The Coin (TEC)
ChatTee is using TEE-coin (TEC) as the coin which is used inside our application and is given as a reward when users give reviews, click on ads, check-in at the merchants, or when participating in daily rewards and various other events.
TEC is a cryptocurrency built on blockchain technology and is specifically designed to handle global payment and allows fast transactions to occur. TEC is also a listed cryptocurrency and it is traded in an open market on Biki exchange.
So, what does it mean to the users?
1. Coupon Price
Using TEC which is traded openly in the market means that the price of the coupons displayed in our application will depend on the current market value of TEC in the market. ChatTee application will get the current rate from Biki and show the price accordingly, and the price will be locked down for a certain period of time when the user is making the coupon purchase.
2. Coinback Amount
Similarly, when the user is receiving TEC from Coinback, the amount of coin that can be received will be calculated based on the current market rate on Biki. So, when the user is getting 10% Coinback from SGD 100 purchase at our merchant, the user will be entitled to earn about SGD 10 worth of TEC. The calculation will involve the conversion from SGD to USD then to TEC using the current rate taken from Biki at that point of time.
3. ChatTee Pay
The same way, when the user wants to make payment with ChatTee Pay, ChatTee will get the current rate from Biki and display the equivalent amount in SGD which will need to be transferred to make the payment to the merchant.
How can users benefit from this?
1. No Expiration
The coin, unlike other point systems, will not expire thus you are not forced to spend the coin and can keep on earning more coins on ChatTee application.
Another benefit is that the user can transfer the coin from one user to another user. So, you can gather your friend to help you get sufficient coins to redeem the rewards you want to get on ChatTee application.
3. Smart Spending
Users can make favorable decisions depending on the market price. For example, when TEC price goes up, users will find purchasing coupons or using ChatTee Pay more beneficial as less TEC is required to purchase the coupon or to make the payment. The other way around, when the price goes down, it would be beneficial for users to dine-in at our merchants and get Coinback as users will get more TEC with the same amount of bill paid to the merchant.
As TEC is traded on the open market, the TEC you earn on ChatTee application can be transferred to an account on Biki and users may trade TEC with other cryptocurrencies like BitCoin (BTC) or Etherium (ETH). Biki is not affiliated with ChatTee, so please contact and inquire with Biki directly related to this matter.
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