Interview with Ribbit.me, the first decentralized Rewards program built using Blockchain Technology with it’s own Marketplace
The ability that crypto currencies have to create new environments and business innovations is remarkable! You might say that Digital Currencies are the first real 21st Century technology, because it will be the main part running to implement profound changes in the way how we see currency, markets, assets, bonds, but most of all in the way how we deal across borders…
Ribbit.me is a new StartUp that aims to introduce a new and totally decentralized Ebay like Marketplace, with one special feature that provide the ability of users getting some cash back simply by selling and buying through the Platform! Ribbit.me is the first decentralized cash-back Marketplace Platform.
Ribbit.me is about to be launch at the end of this month, and Bitcoinist took some time to have a nice conversation with Ribbit.me CEO and Co-founder Sean Dennis:
Hello Sean, and thank you for letting us borrow some of your time.
From my understanding, Ribbit.me is a platform where you can buy and sell things and get some cash back by doing so; in fact I would like to hear you own explanation about it!
Ribbit.me™ is basically:
1 – A market place – just like Ebay – but you can spend both digital and fiat currencies (Including RibbitRewards™) – we will launch that at the start of December with 5 million + products for sale from merchants and individuals selling – think of it as a mix between Craigslist and Ebay basically
2 – A Rewards system called RibbitRewards™ (Think of this like Air Mile points when you spend on a credit card) – This is built using blockchain technology, so with a transaction, both the buyer and seller qualify for the RibbitReward™)
3 – A Plugin where any online merchant website may integrate the RibbitRewards™ system into there platform – So basically we want to become the internet’s Rewards service!
we want to take Blockchain technology mainstream – companies like IBM and Samsung have publicly said they want to start exploring how it can be integrated into their systems, and that is what we want to do…to make this technology accessible and usable by the mainstream
We are requiring proof of identity when signing up for the wallet, similar to Stellar, and we are working with Jumio for our KYC needs, and Optima Compass for AML and transaction tracking on the marketplace
It seems like a business with real future! You must be pretty excited with all this!
Very excited, it has been a huge project, with an incredible team! We have made some great friends and partners with Ribbit.me.
We heard that you were contracting the CCC services is that right?
Yes that’s right! The CCC is helping us out a lot! Our Advisor Board is also great, including Alan Safahi, CEO of ZipZap and Bev Thorne – Ex CMO of Century 21 Global, and a new member – Alex Chung who is the CEO of Giphy.com – a very cool business
How will exactly work your RibbitRewards™ program?
If you purchase an iPhone from me for example on the marketplace or on a merchant website that has the ribbit.me plugin – the data from that transaction is fed into the blockchain. A certain number of RibbitRewards™ are produced per block period, and dependent on the size of our transaction relative to other transactions during that period, we will receive a proportionate amount of the RibbitRewards™ – The RibbitRewards™ for our transaction are then split between you the buyer, me the seller, a % to charity, Ribbit.me and then the rest to the miners.
Can you give a heads up on what will be the value of these RibbitRewards™?
The value of the RibbitRewards™ will be set by the users – it is totally decentralized
For normal non-crypto user – it is simplest to think of them as air miles points when they spend on a credit card, except the merchant gets paid rather than costing them anything, and the user may spend them on anything – it is way more versatile
You said that miners would get some compensation also, so I guess miners will be conducting the confirmation of RibbitRewards™ transactions right?
It´s actually dual merged mining SHA and Scrypt. RibbitRewards™ are a reward – it’s built using its own blockchain so is not dependent on any other’s classification; there are multiple “mining layers” if you break it down:
1 – Proof of Identity
2 – Dual merged mining (SHA and Scrypt)\
3 – Proof of Transaction
The act of Blockchain Technology being used as a reward – we have a Patent Pending on this as well which we are very proud of.
Will the Ribbit Platform itself be decentralized?
Yes – We made as much about our business model as possible decentralized, and in the hands of the users. We do not control any of it, and that is why the marketplace will be completely free to use. The RibbitRewards™ blockchain is completely decentralized as well.
You’ve talked about your start-up company having a Patent Pending related to some kind of implementation with the Blockchain technology. Care to talk more about this?
Our Patent Pending relates to the use of a blockchain for a reward program (i.e. the Proof of Transaction protocol with the blockchain) – so if anyone wants to incorporate blockchain technology into rewards, they must use us, or license from us.
Have you any agreements with other companies?
Yes, on the marketplace, we are working with Bitpay, ZipZap, SnapCard, Simplex CC, Coingateway.
In terms of legal compliance what can you tell us?
We are working with Jumio and Optima compass for KYC/AML. We are talking to lawyers on a daily basis to make sure we are working well with in regulations always, we have registered with Fincen. And by requiring proof of identity for sign ups, we will be able to declare any and all information needed to comply with regulations.
Where will your offices be located?
Our team is spread all over the world! I am based in Nicaragua but a lot of our staff is in the States, Ireland, Philippines, Ukraine; there are 3 co founders – I am from the UK, but live in Nicaragua…the other 2 are from the States. We haven’t got a “Head Office” yet – one day maybe ha ha – we have ‘boot-strapped the whole projects, paying for it our selves pretty much so we are cash poor.
Well, Sean let me thank you for your time and availability to answer our questions!
Not at all, please and make sure to tell all your readers to register for their RibbitRewards™ passport after November 1st….
We also have a great program where people can sign up and if they recruit merchants to the marketplace or to integrate the plugin, they receive RibbitRewards™ commission from every sale that merchant makes. All the merchant has to do is sell their products in the same way they usually do, using fiat currency or any digital currency, and they have to integrate the plugin to their platform or sell on our market place in the same way they would sell on Ebay…If any of your readers are interested in this as a part time job, or a way to receive RibbitRewards™ then they should contact us and ask about the Global Ambassador Program…..Its really great!
Sounds, great Sean, I’ll be sure to tell them! Thanks again
Please visit the site to know more about Ribbit
Photo source: Ribbit.me