Imagine a world where you could earn digital currency just by eating, a currency which you could then use to purchase more food.
It sounds pretty good, doesn't it? Thanks to Liven, it is now a reality.
Liven is an Australian rewards-based mobile payment network created in 2014 by university friends Grace Wong, William Wong and David Ballerini. Their vision with Liven is to create the ultimate digital lifestyle wallet to help people do more of what they love.
Liven works by connecting its user base of over 220,000 people to its partner network of over 1000 outlets (both figures are growing by the day) and providing a rewards-based system for purchasing food. This is only the beginning though, as Liven is expanding internationally by the end of this year!
By ordering a meal, you earn a digital currency called LivenCoin (LVN), which can then be used to purchase food, stored in the app indefinitely, traded, or even donated to a charity.
Simply sit down at your favourite restaurant, cafe, or bar from the partner list and pay with the app to get free cryptocurrency for more meals.
What is Cryptocurrency and How Does it Work?
Most of us have heard of Bitcoin, Ethereum, or Ripple. But what are these cryptocurrencies and how do they work?
Put simply, these are currencies that exist digitally online and have no government or banking affiliation. Read here for a lesson on Crypto 101.
They are often decentralised, meaning it doesn't exist on a single server — rather a network of thousands of computers. Transactions and payments are peer-to-peer without the need for a middle organisation like a bank or payment platform like PayPal.
The way these third parties are filtered out is through the use of distributed ledger technology (DLT) which are shared databases that record transaction information.
The most common DLT in cryptocurrency is blockchain technology, where transactions are added as 'blocks' to a continuous 'chain', which can never be changed or deleted and are visible to all. This makes all transactions safe, accountable and transparent.
The Challenge of Blockchain Technology
Due to its decentralised nature and ability to make transparent peer-to-peer payments, the blockchain technology sounds like an easy way to complete transactions. So why hasn't it become mainstream?
Because to date, most of the platforms like crypto wallets have not been user-friendly or accessible to the average person who knows little about cryptocurrency or blockchain technology. There is a Utopian problem with cryptocurrencies.
And as almost 3000 bitcoin automatic teller machines launching across Australia later this year, vendors are still reluctant to accept cryptocurrency due to associated costs and complexity.
How Liven Simplifies Blockchain Technology
The challenges of cryptocurrency and blockchain technology are ultimately eliminated by Liven, by integrating them into the app itself.
Meet LVN - the world’s first digital currency for food - for everyday use, by everyday people.
Your favourite restaurant doesn't need to accept cryptocurrency for you to be able to benefit. We've worked out a system on top of our current rewards mechanism so that users can pay their bill using LVN and all merchant will accept it. [Read more about how we're getting businesses to accept crypto.]
You can discover amazing restaurants with Liven, come in and order a delicious meal (or some strong drinks), pay via the app and earn 10-30% of your bill in LVN. Eating just got even more rewarding!
When you return and want to use your LVN, the app will allow you to do so. Even if they vendor is not accepting Bitcoin, Ethereum or other cryptocurrencies, the Liven app will allow you to use your rewards to redeem meals. Simple.