Attrace: Creating a Referral Layer for the Tokenized Economy

• Attrace aims to create a referral layer for the tokenized economy
• The Attrace team developed the Attrace Trustless Referral Network.
• Attrace’s work in the online marketing realm gathered attention from experts worldwide

Every business wants to grow and increase revenue, but not all can spend a fortune on usual marketing. They, therefore, rely on referral systems to expand further into the market and promote their solutions.

Referral systems are an easy way for brands to promote their solutions and push them further into the market. They create a set of warm leads that have a high chance of a conversion.

However, the existing referral systems are dominated by intermediaries that control every aspect‌ of it. Besides, there are other drawbacks to the current model.

The Need for a Better Referral System

As it stands, multiple issues ail the existing referral systems and do not fit the new-age technological infrastructure. The involvement of intermediaries or centralized systems in the referral systems makes it difficult for businesses to track the numbers, making it a highly shady operation. There’s no way around it for companies than to trust the middlemen or the data they provide.

Besides, centralized entities store sensitive data in a third-party server, where there’s no guarantee of its safety. This puts the data of both users and businesses at risk of being exposed.

Even the newer referral systems being deployed function like old ones, and they do not offer the expected resilience or efficiency. The case for existing referral systems becomes weaker as they fail to fit into the new ecosystem of digital assets and the internet built over the blockchain. The decentralized and tokenized economy that is rapidly evolving on top of blockchain technology is in dire need of a decentralized, trustless referral network.

What’s the Solution?

If we look closely at the problem, the solutions will seem pretty straightforward: a decentralized system, automated payments, and transparent records. But is this possible?

Yes, Attrace is creating a custom-built referral system for the tokenized economy and the entire blockchain ecosystem. Attrace started back in 2018 by launching an affiliate marketing platform based on a custom-made blockchain that solved the issues faced by traditional affiliate marketing systems.

However, with the evolution of the internet and the growth of the tokenized economy, it became obvious for Attrace to develop a product that could further improve its services and offer businesses a better referral system. This is why the Attrace team developed the Attrace Trustless Referral Network.

Attrace Referral Network is a trustless system (meaning transacting parties need not trust each other) fuelled by its exclusive token ATTR that will open opportunities to track and verify conversions of any tokenized asset on public blockchains.

Deribit’s Founders Invest $2.5 Million In Attrace

Attrace’s impressive work in the online marketing realm has garnered attention from experts across the globe. But, its shift from the Attrace in-house blockchain to the Attrace Referral Network is what truly put Attrace on the map. This new vision for a truly trustless referral system led the Founders of Deribit, a renowned crypto derivatives exchange, to announce $2.5 million in Attrace. The investment will provide Attrace the initial funds to develop and launch the world’s first trustless referral network on the blockchain.

The deal will aid the launch of the world’s first blockchain-based referral network that promises to promote the digitized economy to the next level.

This new-age referral network by Attrace offers great benefits over traditional referral networks. Here’s a brief overview:

Trustless Referral Verification: The network does not rely on any central entity to verify referrals and conversions. In the absence of middlemen, special verifier nodes take care of verifying the conversions as well as detecting and preventing fraud.

Cross-chain Compatibility: Being built for the blockchain ecosystem, the Attrace Referral Network functions across multiple blockchains and allows for cross-chain referrals of digital assets and crypto projects.

Maximum Privacy: The system does not track its user or record their data to verify conversions.

Guaranteed Payout: When the promoter makes a referral sale, the verifier nodes release the bounty set (in crypto of choice) by the seller to the promoter and buyer. In addition, its dependence on a smart contract ensures that there is no delay in the payments.

Enhanced Security: The Attrace Referral Network leverages blockchains as its core infrastructure. This means the Attrace referrals are completely secure as they are decentralized, trustless, and without the need to process any private information.

The Future of Referral Networks

Attrace’s Trustless Referral Network can be the ultimate solution to make that change happen. The project has already proven its ability to change the course of affiliate marketing on Web2, and it now targets referral networks on Web3. Of course, while the promises of Attrace sound solid, only time will tell how things pan out for the platform on Web3.

This article was first published on coinquora.com

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