This Consumer Loyalty App Is Enticing Non-Crypto Users To Stake Digital Assets

Staking cryptocurrency is a great way for crypto holders to earn a passive income. However, it’s thought that the vast majority of people who own crypto don’t actually do this, because staking can be quite a complicated thing to do.

However, with the emergence of Shping’s crypto-based universal loyalty program, thousands of non-crypto users are now unwittingly staking digital assets to earn big discounts on the products and services of their favorite brands.

What Is Staking?

Staking is the process by which crypto users can lock their digital assets into a smart contract in order to support the security and enable transactions on the underlying blockchain network. By staking your tokens on a chain such as Ethereum or Solana, you become a network validator.

The process can be compared with depositing savings into a high-yield bank account. When someone deposits money into a savings account, the bank will take those funds and invest them, either lending it to another customer or putting it into some kind of asset. In return for putting that money into the bank, the customer earns a portion of the interest received from that investment.

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Similarly, with staking, crypto users deposit money with the blockchain. Only these assets aren’t loaned out to other users. Instead, they help to run the blockchain and maintain its security. What is the same is that users are rewarded for doing so. When staking crypto assets, users earn a percentage of the blockchain transaction fees, with the advantage being that the returns are often superior to the interest rate offered by most banks.

One of the disadvantages of staking is that users are required to lock their tokens up for a specified period of time, meaning they cannot access those funds for the duration. Another problem is that it’s complicated to interact with smart contracts, and can sometimes be risky if vulnerabilities are discovered in the smart contract. It’s because of this that most crypto users don’t participate in staking.

How Shping Encourages Staking

With its universal loyalty program for brands, Shping has inadvertently made staking much more popular, as consumers are encouraged to keep the rewards they earn on-chain, inside the app, where they can take advantage of better promotions and discounts, earning rewards in a roundabout kind of way.

Shping is the creator of a universal loyalty and reward program that any brand can use. It enables brands to reward consumers for all kinds of product interactions, not only sales, and gain valuable first-party data to measure the impact of their marketing efforts.

The great thing about Shping, from the consumer’s perspective, is that it offers an extremely engaging experience every time they’re out shopping. It provides more than just rewards, helping shoppers to learn about new products and discover more brands they might be interested in. Shping is also a lot more convenient. Consumers simply cannot join every single brand loyalty program that exists, as it would be impossible to manage so many. So a universal loyalty program makes much more sense, enabling them to earn rewards for every brand within a single app.

Shping incentivizes consumers in a number of ways. Rewards are paid out in $SHPING coins for everyday tasks such as shopping for groceries. Users can earn $SHPING coins every time they shop, no matter which store, simply by scanning their receipt after the purchase at many different Australian supermarkets. But it’s not only buying that earns rewards – Shping also gifts users $SHPING coins simply for scanning a barcode and learning more about a new product, reading and writing reviews, checking nutritional information on a label and referring friends to the app.

Where this relates to staking is that users have a strong incentive to collect their $SHPING coins rather than convert them to fiat. The $SHPING rewards are cash-convertible, if the user decides to do this, but most consumers are quickly realizing that the value of Shping lies in accumulating these rewards instead of cashing out.

Benefits Of ‘Staking’ With Shping

By saving their $SHPING tokens, consumers can benefit from all kinds of special discounts and promotions offered by partnering brands exclusively through the Shping app. The value of these offers far outweighs the pocket money users can obtain from exchanging their rewards to fiat. Shping opens a Coinbase account for every user, providing them with a safe way to store their crypto rewards until they’re ready to spend them on an in-app promotion.

Shping’s unique rewards program is one of the first instances where crypto is being applied to non-crypto users, and the implications are considerable.

Not only does it introduce more people to the benefits of crypto and expand its audience, but it also has positive benefits for crypto staking too. It demonstrates that consumers are interested in investing their rewards to earn what they perceive to be greater value. Proof-of-Stake blockchains may even be able to take advantage of this themselves, offering unique benefits to stakers in order to bring more capital into their ecosystems and improve their security.