If you’ve ever snagged a deal on Groupon, you’ve walked through the process of making a purchase and then putting that value towards a good or service, such as jewelry, a night-out, or guitar lessons. The Dallas-based company BitQyck will expand upon this concept in the digital marketplace with their “daily deals,” with future plans to have their platform accessed globally.
Sam Mendez, one of the co-founders of BitQyck, explained the two facets of BitQyck. While BitQyck serves as their e-commerce platform, BitQy serves as the cryptocurrency. By using crypocurrency – i.e. digital currency that operates independently of a bank, where encryption is used to regulate the currency and verify the transfer of funds – BitQyck can shift ownership of BitQy seamlessly.
“The idea is that value can be transferred more securely, quicker, and without the need of a third party of intervention, among other things,” Mendez said. “That’s what we are trying to showcase: the fact that we are going to transfer ownership of the platform – BitQyck – to the whole verse of cryptocurrency, BitQy.”
BitQyck has three types of users, including businesses, consumers, and affiliates, Mendez explained. BitQyck already has contact with thousands of businesses that have shown keen interest in their platform because of their business model that operates similarly to Groupon’s daily deals. This, Mendez says, will be their foray into the marketplace.
One of the developers who’s helping with BitQyck’s launch is Mark Hopkins, who’s the founder of Roger Wilco, a content marketing firm. He met Bruce Bise and Mendez when they arrived in Roger Wilco’s co-working space in Dallas, searching for a Bitcoin vendor. Since that meeting, they’ve become customers of Roger Wilco, and valuable partners ever since.
Hopkins has been working to ensure BitQyck will have a successful launch, and is excited for their future success.
“Sam and Bruce brought me on to vet their ideas and blockchain-based technologies, and ultimately be a spokesperson and eventually an architect for their new ventures,” Hopkins stated. “A lot of what I’m doing is laying out what’s possible with blockchain as it relates to corporate governance and record keeping, and providing a pathway to executing it. Cody Marx Bailey has also been instrumental in taking the strategy and turning it into tactics and execution.”
With Hopkins’ help, Mendez said that Bitqyck will embed a fractional share of common stock into each BitQy. BitQyck has authorized one billion shares of common stock – those being the only shares that will be authorized. Meanwhile, BitQy has been created to have 10 billion coins. Embedded within each BitQy will be 1/10th of a common share of BitQyck.
Mendez gave the example, “If you hold 1,000 BitQy, you hold 100 shares of common stock in BitQyck. The way you’re going to receive that BitQy is whenever a daily deal is sold, i.e. a savings discount voucher, just like Groupon. [This] generates a percentage – a certain number of BitQy – pursuant to the value of the sale and the token at that moment. That number then allocates by way of percentage to each one of the users.”
Thus by holding a BitQy, the user holds partial ownership of BitQyck. Ownership is transferred by way of shares at an established market price. So from the very beginning, ownership of a corporation is being transferred without anyone going to a broker or waiting for a transfer. Instead, the shares go straight to the users, or value creators.
Since users create value, BitQyck believes these value creators should be rewarded. So as BitQyck grows, Mendez explained that value creators should be a part of the upside. The best way they could think to reward them – was to make them owners. Which has never been done before.
As e-commerce continues its global growth into the future, Mendez believes the biggest benefit of BitQyck is that users across the world will eventually have the ability to transact digitally. This includes the cities, countries, and even continents that big companies don’t care about venturing into. But for BitQyck, these smaller markets matter, since they have the same ability and potential to use their e-commerce platform seamlessly in the future.
For now, BitQyck’s has begun fundraising as they plan to launch across the United States, beginning in cities such as Chicago, Atlanta, and Dallas, to name a few. This way, users can recommend and refer business and consumers to BitQyck and start allocating BitQy. As BitQyck grows, they’ll be able to strategically expand step by step, into different countries across the globe.
More at BitQyck.com.