RINGX Platform (RINGX) aims to create a blockchain-based mileage integrated ecosystem by consolidating various mileage services. Within the system, the RINGX converts the unused mileage of customers to RINGX mileage. RINGX Mileage is a payment method for using digital content (games, videos, music sources, web novels, and web-toons) and services in RINGX Platform. The mileage system was started as an airline’s sales promotion program and is being used for points service to increase customers' royalties (rewards). Telecommunications, financial institutions, and airlines are some of the mileage providers.
According to the RINGX whitepaper, the platform caters to some of the existing problems in the mileage system. RINGX works on the increased demand for security in the financial companies (mileage providers). These mileage providers make use of huge amounts of money in computer management and hacking prevention. To solve this problem, RINGX aims to utilize a distributed head of blockchain technology to reduce the hacking risks and minimize costs. Another concern is of the standard technology for interworking the Mileage System. Each company's mileage system is developed on different technologies and structures. A huge cost is required to link all these systems directly. As a solution, RINGX aims to implement a technology that enables each company to integrate the miles without linking the customer information through a blockchain-based mileage integration platform.
RINGX also works on secure and transparent transactions with smart contracts. RINGX creates transactions through smart contracts that increase information safety and leads to transparent transactions. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Lastly, to offer the right profit share to the content providers, RINGX aims to provide a platform for the customers to consume and purchase qualified content with integrated mileage.
RINGX token is the utility token of the RINGX Platform. The RINGX Token is given as a reward to customers for participating in the platform's events. The token offers the function of:
Larry OH is the CEO and founder, and Seungin Kook is the vice president of RINGX (Reward on incoming networking and globalization) platform.
