The World’s First Decentralised
Trustless Referral Network
Attrace Referral Network enables referral conversions of any tokenized assets on any public blockchain in a fully decentralised and trustless manner.
Decentralised Trustless Referral Logic
The referral logic is fully decentralized and handled by the smart contracts, therefore ensuring that the participants in the network receive the guaranteed bounty. This 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.
The referral logic is modeled around the three party relationship between the sellers, promoters, and buyers/users, and is utilising the minted referral tokens on the Ethereum network. A referral token is distributed from one party to another in a fully decentralised manner, where each referral token holds the information about the subject of the conversion (i.e. NFT token id), URL address of the token sale/conversion, the origins of that referral (promoter’s address) and its appropriate reward.
Referral Conversions By Verifier Nodes
The referral conversion is verified by Verifier Nodes to whom the referral tokens are submitted when promoter and potential buyers/users “interact” with one another. The Verifier Nodes observe blockchain activity related to the promoted token sale/activity and are looking to verify the conversion when the movement of the token is spotted. At the same time, the Verifiers are safeguarding the network and keeping it in check by scanning for any potential fraud of the involved parties or the other peer nodes.
The tokenized economy has created an opportunity for a fundamentally new approach to rewards for promotion, one that can leverage the basic structure of this tokenized economy.
To obtain real trustless rewards for promotion, you need to involve all three parties of the promotion flow in the referral process.
- Seller: Person or contract who wants a buyer for its tokenized asset and is willing to pay bounty (commission plus cashback).
- Promoter: Person or contract who sends potential buyers to the seller of the asset in exchange for commission.
- Buyer: Person or contract who wants to buy a tokenized asset, like a NFT, and receive cashback.
How Does It Work?
The referral cycle is driven by three steps, taken by the three human actors of the agreement.
A seller has a digital asset to sell and displayed on some marketplace or other sales solution. The seller needs promotion for the item, therefore lists the asset on a referral marketplace and deposits the bounty. The asset referral is now in the minting stage.
Promoter decides it wants to promote the asset of the seller and mints the (primary) referral token. The promoter can now create the referral link. When the auction starts, it will share this referral link with potential buyers.
Buyer clicks on the referral link. This click results in the minting of a (secondary) conversion token, signed by this buyer. When the buyer buys the asset, the bounty is then automatically distributed by the smart contract to the promoter (commission) and the buyer (cashback).
Below a simplified flow of the Referral Marketplace for the three actors.
Sellers who are looking for promotion of their tokenized asset (i.e. NFT sale, dApp usage), can “list a referable” via a (Attrace) Referral Marketplace or directly via the smart contract. Sellers are required to deposit a bounty in a cryptocurrency of choice as a reward for both the promoter and the buyer/user. The bounty is automatically paid out once a sale/desired activity of a tokenized asset occurs.
Register For Promotion
As part of the listing process, a referable is published with the Ethereum smart contract, making it public and available for anyone to register for promotion via a Referral Marketplace or directly via the smart contract. By registering for promotion, the promoter receives a referral token minted by the smart contract. Promoter then creates a promoter-specific referral link which is generated from the referral token.
Refers NFT/dApp To Buyer/User
Promoter shares the referral link, an IPFS hosted redirect page, with a potential buyer/user. Buyer/user registers for a cashback/reward by connecting the wallet, and is then redirected to the seller’s webpage (i.e. NFT marketplace, dApp). To capture the referral, a (secondary) conversion token, derived from the original referral token, is generated and sent to the Verifier Nodes where it is stored.
Buyer/User Transactions With Seller
After being redirected to the seller’s website, the buyer/user transacts with the seller (i.e. buys NFT or provides service to dApp), which entitles them to a cashback reward as part of the deposited bounty.
Verifier Nodes that observe the blockchain transaction log to spot any movement of the promoted token, have identified and verified the referral conversion. Verifier Nodes then communicate the conversion with the smart contract of the deposited bounty which automatically distributes the commission to the promoter and cashback to the buyer.