Pigzbe is designed to help teach children the principles of modern finance using a blockchain gamification approach.
Pigzbe is a digital piggy-wallet for children aged 6 and up, powered by Wollo cryptotoken.
The whitepaper describes Pigzbe as “a friendly, tangible financial assistant that will teach children the principles of modern money in an exciting and safe system that harnesses children’s natural drive to learn through self-correcting, practical experimentation . . . Think of Pigzbe as a tool to support parents in teaching children the principles of earning, saving and managing money in an exciting and non-threatening way, while providing them with an entry point into the world of cryptocurrencies.”
Although there are 2.2 billion children in the world, Pigzbe sees their target market as the 205 million children who get up to $15 pocket money each week.
Pigzbe delivers a combination of software and hardware which includes:
- Wollo (WLO): the Pigzbe network’s native token, replacing money stored in piggy banks.
- Wallet app & educational game: allows for the transfer of pocket money to children safely, quickly, and cost effectively with an app for parents and a game for children that enables the learning and playing experience.
- Game controller & cold storage device: kids can use the Pigzbe Pink device as a notifier and controller for the Pigzbe game. Adults can use Pigzbe Black as a secure cold storage device to keep their Wollo safe.
- Wollo Card, for real world spending: through partnerships, Pigzbe are currently developing a payment card that will allow children and families to spend Wollo in multiple currencies, online and offline, in the real world.
Once registered for Pigzbe, children can receive Wollo from their parents (including recurring allowances and gifts), play and learn with the Pigzbe game and achieve goals set by their parents.
The Wollo token sale is currently underway and aims to raise US$8.85m. Progress to date indicates they will achieve this target comfortably, with the Wollo token being hosted on Stellar blockchain platform. Pigzbe currently sport a Telegram community of over 31,000 members indicating they have significant grassroots support. Most members of the Loyalty & Reward Co team have young children, and we applaud Pigzbe for their efforts. The key challenges we see include:
- Adoption: A significant marketing effort will be required to drive take-up of Pigzbe. The website states Pigzbe will be able to be purchased online and via 100+ retailers, however no details are provided regarding price. If too expensive, it may act as a barrier to adoption.
- Ongoing Engagement: While children love games, they also love variety. The development team at Pigzbe will need to keep refreshing the content to ensure their main users are constantly stimulated and excited. They’ll simultaneously need to keep parents engaged to ensure the pocket money keeps flowing.
- Value Erosion Risks: Parents will love the idea of depositing pocket money into a virtual pig especially if the value of the deposit increases as a result of the cryptotoken increasing in value. If the value decreases however, due to speculative selling or a persistence bear market, they may not be so thrilled. Pigzbe will need to manage their tokenomics very carefully to ensure balanced gains and minimised losses.
Financial literacy is being viewed as an increasingly important area, and one which is on the radar of the UN . Companies like Pigzbe are using new technologies to make learning about a dry subject lots of fun for both children and parents. We certainly feel confident the next generation will have a better education regarding their finances than ours.
Philip Shelper is a specialist loyalty consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of “Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies.”
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.
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