- 1 RINGX Platform is a blockchain-based mileage integrated ecosystem.
- 2 It has integrated different mileage services into blockchain technology.
When blockchain is integrated with any of the services, then it raises the quality and trust of the service provider. The reason behind this is that the blockchain provides transparency and security. RINGX Platform is built to create a mileage-integrated ecosystem based on blockchain.
It is an innovative platform for customers and consumes highly qualified content with integrated mileage based on cooperation with different mileage service providers. The market status by the Korean Financial Supervisory Service (KFSC) stated that the size of the local mileage market exceeded 10 trillion won in 2017. The Korean statistics confirm this.
As the days pass the market is more focused on online payments which shows that the market continues to grow in tandem with the growth of the online e-payment market. KFSC evaluated that credit cards are most commonly used as an electronic payment tool, exceeding 3 trillion won in 2018.
Market Analysis of Content Services
The market analysis highlights that the Korean market industry has been growing continuously for the last five years, reaching 116 Trillion won in 2018. It was 100 Trillion in 2015. This shows the increasing interest in the content sector. The users are evenly interested in content like publishing, movies, music, characters, games, and advertisements.
Furthermore, apart from the continuous growth in the content market, policymakers who issue and distribute the mileage and the content providers who will have the mileage as the source of revenue, are based on different interests. This cannot guarantee continuous growth.
The Ecosystem of the RINGX Platform
RINGX is the platform where the customers convert the mileage that customers used to leave unused in RINGX mileage, providing a chance to use and trade in a stable, convenient way. This provides customers not only with convenience and benefits but also reduces the cost of mileage issuers and provides new marketplaces to create new markets.
The RINGX Platform developed its business in different areas like telecommunications, financial companies, airlines, etc. The platform is supported by wonderful partnerships with developers who have vast experience in developing financial technology.
Through RINGX Platform they want to create a global mileage integration ecosystem for people from all over the world.
Features of the RINGX Platform
There are many mileage providers in the market. They are mostly financial firms that are managed through a server-based management system. They invest huge amounts in computer management and in preventing hacks. However, the RINGX Platform has some features that are capable of avoiding the hacks.
Blockchain Technology: The platform has blockchain technology which is capable of providing security along with privacy and transparency.. It is designed to prevent the possible errors of the centralized systems.
Standard Technology: A mileage provider’s platform needs robust technologies and for this , a huge cost is present to combine varied technologies and structures. To avoid this huge cost, this platform has a multi-connect architecture of 1:N. There has been no case of an implementation of this in the market till date.
The RINGX Platform integrates the standard technology that enables each company to integrate miles without having to link the customer information through the blockchain-based mileage integration platform.
Secure Transactions through Smart Contract: No one can change the information which is stored on the smart contracts. The information on transactions is stored on smart contracts on this platform. So, it cannot be changed and this makes it secure.
Benefits of Using the RINGX Platform
RINGX Platform is aimed to create a virtual business ecosystem that benefits both the mileage providers and the content providers. It provides varied marketplace opportunities to content providers. On the other hand, it also provides blockchain-based mileage integration platforms to mileage providers which is transparent and secure.
For the successful operation of the platform, the company always keeps in mind the needs of the customer by making FinTech and data processing technologies. It also facilitates integrated architecture and blockchain technology and meets customer needs through partnerships with experienced developers and content providers.
The content providers will be able to sell their content to mileage and they also get a chance to expose their content to different marketplaces. The RINGX mileage payment systems have simplified the process and so, the fees paid by the content providers are notably reduced.
Mileage customers can send miles to themselves, their families, and relatives, allowing them to manage and distribute the mileage. Customers are allowed to use varied contents without being constrained by the expiration date.
How RINGX Works?
To use the content and various services of the RINGX platform the customer has to convert the mileage of the company on the platform to RINGX mileage. Within RINGX, RINGX mileage is used and the user who does not have miles can use the RINGX tokens or some other cryptocurrency that is available on any internal separate exchange.
RINGX token is the utility token of the platform. The customer rating within the platform depends on the quantity held, discounts, and the utilization of the content in benefits. RINGX miles can be air-dropped to the RINGX token holders. It can also be purchased by converting other coins into RINGX tokens. The holders of the token have the right to participate in the events of the platform and receive the tokens in the form of rewards.
The coin of the RINGX platform consists of a RINGX token for external use and a RINGX Mileage for internal use.
Functions of the RINGX Token
There are many functions of RINGX Tokens. Some of them are listed below
Membership: The quantity of the holding tokens decides the RINGX membership. The benefits of the company are different depending on the customer’s membership rate.
Mileage Reward: The customers having tokens are eligible for the Mileage rewards.
Connect: It also provides the opportunity to connect. The coins that have made a partnership with the RINGX mileage in the RINGX Platform along with the coins that have not been signed, can be exchanged with RINGX tokens through the external exchange to RINGX Mileage
Bounty: Bounty is a kind of compensation or reward for the content providers from the platform. The token holders participate in various marketing programs held by the platform and receive the reward of RINGX tokens in return.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.