The key to a stable economy, and to decentralize healthcare, is reaching a nexus of users who have incentive to both earn and spend. The same is true of a blockchain-based economy.
With HealthSapiens 2.0, we’re building a network that facilitates robust token economics by utilizing a combination of automatically-executing smart contracts and ERC20 tokens (the HealthSapiens “DOC Token”.) Our blockchain-based healthcare ecosystem is predicated upon incentivizing and rewarding desirable behaviors across our user base. We believe if people are incentivized and rewarded for doing the right thing, they’ll be more-likely to do the right thing.
Here are 3 Rewards systems we’re utilizing inside HealthSapiens 2.0 to incentivize and reward desirable behaviors within our ecosystem.
1. Holder Rewards
The Holder Reward system incentivizes network users to hold onto tokens rather than exchange tokens for fiat currency. HealthSapiens also wants to encourage users to manage their health interactively and discourage users from purchasing tokens only when one is in dire need of healthcare.
Token holders will be given the opportunity to lock up tokens in a contract, specifying that those tokens can only be used for healthcare. Think of it as a sort of “health spending account.” HealthSapiens will offer a percentage match on the locked tokens, which requires that users not withdraw the tokens and again: only use those tokens on healthcare. HealthSapiens will be able to share the total amount of tokens locked up in these accounts, helping encourage physicians to participate.
2. Referral Rewards
A Referral Reward incentivizes users to refer or recommend the HealthSapiens platform to potential new users. This is similar to how Uber and Lyft provide promotions or rewards for users who refer contacts in their area of influence. Referrals get rewarded when their special Referral Code is used to register a new user to the platform.
An initial bounty period will be included where users are rewarded with tokens for additional activities that create buzz (such as sharing on social media.)
3. Achievement Rewards
Our Achievement Reward System is a part of the Usage Reward System, which incentivizes users to actively use their tokens and become engaged in their health. HealthSapiens will set up various tasks such as annual healthcare checkups. This system may include additional health-related goals, including daily, weekly, and total personal goals, tasks, doctor visits, reviews and ratings. Upon completing these achievements, users will be rewarded with tokens.
This Achievement System is a part of the Usage Reward System that will incentivize users to actively-use their tokens. This system will include:
- Daily/Weekly Personal Goals
- Daily/Weekly Tasks
- Daily/Weekly Patient Visits
- Daily/Weekly Validation Participation
- Total Validation Participation
- Total Patient Visits
- and more
Similarly, upon completing these achievements, users will be rewarded with tokens.
When building an effective token economy, incentives to hold, buy, spend, or earn tokens will ensure a necessary balance. Implementing rewards can help generate crucial stability or continual actions a token-based economy needs for success.
HealthSapiens is creating a sustainable healthcare ecosystem to support our vision of transparency, access, and affordability for healthcare consumers worldwide. Please follow along with us on our blog and social media as we make our decentralized healthcare ecosystem a reality. With your help, HealthSapiens will move one step closer towards solving the global healthcare crisis.
About The Author
Karim Babay is Chairman & CEO of HealthSapiens, a nationwide healthcare provider that delivers on-demand access to healthcare anytime, anywhere, via mobile devices, the internet, video and phone. Mr. Babay is also the founder and Chief Investment Officer of Intrinsic Value Investment Partners, a value-focused hedge fund. Mr. Babay has over 15 years of global investing, entrepreneurial and corporate finance experience allocating capital across the capital structure (credit and equity), angel investing, liquid and illiquid investments in securities. Mr. Babay has published numerous studies and analysis while at Columbia University. Mr. Babay is member of the board of directors and Chairman of the compensation committee of GLYECO, a publicly traded company, principally involved in processing of waste into high quality ethylene glycol. Mr. Babay received a B.S. in finance and economics from HEC Institute and an MBA from Columbia Graduate School of Business.