ECRYPTOSTORE is a proposed e-commerce platform that accepts cryptocurrency for exchange between merchants and buyers. The goal isto dominate the cryptocurrency-accepted e-commerce world like Amazon, eBay, and Alibaba did for fiat currency. In other words, goods will be sold and bought and paid for directly with cryptocurrencies without the need to change it to fiat currencies. Ecryptostore will eliminate subscriptions and other costs that will be identified with e-commerce platforms and also make goods and services available and purchasable quickly both locally, nationally and in the global marketplace.
The platform introduces a new currency tagged ‘FMT TOKEN’ which will be used both as a currency and also as a utility. Merchants who possess this currency will have the ability to upgrade in the system and enjoy new benefits like reduced transaction fees and customer acquisition. The token will be kept in a balance of supply and demand by the freezing of tokens for 24 month period and by merchants who use it for incentivized gift marketing, upgrade, and purchase. The user interface of the Ecryptostore platform will be very friendly and easy to use because of the features that will be added; features like ability to sign-in from Facebook or Google-account, ability to search by product or by merchant making the location of products easy, easy verification of sellers and users, customized interests, peer-to-peer messaging and amidst others but most importantly ability to pay for goods and services using diverse cryptocurrencies.
550 million FMT tokens will be deposited into circulation, 50 million FMT token will be used for private sale (sold to contributors of the project), 50 million FMT for the first round of the pre-initial coin offering, 100 million for the second round of pre-ICO, 100million for the ICO. A reserve pool of 25 million tokens will be separated and will be purchasable by merchants, and 125 million tokens will be used to reward outstanding merchants.
Tokens flowing into the system in the form of transaction and subscription fees will be used for different purpose. 25% of it will be frozen (removed from circulation) for a period of 24 months before recirculation, 15% will be distributed to charities selected through social media, 30% will be used to cover maintenance and expansion cost and the remaining 30% will be used as rewards for outstanding merchants, incentivize users, and promoters.
The Ecryptostore platform is going to penetrate the market on two fronts; the provision of e-commerce platform and the acceptance of various cryptocurrencies as payment. This will allow it to attract a small proportion of customers from eBay, Amazon, and Alibaba. It is going to adopt future trend of business by using cryptocurrency therefore beating these current bigwigs in the e-commerce business.
However, Ecryptostore recognizes the risks that are inherent in this system of e-commerce and have devised clear mitigation measures. Cryptocurrency transactions are non-refundable and therefore prone to fraud, Ecryptostore will mitigate this by ensuring that the Merchants accepted into the platform will be thoroughly screened and verified. Unverified Merchants will be flagged with Escrow system of protection to warn buyers. Buyers also have the opportunity to give reviews on Merchants. Merchants with constant positive reviews are verified as legit while Merchants with negative reviews will be flagged to protect other buyers. Ecyptostore also has measures for conflict resolution between merchants and buyers.
In conclusion, Ecryptostore is an excellent platform to buy and sell goods online. Even though it came with the risk of fraud, given the proposed mitigation measures, it has a good chance of being sustainable.
Disclaimer: I earn FMT tokens to discuss with and educate others about FMT and Ecryptostore, and you can too! Anyone can join from now until August 15th. Let’s get the conversation started about buying and selling goods with crypto! Click here to join. Any quotations above cite the whitepaper directly. This is not financial advice, and you should do your own research before participating in any sort of investment.