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Blockchain – ED2E
Published:
April 20, 2020
Category:
Blockchain
Client:
ED2E
Client Overview
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DMARK International is a global conglomerate with a strong presence in over 30 countries, specializing in direct marketing of beauty, healthcare, and slimming products. With nearly 2 million distributors worldwide, the company’s success is built on its ability to empower individuals to build businesses by marketing its vast product range. As EDMARK expanded its operations, it looked to blockchain technology to create a unified digital currency that would streamline its global operations and provide added value to distributors and customers alike.
To meet this need, EDMARK partnered with its digital subsidiary, ED2E Technology Limited, to develop a blockchain-based token called EDCOIN. This token would serve as the backbone of commerce within the entire EDMARK ecosystem, including its health products, real estate ventures, and broader loyalty program.
Project Goals and Challenges
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The primary goal of the EDCOIN project was to create a private token that could power transactions across the EDMARK ecosystem, leveraging the ERC-20 blockchain standard. By doing so, EDMARK sought to:
- Provide distributors and customers with a seamless, digital payment method that would replace unstable fiat currencies, particularly in emerging markets where currency fluctuations posed a challenge.
- Enable the EDPOINTS app (EDMARK’s loyalty and reward program) to integrate the EDCOIN for smooth product purchases and reward redemptions.
- Facilitate timeshare investments and real estate transactions through EDMARK’s property arm, EDMARK City Development Company.
- Offer a unified, secure token that could drive commerce across various sectors (health products, real estate, and services) within the EDMARK ecosystem.
The project was not without its challenges, given the diverse geographic markets EDMARK operates in, the scale of its operations, and the need for seamless integration across multiple digital platforms, including mobile and web apps.
“This is fundamental for transforming our operations as we look to actualising our vision in creating value in emerging markets.”
– Sam
Strategy and Approach
1. Technology Strategy & White Paper Development The first step in the process was to define the technical and operational framework for EDCOIN. EDMARK collaborated with blockchain experts and technology consultants to craft a comprehensive white paper, outlining the following key elements:
- EDCOIN Utility: Designed as a multi-use token, EDCOIN would act as a currency for transactions across EDMARK’s health products, partner merchants, and real estate projects. It was also integrated as part of the EDPOINTS loyalty system.
- Stability Features: Given the volatile nature of fiat currencies in several operating countries, EDCOIN was developed to offer more stability by being tied to the entire EDMARK ecosystem.
- Security & Compliance: The team placed a strong emphasis on ensuring EDCOIN complied with all local and international regulations, while leveraging advanced cryptographic techniques to ensure secure transactions.
2. Technical Design and Product Development The core of EDCOIN was built using the ERC-20 token standard, chosen for its compatibility, security, and flexibility within the Ethereum blockchain ecosystem. The development process followed these key technical steps:
Blockchain Backend Development: The ERC-20 smart contract governing EDCOIN was designed with features like decentralized governance, supply control, and secure wallet integration. The team developed an API to facilitate EDCOIN transactions across EDMARK’s apps, websites, and real estate platforms.
Web and Mobile App Integration: EDCOIN needed to be easily accessible for EDMARK’s 2 million distributors and customers. The existing EDPOINTS app was enhanced to support EDCOIN as both a transaction currency and loyalty reward. Seamless integration ensured users could buy, sell, and redeem products using EDCOIN on their mobile devices and web platforms.
Real Estate Integration: EDCOIN was also integrated into EDMARK’s real estate division, enabling customers to use tokens for purchasing or participating in timeshare projects via EDMARK City Development Company. This created a new, frictionless method for real estate transactions.
3. Partnerships and Ecosystem Expansion To ensure widespread adoption of EDCOIN, EDMARK partnered with various merchants and service providers within the health and wellness industries. These partnerships allowed users to leverage EDCOIN across a broader range of products and services, thereby expanding its utility beyond EDMARK’s own offerings.
Solution Implementation
The deployment of EDCOIN involved a multi-phase implementation process:
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Phase 1: Token creation and integration with the EDMARK ecosystem, including web and mobile apps for distributors and customers. This phase focused on token issuance, wallet integration, and making EDCOIN accessible for purchasing health and wellness products.
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Phase 2: Expansion into real estate transactions, with EDCOIN enabling property purchases, timeshare investments, and seamless value exchange within the EDMARK City Development properties.
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Phase 3: Full-scale rollout of EDCOIN as part of the EDPOINTS loyalty rewards system. Users could now earn and redeem EDCOIN for discounts, exclusive offers, and other rewards, adding an extra layer of value for frequent customers and distributors.
Key Outcomes and Impact
Seamless Value Exchange: EDCOIN created a frictionless payment ecosystem where distributors and customers could easily transact across EDMARK’s multiple business sectors. The token’s integration across web and mobile apps simplified transactions for users globally.
Increased Loyalty & Engagement: The incorporation of EDCOIN into the EDPOINTS app significantly boosted user engagement. Distributors were incentivized to earn and spend EDCOIN, creating a more engaged community around EDMARK’s product offerings and services.
Global Adoption: EDCOIN’s ability to bypass unstable fiat currencies in emerging markets allowed EDMARK to stabilize its operations in regions prone to currency fluctuations. This also enhanced financial inclusion for distributors in these markets.
Real Estate Innovation: By integrating EDCOIN into real estate transactions, EDMARK made high-value property investments more accessible to its global community of distributors, expanding the utility of blockchain technology in non-traditional sectors.
Conclusion
The EDCOIN project demonstrates the transformative potential of blockchain technology when applied strategically to a diverse ecosystem. By building a unified digital currency, EDMARK was able to streamline operations, drive customer loyalty, and offer a stable financial solution for its global network of distributors. As EDCOIN continues to expand its role within the EDMARK ecosystem, it serves as a case study in the effective use of blockchain to foster innovation and growth in underserved markets.
