Malta-based Jan Sammut, CEO of Reftoken.io, invested one decade operating in the online gambling market on both the driver and also affiliate sides of business prior to his lately made a move into the blockchain room.
“I was reading regarding [blockchain] quite extremely and all of a sudden the light bulb went off and also it said, ‘there’s a real life usage case for this technology especially in regards to associate systems as well as affiliate monitoring, basically making them fraud-less'”, Sammut shared.
Reftoken touts itself as the “globe’s first decentralized associate system”, utilizing the Ethereum blockchain to assure a “fraud-less” experience for both sellers and also associates alike, a subject Sammut will certainly be covering during AffiliateFEST 2018.
“The concept is that all the actually clever parts of the Ethereum procedure, the smart contracts, decentralization, symbols, etc, each and every single one of them is a silver bullet for among the pain points that we have actually been attempting to deal with an association for the last 10 years, both on the associated side and also on the vendor side. So it actually was the ideal application for this innovation”, Sammut described.
Founded in June 2017 and now in BETA testing, the Reftoken system permits every affiliate bargain to be governed by a clever agreement as well as everything starts after the vendor puts the funds required for the project in escrow.
“What will take place is this will stop a)the merchants from holding payments from the affiliates, b)it will certainly relieve associates’ cash flow issues because there are no more ’30 days’, invoicing, and so on. As soon as a conversion happens, they make money for that conversion instantaneously, exactly on the blockchain“, said Sammut.
“Third, it makes use of the blockchain as well as it uses our proprietary wallet and market proofs to validate conversions on the fly. So it ends up being almost impossible to run CPA fraud, it comes to be practically impossible to skim or shave the payments, so basically it simply creates this great, trustless, clear layer where everybody can go back and examine all the purchases”, he claimed.
“You’ll be able to go in and also actually view line by line, player by player, spin by spin if you want, where your commissions were made, where they weren’t gained, etc, and this can just be done via smart agreements which are open source as well as auditable on the blockchain“, he included.
When asked what the reaction has actually been from associates and operators to Reftoken’s principle, Sammut made an intriguing point- he thinks resistance to a “fraud-less” platform such as his own is a warning for questionable behavior.
“Essentially every person we talk to is instead enthusiastic concerning it, especially on the associate side, drivers are a lot of skeptical. Nevertheless, I have actually worked with both sides of the sector as well as in all justness, some operators are skeptical– these are the operators that generally have something to hide”, he said.
“But in truth, there is dishonesty on both sides of the formula. I have actually seen a massive quantity of very well organized Certified Public Accountant scams in my time, I have actually seen some extremely, extremely well carried out shaving in my time from the driver side”, Sammut added.
“So overall, any individual who is looking to run a straight video game as well as is sincere and also is simply looking to safeguard themselves in order to receive what they have gained and also what they have actually invested their funds in creating is enthusiastic about it. It’s individuals that are ‘umm-ing’ and also ‘ahh-ing’ are normally the ones that are fretting that their video game is going to be up”, he claimed with a smile.
Time will tell just how everything unravels for affiliate advertising as well as the blockchain, specifically as the technology ends up being with increasing of mainstream. In the meantime, Red token has developed itself as an industry leader in the blockchain affiliate system space and they are only just beginning.
“In general, the system is still being created, arranged for go for completion of this year, around December/January, 2018/2019. So we will certainly be promoting it rather heavily after that. Until then, we have a number of BETA companions that are joined and we will be soft introducing the platform with them in order to promote some crypto money online casinos, a few of them are really going into exchanges as well as stuff like that”, Sammut shared.