LoyalCoin (LYL) is a decentralized rewards platform that provides loyalty programs for multinational companies. The LoyalCoin aims to launch a unified customer loyalty network that utilizes blockchain technology at its core and uses the LoyalCoin digital asset for exchange. 

The LoyalCoin seeks to eliminate the limitations of customer loyalty programs like lack of user engagement, difficulties in points exchange, or confusion related to different mechanisms of loyalty programs. It seeks to involve commitments from entities who utilize the digital assets for operational, consumption, or other purposes. The LoyalCoin further aims to unlock the full potential of the rewards program that increases the number of participants by replacing the limited rewards points with a blockchain-based dynamic currency.

The LoyalCoin earlier identified numerous points that prevent loyalty programs from unlocking their full potential. The problems include high operational costs, account inactivity, low redemption rates, and other logistic hinderances. LoyalCoin addresses all of these issues and caters to the customers' preferences. LoyalCoin includes:

LoyalCoin intends to change the current uninspired and value-deficient rewards points system to a value-focused, digital-based rewards system that stands above traditional rewards programs. Furthermore, through the LoyalCoin Platform, customers are more engaged with companies' loyalty programs while acquiring better rewards for their consumption. Meanwhile, tokens are more valuable in the new world order of tradable rewards. Companies that run customer loyalty programs can extract more value from their rewards.

LYL is the official token of the LoyalCoin that provides utility to the omnichannel loyalty program of the ecosystem. The LYL token serves the utility by working as a denomination for the rewards ecosystem and a medium of exchange for other traditional or virtual currencies. When customers yield LYL from the rewards programs, they can utilize the tokens on more options than the traditional customer loyalty program offers.

As per the official whitepaper, the LoyalCoin platform was introduced in 2017. Patrick Paul Palacios is the president, founder, and chief executive officer of LoyalCoin. Other notable team members include Paolo Bediones, chief operations officer; Charie Ortiz, chief financial officer; Anthony Vipond, senior blockchain developer; and Narciso Villanueva Jr., head of IT.

We update our LoyalCoin to USD currency in real-time. Get the live price of LoyalCoin on Coinbase.