Hereby the Attrace general quarterly update of August 2020.
Over the last quarter Attrace has completed various significant technical milestones.
1) Commission payments flow - in fiat - between end-users now completed
Once a Publisher has generated a lead that resulted into a sale Merchant side, the Merchant will pay the Publisher a commission. As of right now end-users prefer paying and receiving commission in fiat. The UI for this flow has been developed in such a way this can happen simply via PayPal.
However - and this is a significant point - under the hood this is all happening and validated via the Attrace Network. The commission payment goes/is registered via Attrace tokens (ATTR) but works via PayPal. Merchant can choose a 3rd party Payment Provider (a 3rd party Consultant) to execute the payments via the Attrace Network. The first Payment Consultant is already live on the network (Affpay) and is of course closely linked to Attrace.
What does that mean in simple terms:
Additional online fiat payment systems (e.g. Adyen etc.) will be connected going forward.
We will release a short vid showing how payments in fiat on the Attrace Network happen via the Attrace UI (with PayPal integration).
2) Wordpress integration further improved
As already announced Attrace released a Wordpress plugin for easy onboarding of clients (74 million active websites). This plugin wraps the PHP network connector with an easy to use interface to manage settings and agreements.
The plugin now has a new feature which enables a secure endpoint: This means while onboarding, the Publisher’s Wordpress instance can be completely configured remotely from the dashboard (so through a browser). This demonstrates the full decentralised architecture of Attrace and above all enables a very easy onboarding experience when connecting a website with the Attrace network.
Worldwide more than 25% of all online stores use the WooCommerce plugin on top of Wordpress to create a webshop. Attrace released a plugin to support this technology, which deeply integrates into the store and checkout process. Private statistics can be combined with network data to have a full overview of the store’s performance.
We are very proud to announce two new team members:
Nikola has been working as a Product Manager for Attrace for over 2 months and has extensive experience working as a Product Manager for fin-tech and blue chip companies (e.g. various banks in USA and Europe). He is an expert in guiding software development in Agile environments within cross-functional teams (Strategy, Product Design, Market Analyst, Project Management and End-user liaison).
Clement just started working as a Strategy and Business Development Consultant for Attrace. He has a very compatible background as he previously worked for over 6 years at Senior Management level for TradeDoubler (a listed traditional affiliate marketing platform) in London and Seattle. Clement’s deep understanding of the traditional affiliate networks is of great value for the overall go-to-market strategy of Attrace.
With Nikola and Clement onboard we are now assured that Attrace will release the right product functionalities (!) in time for the most important stakeholders.
Bringing us to:
There are two groups of Attrace network users.
1) Beta partners, end-users directly approached by Attrace and end-users directly approaching Attrace
These are the end users which are in contact with the Attrace team. Over the last months we have been working closely with various partners to further improve the basic User Interface. The end users with the most traffic are active in carlease and online bookkeeping software (e.g. Exact, e-Bookers etc.).
For the Dutch Telegram group members it is perhaps interesting to mention that also e.g. Madelon Vos (Misss Bitcoin from BNR radio and podcast) is now officially a Merchant on the Attrace network for her online trading courses etc. ( www.madelonvos.nl ) which she is promoting via various blockchain websites.
2) End users directly connected to the Attrace Network
These are the end users Attrace does not know. Over the last month we noticed some basic traction from new end-users that work directly with each other via the Network without further contacting Attrace. Given that Attrace is truly decentralised, we do not know who these parties are. Traffic from this group is still modest.
We will now start with more actively approaching current end-users in the existing affiliate marketing market.
At the same time there is also the push for organic growth via long-tail which seems to gain traction already.
Having the token functionality now live - and truly functional for the basic use case (!) - we have completed a very significant if not one of the most significant milestone: Attrace token economics is now a fact. This means the Attrace Network is now starting to earn income (2% fee taken from commission paid by Merchant to Publisher / via ATTR). We do not anticipate this income to become very high in the coming months. Realistically this will take a couple of quarters, but the full infrastructure to achieve basic sustainability has now been completed.
Token burn has not been set live yet. Burn makes more sense if it is related to token listing, which brings us to:
Over the last couple of months Attrace has closed a couple of convertible loan agreements (min $100K) totalling another $600K to assure a bridge until Series A or listing. Majority of these loans has been provided by founders.
Hope this has been informative and very best regards,