The LoyalCoin Wallet is getting a complete revamp this October 2018. The wallet will have a more robust security, proper KYC, Cash In and Cash Out, Withdraw and Deposit options and more. Additional updates were also hinted like building on a separate blockchain and a partnership with NEMchange.
Cybersecurity and KYC
After launching LoyalWallet globally the team found out that its airdrop promo was abused. Coupled with previously undiscovered bugs, LoyalCoin partners with a cybersecurity team to fix it.
LoyalCoin also revealed that it partnered with a global KYC (Know-Your-Customer) vendor to comply with the policies of each county it will serve. And because some customers are not comfortable with sharing personal data, choosing a reputable KYC company will help solve the problem. However, this might mean that already KYC’d users will have to go through the process again.
The team gave a target date of the “New and Improved LoyalWallet” before the 2nd week of October and expects all the features being available by the end of October. This will include the following:
- Earn and Redeem
- Cash in and Cash out
- Withdraw and Deposit
It also added that the reactivation and processing of frozen accounts will also get faster with “certain parameters that just have to be satisfied”.
A LYL Store is also in the works where the vouchers of their big brand merchants can be found. The team shared that it will get released soon after a couple of items has been completed like security and KYC. Testing has been done and will roll out to the public soon.
A separate blockchain
It assured its users that the fees will still be extremely low and they will have their own private keys. This new build will create a stronger bridge between the LoyalWallet blockchain and main NEM platform.
A LoyalCoin and NEMchange partnership is also on its way. According to the LYL team, the NEMchange will be purchased by a company in Europe and will undergo a “total overhaul”. The partnership will help push LYL to grow in terms of its Franchise Business Models and Remittance Products.
Recently, LoyalCoin has entered a new cryptocurrency exchange platform called Kryptono. To celebrate the event, it is hosting a 10 million LYL challenge where Kryptono LYL users can earn up to 10 million LYL.
LoyalCoin is a loyalty rewards program running on the blockchain. It aims to disrupt the current loyalty and rewards program in the market by unifying different merchants to use the LoyalCoin ecosystem.
This article is originally published on August 31, 2018.