In a bid to study the changes in the behavioural pattern of students when earning through cryptocurrency based reward programme, an Australian University in partnership with a Blockchain startup has launched an Ethereum Based rewards program. This programme is made available only to the students of University of New South Wales for on-campuses purchases on an experimental basis.
The objective of the programme is to get more data on how members respond to this type of loyalty currency vs the traditional reward points since there is a sharp rise in the value of Ether. The programme is scheduled for over 45 days and now is in the mid-phase which started on October 6th.
On this unique reward programme, the startup’s managing director, Andrew Lowe said: “Last month, the value of Ether rose by 30%, so we’re excited to see how members respond to this type of loyalty currency vs. traditional approaches such as points. We’re confident they’ll find it much more engaging, but the research will give us a more definitive answer.”
The programme is limited to 500 participants in which each one will get the chance to earn $5 worth of Ethereum for every 10 transactions. Every transaction has to be completed by a mobile application that can be used by the participants to buy at the school’s campus near Sydney, NSW. Similar rewards programme was conducted in Massachusetts Institute of Technology (MIT) in which Bitcoin tokens worth $50000 was distributed.