Time-Limited Crypto Pledges for Progressive Award Loyalty
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Solution Overview
Problem
Gaming establishments face challenges in developing a loyal customer base through personalized and engaging gaming experiences, as existing loyalty programs lack innovative features to retain patrons and incentivize continued interaction.
Innovation Solution
A system utilizing distributed ledger technology to enhance progressive awards by associating cryptocurrency contributions with non-fungible tokens, allowing for token modifications and supplemental awards, and enabling users to pledge digital currency for event-based benefits, thereby creating a more engaging and rewarding gaming experience.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If gaming establishments offer traditional loyalty programs with fixed rewards, then customer retention is maintained at baseline levels, but customer engagement and loyalty are insufficient to develop a truly loyal customer base
Solution Approach 1:
The patent implements dynamic reward structures where progressive award amounts fluctuate based on real-time cryptocurrency pledges from multiple users. The reward pool is not fixed but dynamically adjusts as users pledge cryptocurrency for limited durations, creating an ever-changing incentive landscape that maintains high customer engagement while using established blockchain technology
Solution Approach 2:
The system serves multiple functions simultaneously: it acts as a loyalty program, a cryptocurrency marketplace, a progressive jackpot system, and a user engagement platform. By combining these functions into a single unified system, the patent achieves high customer engagement without proportionally increasing program complexity
2Adaptability or versatility
If gaming establishments provide personalized experiences through loyalty programs, then customer satisfaction improves, but the ability to deliver unique and personalized experiences remains limited
Solution Approach 1:
The patent assigns unique non-fungible tokens (NFTs) to individual users that represent their specific loyalty status, reward history, and personalized preferences. Each user's NFT contains unique attributes that enable highly personalized reward delivery, allowing the system to tailor experiences to individual customers while using a standardized blockchain infrastructure
Solution Approach 2:
The patent introduces NFTs as intermediary objects that mediate between the gaming establishment's loyalty system and individual customers. These tokens encapsulate personalized customer data and reward states, enabling sophisticated personalization without requiring complex direct interactions between the system and each customer
3Reliability
If cryptocurrency pledges are allowed for unlimited durations, then user commitment and reward pool growth increase, but user flexibility and ability to retrieve funds are reduced
Solution Approach 1:
The patent implements time-dynamic pledge structures where users can pledge cryptocurrency for specific limited durations (e.g., 24 hours, 7 days, 30 days). The pledge terms are flexible and can be selected by users, allowing them to balance commitment level with liquidity needs. This dynamic time-based approach maintains user flexibility while ensuring sufficient commitment for reward pool growth
Solution Approach 2:
The system uses periodic pledge expiration mechanisms where pledged cryptocurrency automatically returns to users after predetermined time intervals unless won in the progressive award. This periodic structure creates natural refresh cycles that maintain user flexibility while generating sustained engagement and reward pool accumulation over time
4Productivity
If progressive award amounts are increased to enhance吸引力, then user participation increases, but the frequency of unfulfilled expectations and user disappointment increases
Solution Approach 1:
The patent implements transparent real-time feedback mechanisms that display the current progressive award amount, the total pledged cryptocurrency, and the number of active pledges to all users. This transparency allows users to assess their chances of winning based on visible pool size and competition level, managing expectations realistically while maintaining high participation through visible progress and opportunity
Data Source
AI summary
Systems and methods that enable a first user to contribute, for a limited duration, an amount of cryptocurrency to be associated with a progressive award. The systems and methods cause an ownership change of the amount of cryptocurrency to a second user if a progressive award triggering event occurs in association with the second user during the limited duration. The systems and methods further cause the progressive award to be provided to the second user without causing any ownership change of the amount of cryptocurrency to the second user if the progressive award triggering event occurs in association with the second user after the limited duration.