Online marketplaces and international borderless transactions are one area where blockchain technology seems to have an absolute surety in future applications. This potential was identified early on by blockchain enthusiasts and opportunists and thus, during the peak of the 2017 Bitcoin bull run, many decentralized marketplace models were announced and millions of dollars were raised in Initial Coin Offerings.
However, once the dust settled, the very promise of decentralized marketplaces has hit several roadblocks. As it turned out, eventually, many of the projects couldn’t deliver because of a lack of vision and consistency after raising huge amounts of money.
One platform bucking that trend now is e-commerce platform Safex, who has announced that it is going to deliver a public beta of its decentralized marketplace for testing purposes. The community and the developers are now a step closer to delivering the idea of a decentralized marketplace protocol.
What is the Safex Marketplace project?
The Safex blockchain-based digital marketplace is expected to be a fast, secure and private retailing center with the sales of goods and services expected to take place directly from seller to buyer without the need of any third party involvement in between. The role of third parties or “middlemen” is often touted as the reason why commerce suffers and margins are diminished because more and more people’s profit shares have to be accounted for in the supply chains. With no middlemen involved and better efficiency of revenue sharing, commerce can improve and help increase trade and development of the world.
Safex was built on the natural rights of customers including the right to privacy, security and complete control over transactions. But over time, it is e-commerce companies that have complete control over each of these three natural rights and they have been guilty of abusing this control. User data is stored and analyzed, affecting privacy rights. Accounts are less secure than ever and there is no control over transactions as the payment systems are also owned by third parties.
Safex is using blockchain technology and true decentralization to address these shortfalls. Chief among them is a 2-coin system. This system uses a heavily modified Cryptonote blockchain role to power a worldwide marketplace and a unique commerce infrastructure with its own smart contracts feature.
The two tokens are the Safex Cash (SFX) and Safex Token (SFT). SFX can be mined like Bitcoin and can be used to shop on the marketplace as well. SFX stores all of the transactions and can be used to pay for blockchain data. SFT, on the other hand, is Safex’s utility token and an incentive for the community to finance and support the marketplace.
The native Safex marketplace is will provide the necessary tools and functionality to integrate its platform and API for other parties to use. The decentralized nature of the marketplace will make sure that the entire ecosystem of buyers and sellers have absolute trust in the system and thus pave the way for the future of commerce.
Learn more about the project by visiting the official Safex website.
Disclosure: This is a sponsored article