BIGG CASH Founder Nicholas Tan was interviewed by Chinese Blockchain Media- ChianHoo.
Exploring The Value And Future Of Blockchain
The world’s economy is slowing down and traditional industries are forced to innovate or risk becoming obsolete. Science and technology will always be the main driving force for human progress. Blockchain technology is a key feature of the “fourth industrial revolution” as its decentralized and immutable features will have a big impact on traditional businesses on a global scale.
BIGG WORLD taps on this decentralization and immutability of the blockchain technology to solve problems with the current E-commerce industry, creating a more credible ecosystem for consumers and businesses.
Recently, Mr Nicholas Tan, the Founder and MD of BIGG WORLD, accepted an exclusive interview with Chain Tiger Finance to explain how blockchain will revolutionize the traditional e-commerce industry and the future of BIGG WORLD.
With the advent of E-commerce platforms, profits for merchants have gradually vanished due to intense competition arising from market saturation. In order to attract more customers, merchants do not hesitate to fabricate false reviews to induce consumers to purchase. Today, the issue of trust has become a chronic problem in the E-commerce industry; online reviews no longer hold credibility. For many consumers, the reviews are inaccurate and the products’ quality poorer than described.
Research has proven that more than 60% of consumers will read reviews before making a purchase. However, the current E-commerce review system is filled with fraudulent reviews and consumers are unable to trust the information online anymore.
Founded in Singapore on June 9th, 2018, BIGG WORLD is the world’s first blockchain-based review and reward marketplace. It is an online to offline marketplace where users can get BIGG CASH reward tokens through shopping and writing reviews. Merchants will also be rewarded with BIGG CASH depending on the review ratings they receive. This review and reward blockchain system builds trust and loyalty. Since all reviews are recorded on the blockchain and are immutable, this avoids the problem of fake online reviews, fake products, and poor service.
The core of BIGG WORLD system is an immutable review and reward blockchain system that provides instant discounts to users. Merchants list for free in BIGG WORLD and are monitored through a rigorous auditing system. BIGG CASH is rewarded to users when they leave a review of their purchase, and this encourages merchants to provide the best services and products. Till date, BIGG CASH has awarded more than 1 million BIGG CASH to users, merchants and members in Singapore and is expanding to Malaysia, the Philippines and China.
Everyone receives BIGG CASH rewards from every transaction, which will encourage more users to want BIGG CASH. BIGG CASH is then spent by users on more purchases, creating a real demand-driven utility token. In addition, unlike loyalty points or miles, BIGG CASH will never expire.
“BIGG WORLD’s mission is to provide consumers with real and honest reviews to help them make accurate purchasing decisions. BIGG WORLD system utilizes blockchain technology. Reviews submitted by the customers are irrevocable. This blockchain protocol is called “transaction review rewards”. It is a unique system of BIGG WORLD. It encourages users to write reviews and encourages merchants to provide the best services and products to users to obtain more BIGG CASH.” Nicholas Tan said in the interview.
Currently, BIGG WORLD has more than 700 local merchants in Singapore and will quickly enter Malaysia, the Philippines, Vietnam, Cambodia and other Southeast Asian countries in the following months. With a larger user base, BIGG WORLD will have a better insight into consumer behaviors to help merchants increase traffic and sales. By 2020, BIGG WORLD aims to expand to all of Southeast Asia and China.
Founder, Nicholas Tan said: “Technologies can be constructive if it is used to improve the social health of our communities by creating sustainable ecosystems.”
As a reward token in the BIGG WORLD ecosystem, BIGG CASH is a new ERC-20 valuable digital currency. It is not a traditional loyalty point and will never expire. It can be bought and sold on cryptocurrency exchanges with unlimited appreciation potential.
BIGG CASH can also be used for shopping, entertainment and even charity events. Merchants accept BIGG COUPONS and users receive BIGG CASH tokens after writing reviews. BIGG CASH can also be used to exchange more BIGG COUPONS to create a powerful economy for users, businesses and members.
BIGG WORLD will be investing in 5 key areas in Asia, namely BIGG Health, BIGG Biotech, BIGG Agritech, BIGG Finance and BIGG Data to drive long term value growth in the tokens. For example, BIGG CASH can be used to pay for medical and aged care as well as safe organic food in China very soon.
For the distribution allocation of BIGG CASH; 29% is allocated to the team, 20% is allocated for BIGG WORLD adoption, 20% used for public offering, 10% for private sale with 20% kept in reserves and 1% is allocated to angels. From an investor perspective, the distribution ratio is reasonable. In addition, the distribution of token and the vesting period of the founders, advisors and staff are all locked in smart contracts over 4 years to protect the rights of BIGG CASH buyers and the long-term value of the project.
In its immediate domain, BIGG CASH is a rewards token. However, in the long term, BIGG CASH has a clear vision to become the utility token of Asia. Once it is successfully listed into an exchange, it will provide liquidity for tens of thousands of merchants and be widely accepted by users.
“BIGG WORLD and BIGG CASH hold immense potential for everyone. BIGG WORLD’s management has more than 20 years of corporate management experience; Chairman Ram Dharmaraj is on the board of three US listed companies and has won the BBM award from the President of Singapore.”
The development of traditional internet has reached a bottleneck phase, and the era of internet based on blockchain technology is imminent. In the new era of internet, blockchain technology will establish trust systems and secured digital assets for every industry. For example, BIGG WORLD’s review system will correct many of the flaws in traditional E-commerce.
BIGG WORLD has a clear direction in Southeast Asia and China with strategic alliances and cooperation with many regional companies. With the China central government explicitly encouraging the development of the blockchain industry, the future of BIGG WORLD is certainly bright and worth looking forward to.
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Last modified: May 20, 2020 9:14 PM UTC