White Paper ● Executive summary
Agoora is a blockchain-powered protocol token that generates decentralized proofs of participation, place, presence, and person in order to reward engagement by customers, fans, and users. Agoora does so by providing incentives for participation, with the economic benefits that result from it. With Agoora, we enable the tokenization of participation, something that is applicable in a plethora of everyday scenarios and cases and provides value in a range of industries and business activities, such as entertainment, gaming, consumer goods, financial services, travel, education, supply chain management, and many others. Agoora will provide brand marketers with entirely new means of interacting with customers, fans, and users, with authority backed by the Blockchain, something that was not previously possible.
Harnessing the power of the Ethereum distributed computing platform, the Agoora protocol unlocks and enables a 4th level of engagement, where a consumer uses a mobile device to take physical action that publicly demonstrates his or her commitment to a brand, message, or idea. With Agoora-powered applications, you are even creating muscle memory through physical movement, so this commitment is actually physically reinforced! (hence long-term engagement is being driven). The Agoora protocol has been designed to fairly reward all participants in the ecosystem (i.e. users, contributors), with the enforced trust of the blockchain technology, something that we believe will drive increased acceptance and use of Agoora. Additionally, it has been designed to enable developers to build new applications that leverage our protocol of proofs of participation, place, presence, and person.
According to a 2011 report by McKinsey, “US companies spend US$50 billion a year on loyalty programs alone”. Since that time, companies have continued to increase the proportion of their marketing budget spent on loyalty, making the worldwide opportunity measurable in the hundreds of billions of dollars annually. However, as this white paper will explain, the business opportunities with the Agoora token are much more than loyalty marketing as such.
The components of the Agoora Protocol are designed to provide decentralized proofs of participation, place, presence, and, in some cases, person, with an option to conserve and protect an individual user’s privacy. In support of this effort, Agoora has developed significant intellectual property and has applied to patent that technology accordingly.