Attrace is a blockchain-powered tokenized referral network, where Participants in the referral network are able to connect and take part in referrals of tokenized assets on any public blockchain. Nikola Stevanovic, Head of Product at Attrace will be discussing this project with us in this interview with TechBullion.
Please tell us your name and a little more about yourself?
My name is Nikola Stevanovic, originally from Belgrade, Serbia, now living in Amsterdam.
My background is in economics and finance. I studied in the US while also playing varsity basketball. After college, I worked for a couple of large banks in the US before moving into product development/management roles. Eventually, I ended up in Amsterdam, where I’ve been living for three years now and working in various startups. About 1.5 years ago, I got recruited to focus on product and strategy for Attrace. I’ve been a blockchain enthusiast for many years; therefore, I am thrilled to be part of a project that operates at the forefront of innovation in the blockchain space.
What is Attrace and what unique services are you bringing to the market?
Attrace is a referral layer for the tokenised economy that incentivises the promotion of tokenised assets. The Attrace Referral Network enables referrals (promotions) of any asset on any blockchain.
Attrace will empower the NFT marketplaces, dApps, IDO launchpads, DEXs, etc. to leverage their communities for promotion in a trustless and decentralised manner
- Blockchain agnostic network which can support referrals of any tokenized asset on any public blockchain
- All tokenized assets and crypto projects (NFTs, fungible tokens, dApps) brought together under one network
- Platform/user, or KOL, will be able to leverage their social outreach resulting in more traffic, more conversions or in case of the KOL additional bounty
- Promotion captured as value by the network for each successful referral of a tokenized asset
- Guaranteed bounty payments in any crypto
- No implementation effort, the concept works via wallets of the seller, promoter and buyer
The basic concept is best explained by visiting the Attrace Referral Marketplace. A referral marketplace is an environment where promoters, e.g., influencers or KOLs, can find assets listed on a “normal” marketplace for promotion to earn a bounty. Anyone can build a referral marketplace with Attrace.
What problems were referral networks facing before now, how is Attrace solving the problems in this promotional space?
A decentralized trustless referral network did not exist until now. The advantages are:
“Trustless” referral verification by Verifier Nodes
Conversions without user tracking (!)
Guaranteed referral payouts
Permissionless cross-chain & multi-chain referrals
What is the global market size of the referral marketplace and what is the level of demand for a tokenized referral platform like Attrace?
At the moment, this is still an untapped market, but it has huge potential. For instance:
Exchange referral market is of “A” Billion Dollars.
Influencer referral market is “B” Billion Dollars.
Media referral market is of “C” Billion Dollars.
Similarly XYZ referral market is of DEF Billion dollars
Attrace plans to tap this untapped industry of “A+B+C+D+E+F” Billion dollars by systematically unifying all these markets with a common currency for referrals.
We currently do not have any numbers on the – potential – size of the promotional industry in the tokenized economy. For sure it has to be very large, billions USD a year.
Tell us more about this tokenized referral network, could you give us a walkthrough of the referral marketplace for promoter, seller and buyer?
Participants in the Attrace Referral Network can connect and take part in referrals of tokenized assets on any public blockchain.
- Seller/crypto project sets rewards in their native token as an incentive for promoters and the buyers/users
- Rewards based on the predefined user activity (purchase of an NFT, a value deposited to a contract address, etc.)
- The promotion made available for any community via the Attrace Referral Marketplace, where anyone can sign-up as a promoter
- Promoters share the referral link via any channel with the followers or community
- Buyer/user follows the referral link and buys an NFT or deposits tokens to an address
- Promoters and buyers automatically receive their bounty/reward for successful referrals, in a trustless and decentralised manner
How do Smart contract referral & conversion tokens work and what are the benefits to the token holders?
The smart contract is used for the deposit of the referral reward. At the same time, referral logic utilises the minted referral tokens which are shared peer-to-peer among the participants, where each token holds the information about the origins of that referral and its appropriate reward, in that way making any trusted authority obsolete. This way, the token holders as participants in the participants network receive the guaranteed bounty payout in an automated way once a referral conversion happens.
What role do the verifier nodes play on the Attrace referral network, please enlighten us?
The Verifier Nodes verify referral conversions in a decentralised manner and ensure that the Attrace Referral Network can operate without being managed by a central authority. In other words, no centralised party can verify and decide on referral conversions.
What is next on your roadmap, do you have any available opportunities for investors and partners at Attrace?
Attrace will go live with NFT referrals on Ethereum and IDO promotion on Ethereum.
The initial release of the Attrace Referral Network will focus on referrals of Ethereum based assets, swiftly followed by Polygon, Binance Smart Chain and others. The first assets to get referrals are the NFTs and promotion of IDOs on ETH. After that, Attrace will be leveraged for various other tokenized assets and use cases, most notably dApps.
Tell us more about your team and customer support, what makes you special?
The Attrace team has extensive experience in the North-European FinTech, online marketing and startup field, a solid background in international blue-chip financial companies (London / NY) and developed a use case specific high performance custom blockchain solution from scratch over the last three years, before pivoting from that towards the current Attrace Referral Network proposition.
The team is developing a decentralised solution, which will eventually become a DAO (Decentralised Autonomous Organisation). Mirroring this, the Attrace Team itself is geographically decentralised, working in the South-East, the Caucasus, Scandinavia and Middle America. The team members are highly motivated and work autonomously and have a strong ownership over their code and components.
Do you have any other information you would like to share with readers today?
Attrace launched the first decentralized referral program with Attrace IDO promotion. The promotion was launched to demonstrate the capabilities of Attrace Referral Network to the crypto ecosystem, and incentivise the promotion and participation in the IDO. Additional similar projects will be launched very soon.
For more information, visit the website: https://attrace.com/