At nearly 3,000 ft tall, the Burj Khalifa is the tallest building in the world. Soon, it may also be the first with its own cryptocurrency. Emaar Group, the real estate firm in charge of the world-famous building, wants to develop its own crypto token dubbed the Emaar community token.
Let’s check this out.
Emaar Community Token
Emaar Group is one of the largest real estate developers in the United Arab Emirates. Earlier today, the group announced plans to develop the Emaar community token. At first, this coin will only be available for its customers and partners by the end of 2019. But the group’s ultimate goal is to launch a full-blown initial coin offering or ICO.
Lykke AG and Ethereum
Emaar is partnering with Switzerland’s Lykke AG—crypto startup company—to build the Emaar community token on the Ethereum blockchain. As such, this new cryptocurrency will comply with the ERC-20 standard protocol.
The Lykke CEO stated that the startup has developed a “cutting-edge technology infrastructure,” ready for mass-market use. It’s assumedly the same technology that will be applied to the Emaar community token.
Loyalty System
According to the press release, Emaar Group will use the tokens as part of their loyalty system and as a reward for people who refer their business onwards.
The aim is for customers to then use these tokens at any of Emaar’s buildings, including malls, entertainment facilities, online shopping venues or other properties. This, of course, includes famous landmarks the Burj Khalifa, the second largest mall in the world (the Dubai Mall), the Dubai Opera, and the Dubai Fountain.
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According to the group, the purpose of the coin is to “extend the Emaar experience,” and that the Emaar community token “marks a significant leap in our digital transformation journey.”
CoinDesk details further: “With the community token, Emaar is targeting a potential user base of 1 billion internet users.”
ICO
The group wants to run its token for a year before it evolves to an ICO. Few details have been released about this ICO as a result, but what is known is that it will only be available to European buyers.
What do you think about the Emaar Community token? Do you think this will take off?
Featured Image: Deposit Photos © Sophie_James
