The invention of blockchain technology and the use of cryptocurrency have brought about an innovative way of doing business around the world. As a result of the disruptive technology of the blockchain which comes with outstanding features including Transparency, immutability, security, Decentralization etc, a lot of businesses in different sectors of the world’s economy have leverage on these characteristics to enhance their businesses, and e- commerce sector is not left out.
However, irrespective of the unique characteristics and benefits accompanying the use of cryptocurrencies for transactions in businesses, so many business owners are yet to adopt this technology. This is as a result of the difficulty involves in the real life usage of theses digital currencies. A lot of merchants still prefer the traditional Fiat currency transaction system. Therefore there was a need to create a project such as CHIMPION which will encourage the acceptance and real life usage of cryptocurrencies.
CHALLENGES WITH CRYPTO PAYMENT ADOPTION
The adoption of cryptocurrencies as means of payment for goods and services is having a hard time due to the following issues:
Difficulty in understanding the real life usage of cryptocurrency: it looks stressful trying to adopt the use of crypto currencies especial to those who are not familiar with the blockchain technology.
Low level of acceptability of cryptocurrencies in Exchange for goods and services by merchants.
Lack of proper infrastructures put in place to enable effective cryptocurrency payments.
Difficult user interface which discourages merchants as well as customers from venturing into cryptocurrency transactions.
CHALLENGES WITH TRADITIONAL FIAT PAYMENT OPTION
Like the saying goes, everything has advantages and disadvantages; in as much as people are trying to run away from adopting the amazing features of crypto currencies and the blockchain technology, there are also some factors limiting the success of e commerce when using Fiat currencies especially in some areas where people do not have essay access to the traditional bank services. Some of such factors may include:
i. unnecessary High transaction charges .
ii. Inability to assess online banking facilities in some areas.
iii. Lack of transparency in payment, some hidden charges is applied due to the use of middle men.
iv. Inadequate security tools put in place to checkmate fraudulent activities.
v. Difficult, long and delayed payment methods
REASON FOR THE CREATION OF CHIMPION
Taking into consideration the need to promote E- commerce globally without barriers and encourage mass adoption of cryptocurrencies as means of payments for goods and services Chimpion was created to leverage on the innovative features of blockchain technology. Although a few merchants have stated accepting cryptocurrencies as means for payment, the main aim of Chimpion creation was to create an enabling environment where more Merchants globally would accept this digital currency thereby adding more value to e -commerce industries.
OUTSTANDING CHARACTERISTICS OF CHIMPION PLATFORM
Chimpion is designed as an innovative platform that will enable Merchants to easily, effectively efficiently and securely accept crypto payments in exchange for their products via the following tools:
i. Chimpion digital wallet which allows users to either makes payments with crypto or with Fiat currencies anywhere and at anytime.
ii. Chimpion Point of Sale (POS) : this also makes it possible for customers to pay promptly for goods and services .
iii. Instant delivery of goods without worrying about the issues that accompanies charge back processes.
iv. Using Chimpion platform, it is easy for any merchants around the globe to establish a shop where people pay using
crypto currency.
v. with Chimpion all that is requires is for Merchants to stake their CHIMP tokens and immediately begin placing their goods and services for global sales.
vi. The integration of Paytomat wallet gives Chimpion users the opportunity to accept payment with their hardware within their stores.
vii. Selling on chimpion platform with cryptocurrency helps merchants to avoid unnecessary high transaction fees charges when using Fiats. With crypto a merchant will only pay a very low transaction fee irrespective of whether the transaction is local or international.
Viii. One other unique thing about Chimpion is that Merchants have the privilege of deciding whether to collect payment with CHIMP token or convert it to any stable other stable coins which they desire.
Chimpion POS
CHIMPION DUAL TOKEN
Chimpion platform makes use of two different tokens, CHIMP and BNANA token.
CHIMP token is the main token of the ecosystem which will be used for incentives and bounty payments to merchants. CHIMP will be the main token used in buying and selling on the Chimpion platform.
BNANA token is used as payment for rewards, when a user buys form the platform using CHIMP he or she is entitled to some BNANA. This is to further encourage the use of cryptocurrency in real life purchase of goods and services.
BENEFITS OF CHIMP TOKEN TO HOLDERS
i. Holders gain free access to the Chimpion platform
ii. Holders of CHIMP only stakes their CHIMP to be able to place their goods and services for sale on Chimpion platform
iii. Users of CHIMP in paying for goods and services receive BNANA token as rewards, and the more they use CHIMP for payment, the more BNANA they receive without limits.
BCD PAY WALLET
Chimpion has BCD wallet which allow users of the platform to accept cryptocurrecncy both in offline and online stores. The simple and user friendly interface of BCD wallet enables anyone to be able to carry out payment transactions using cryptocurrencies. Good enough, this BCD wallet accepts all ERC20 tokens as well as some other tokens like wave, NEM,EOS, Zcoin, Horrizen , Bitcoin diamond , Bitcoincore , Litecoin etc.
CONCLUSION
The introduction of Chimpion is a great idea that will definitely draw a lot of individuals and organizations to the adoption of cryptocurrency and blockchain technology. It would also encourage and promote effective and efficient ecommerce business globally. Let join hands and build this great community for a new era of business transactions with cryptocurrency.
THE TEAM
Chimpion team is made up of seasoned professionals and well experienced men who are good in ecommerce and other related fields.
For more information please visit the links below:
Website: https://www.chimpion.io/
White paper: https://www.chimpion.io/whitepaper/
Telegram: https://t.me/chimpionio/
Twitter: https://twitter.com/chimpionio
Twitter: https://twitter.com/chimpionio
Bountyox username: funex