Have you ever thought that your buyer show is also a kind of wealth?
ECoinmerce, who has come into contact with it recently, believes that the digital asset wealth (such as digital stores, buyer shows, user reviews, etc.) of the current e-commerce platform should be owned by the operators and creators, and it is unreasonable for these assets to belong to the centralized e-commerce platform of. Therefore, ECoinmerce hopes to use the smart contract protocol to build an overseas version of the decentralized e-commerce trading platform through blockchain technology. On this overseas trading platform, all digital assets belong to users and merchants, and there is no commission for transactions.
Why does e-commerce need blockchain technology? ECoinmerce COO Chen Kai believes that they can solve the three major pain points of the existing centralized e-commerce:
E-commerce products are overpriced. The main reason is that the existing e-commerce platforms first need to guarantee shareholder profits, so the platform will charge 20-50% of the product sales price as platform profits to protect shareholder returns.
Transaction data is opaque. In order to ensure long-term collection of platform sales fees, the centralized platform often achieves profitability by cutting off direct contact between consumers and sellers to collect sales commissions or product price differences. Such a business model often leads to opaque information channels and increased transaction costs.
The ownership of the online store does not belong to the operator. Digital assets on e-commerce websites include: product images, descriptions, user reviews, purchases, sales, user behaviors, etc. At present, these digital assets belong to the centralized e-commerce platform, not to its operators and creators.
ECoinmerce hopes to take advantage of the token economy of the blockchain: merchants need to confirm their identity and pledge Token when entering; users can obtain Tokens by giving feedback on product ratings; digital assets can be traded to maximize user benefits.
Chen Kai told: ECoinmerce will launch the Ecoinmerce blockchain (referred to as E-chain) and ECN (Token) to realize decentralized e-commerce transactions. The E-chain adopts the Share Authorization Proof (DPoS) mechanism, and the necessary information of suppliers and customers Will be stored between blockchains, sensitive and confidential data will be securely encrypted with a shared key, and only the supplier and consumer can decrypt it. Unencrypted data will be publicly available.”
The specific transaction process is as follows:
Users use Token to purchase goods through the ECoinmerce smart contract. The merchant will deliver the goods after receiving the consumption information. After the consumer receives the goods and confirms the receipt, he will set a return period of 15 days according to the smart contract, and then the Token will be sent directly to the merchant according to the contract. wallet.
If the product is damaged within the warranty period, the consumer can trigger the smart contract and notify the merchant to return/exchange the product. If the merchant refuses to implement, the consumer can directly lower the rating of the merchant/product through the smart contract, or force the product to go offline, deduct the mortgage token, and protect the rights and interests of consumers.
For merchants, the problem that the digital assets established by merchants on the centralized platform cannot be transferred and realized will be solved. ECoinmerce can attribute the ownership of the product pages on the e-commerce website, including labor value, to the shop owner, and promote the optimization of resource matching and digital asset value-added in the e-commerce community.
For users, the blockchain decentralized platform can bring lower operating costs, and users can enjoy lower product prices; by sharing products, related content output, and earn a certain amount of Token.
In order to prevent problems such as swiping orders and pyramid schemes on the ECoinmerce platform, the smart contract will charge a certain amount of small tokens for comments, likes, replies, etc., to increase the cost of swiping orders. There is no Token reward for multiple transactions, making it unprofitable for speculators.
In terms of transaction speed, the transaction speed of the DPoS mechanism is temporarily unable to meet the e-commerce massive data transaction data on-chain, so the distributed logic design on-chain and off-chain is adopted. Since the E-chain has the function of accessing external databases, users can upload data by connecting to external APIs, databases and other data sources. Transaction data will be placed off-chain to increase transaction throughput.
In terms of financing, ECN is the only token circulated on the ECoinmerce platform, with a total issuance of 1 billion tokens, 450 million tokens including angel round investment of 55 million tokens. The issuance time and plan are to be determined. The other 60 million pieces are used for marketing and promotion during the issuance process. About 1,500 ethers have been raised so far. In the initial stage of project development, the ECoinmerce platform will issue a certain amount of ECN to encourage users to enter the market.
As for whether blockchain e-commerce can compete with centralized e-commerce giants, Chen Kai replied: At present, it is unlikely that e-commerce giants will enter this industry. On the one hand, the decentralized model will harm the interests of original shareholders. On the other hand, the e-commerce industry is an extremely large market that can accommodate many e-commerce models and product categories, so the ECoinmerce platform can exert its strength in certain vertical fields.”
(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)
(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)
