MiL.k
Crypto Overview
Overview
MiL.k is a blockchain-based loyalty point integration platform launched in 2020. The platform aims to revolutionize the loyalty points industry by allowing users to convert, exchange, and utilize various loyalty points from different companies within its ecosystem.
Intended Utility
The MLK token serves as the backbone of the MiL.k ecosystem, facilitating the conversion and exchange of loyalty points between participating merchants. It acts as an intermediary currency that enables users to convert points from one loyalty program to another.
Business Model Assessment
The platform partners with various travel, leisure, and lifestyle companies, primarily in South Korea, including Yanolja (travel), Jeju Air (airline), and Jin Air (airline). Users can convert their loyalty points from these partners into MLK tokens and vice versa, or exchange them for other partners' points.
Actual Utility Analysis
The platform has demonstrated real-world adoption through its partnerships with major South Korean companies. The MLK token is actively used for its intended purpose of loyalty point conversion and exchange. On-chain data shows regular transaction activity related to point conversions and exchanges.
Token Distribution and Governance
The token distribution includes allocations for platform development, partnerships, and ecosystem growth. The project maintains transparency regarding token allocation and usage. The development team regularly updates the platform and maintains active communication with the community.
Revenue Model
The platform generates revenue through transaction fees from point conversions and exchanges, which is a legitimate business model that doesn't involve interest (riba) or gambling elements. The underlying business model focuses on facilitating real economic activity in the loyalty points market.
Crypto Impact
To assign a comfort level investing in MiL.k from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MiL.k.
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