Online purchases and online marketplaces face huge problems: among them, the last of trust and the huge number of fraudsters taking advantage of people who only want to buy something nice for themselves or for people they love.
This allowed major websites who guarantee people money back to rise to prominence. In turn, the industry became centralized and whenever we buy things online, were trusting both the seller and the website, which can lead to disaster. Moreover, fiat currencies can lose significant amount of value due to reasons beyond our control, killing our purchasing power.
Etheriya, a blockchain-based auction marketplace, wants to solve the problem by introducing blockchain technology and Ethereum smart contracts to the mix, eliminating the need for fiat currencies and third-party intermediaries.
A Decentralized Blockchain-Based Auction Marketplace
Etheriya’s use of smart contracts will allow people from all over the world to auction both physical and digital goods and services, meaning almost everything can be sold on the platform, except for goods and services considered to be illegal, damaging, or detrimental to mankind. Right now, you can join their crowdsale on Bitcointalk or at their crowdsale website.
The use of smart contracts will allow for real estate auctions to take place in the auction marketplace, for example, as these are designed to eliminate third-parties such as lawyers and notaries who add hefty fees to these transactions. By pulling external facts to complete transactions, these can be completed at a fraction of the cost, and at a specific time.
The project will feature three different services: auctions, “buy now” options, and boosting services. Auctions will be blockchain-based and will allow users to gain maximum value for their offers. “Buy now” options simply mean users will be able to purchase goods and services at a fixed price and, finally, boosting services allow users to gain maximum visibility by getting their offer to the platform’s homepage or at the top of a category listing.
Thanks to the use of blockchain technology everyone can benefit from immutability, meaning data on the blockchain is protected against tamper and corruption as no one can change or manipulate it.
The auction marketplace won’t be limited to real estate, but will feature automobiles, books, clothing, and much, much more. To find out more and get in-depth info on the project, you can read Etheriya’s whitepaper. It’s available in English, Russian, and Chinese.
The Etheriya Token
The project’s token, Etheriya (RIYA), has a total supply of 100,000,000, out of which 85,000,00 are to be sold on the project’s Initial Coin Offering (ICO). The minimum funding goal is of 1,000 Ether, which will be used to cover the project’s development, legal costs, staffing, and marketing, among others. 5% of the funds will be set aside for security purposes.
The ICO began on June 21, and will last until August 10. It has a maximum funding goal of 70,000 Ether, and the only accepted cryptocurrency is Ethereum. Before participating, users should thoroughly understand what the project is all about and, as such, should take the time to read Etheriya’s whitepaper.
To participate in the ICO, users will need a compatible Ethereum wallet, such as imToken (available for Android and iOS), Mist, MyEtherWallet, or Parity. Using exchanges to store funds isn’t recommended, as users need to move their Ethereum to a compatible wallet before contributing.
Each 1,500 RIYA will cost 1 Ether until 3,000 Ether has been raised, and the price will go up from that point on, to a 1,000 RYIA per Ether cap once 33,000 Ether has been raised. You can join the project’s crowdsale on Bitcointalk, or at their crowdsale website.