Ravencoin Gift Cards

Ravencoin — Gift Cards

One of the simple uses of assets (tokens) is a gift card. A gift card is simply a pre-paid item or pre-paid value. You see them hanging in the grocery aisles and redeemable for $25 Cold Stone Ice Cream, $15 Starbucks, or $50 for Home Depot.

These cards you see are just a unique number that’s in a database. It is like a pre-paid Visa card, but only good at one retailer. As soon as that number is used, it debits the $ amount. Somebody has to run that database. Ravencoin does it better.

Ravencoin Tokens as Gift Cards

You, the token creator, determine the redemptive value of your token. I’d recommend that you take advantage of the branding power possible with the Ravencoin network, and create a really nice PDF about your goods or service and attach that via IPFS when you create your tokens. That way it is very transparent and obvious what your gift token represents.

Let’s extend the lemonade story.

Gift Card Branding

Add your PDF to IPFS. This will return an IPFS content identifier (aka hash). It will look like this: QmTqu3Lk3gmTsQVtjU7rYYM37EAW4xNmbuEAp2Mjr4AV7E

Keep a copy of your file. The Ravencoin network is keeping track of IPFS files for now, but that may not be true forever, so you might need to use a service to pin the file, or pin it yourself. You can always PIN it later, or again if you have the EXACT file.

Creating Gift Card Tokens

Now, we choose how many tokens we want to create. We think our lemonade stand is going to be massively successful, so we will create 1 billion 1CUP_LEMONADE tokens. We have big franchising plans, so we’re going to leave it re-issuable just in case we need to create another billion tokens. Also, we don’t want to sell 1/2 cups of lemonade, so we’re going to set the Units to 0, so the tokens are not divisible. If we instead did 1USD_LEMONADE that represents a dollar at our lemonade stand, then we’d probably choose Units as 2, so that we have two decimal places and can divide to 0.01 (a penny).

Enter that IPFS hash here to link your PDF to the token on creation.

Now we, as the owner of the lemonade stand business, have 1 billion non-divisible tokens that each represent a cup of lemonade. We’re ready to sell them online, or in person.

Receiving a Gift Card

Redeeming Gift Card

Gifting a Gift Card

Why is RVN needed?

The Future of Gift Cards

Freedom advocate, crypto developer, businessman, entrepreneur, and lead dev for Ravencoin — a top crypto-currency and asset issuance platform.