest could be added to the gift card balance
  • all of the earned interest could go directly to the gift-card-creator
  • or any split between the two

Gift card creators can add their own credit to the balance giving gift card purchasers further incentive to purchase now.

Resilient and persistent, nothing can stop Bloom's gift cards from being sold!

System Overview

Bloom gives business owners the tools - a self-service portal - to create and sell their own gift cards.

Built on the promise of Non-fungible tokens we bridge token standards to enable access to the underlying protocols of DeFi.

We do this by wrapping tangible value, ERC-20 tokens, around unique ERC-721 tokens.

User Stories

  • Alice
    • As a bakery owner I want to add an income stream whilst my business is closed so that I'm better placed to weather the impact closure has on my business.
  • Bob
    • As a loyal customer I'd like to support my favourite local businesses so that they can continue to operate, and I can enjoy them, when the crisis is over.

Key focus for UX

  • Adding and listing Gift Cards on the marketplace
  • Redeeming Gift Cards at the Point-of-Sale
  • Viewing the Balance & Interest of the Gift Card
  • Communication / notifications to the Gift Card Holder

How it works

  1. Purchase a Gift Card from your favorite store.
  • We store your deposit as a stable-coin held within an NFT. The NFT is your Gift Card. It is yours. Trade, transfer, sell, redeem, destroy - it's up to you!
  1. Watch the Value of your Gift Card Grow!
  • As long as the Gift Card NFT exists with a deposited value, it will grow with interest!
  • We use Aave to deposit stable-coins and receive a yield-bearing coin that accrues interest. Each Gift-Card is an NFT connected to its own Smart-Wallet which holds the Aave yield-bearing token and accrues interest. The NFT is the owner of the Smart-Wallet and only the owner of the NFT can access or redeem the assets held in the Smart-Wallet.
  1. Redeem your Gift Card!
  • The value of your card is simply transferred to another Smart-Wallet owned by the Gift-Card creator (the business that created the Gift Card for purchase).
  • Any business can Register for a Membership which allow them to create various types of Gift Cards. Memberships are also an NFT connected to a Smart-Wallet which also earns interest on all Gift Card Redemptions until the funds are withdrawn! The Growth never stops!

Status

Project has been submitted for judging, HackMoney an ETHGlobal hackathon.

Next steps

Develop more UI.

We see an opportunity for local governments and municipalities to boost the value of Bloom gift cards as part of their strategic economic response to the Coronavirus crisis. Essentially an easy way for them to present a monetary incentive to consumers in their vicinity.

Contact

Team formed by Rob Secord - feel free to contact me!

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