Cryptocurrency directory and merchant hub BitScan, announced the launch of its crowdfunding initiative through an ICO for the new blockchain loyalty token – Incent from October 1, 2016.

According to the official release, the ICO will go on until November 30, 2016, and the company is planning to raise between $1 million to $5 million for the digital loyalty tokens. Incent leverages the distributed ledger technology in order to offer a shared loyalty scheme that will enable retailers to enjoy a low-cost loyalty-as-a-service-solution. Through this solution, retailers are in control of the deals offered to their audience at the same time, keeping the profit margins in mind.

“Our engagement with the merchant community has been very positive. We have taken Incent to a significant number of retailers, all of whom have shown a keen interest in the savings we offer and in our easy-to-use platform. Retailers recognize that current loyalty systems are overpriced and underperforming and are looking for something new,” Rob Wilson, the CEO of Incent said.

Merchants get the Incent platform as an easy plugin and provide them the access to a shared customer base with push marketing capabilities. The platform has already developed a proof of concept application.

Incent can overcome the shortcomings of existing loyalty schemes that are expensive to run and that has low customer satisfaction ratings and restriction of customers from redeeming it anywhere else but with the issuing business. Apart from this, shoppers can receive rewards directly on their mobile phones or email through Incent. They can also spend these rewards anywhere across the Incent retail network or gift to others or even cash out.

“Here at Sure-Green we see great potential in Incent to help us grow and repeat business across our wide trade community, through the provision of rewards for customers that our tradesmen really value, at a manageable cost to our business and with no administration overhead,” John Warner, the CEO of Suregreen UK, one of the companies involved in the discussions with Incent said.

After the successful ICO, the company will distribute Incent tokens to the users’ Waves wallets. Users can also trade Incent on Waves platform as well as other third party exchanges.