A new e- commerce platform called Particl, a privacy-focused cryptocurrency project has launched a decentralised marketplace with zero commission fees. The new e-commerce platform is set to compete with the likes of Amazon and OpenBazaar with blockchain technology.
Privacy and Zero Commission Fees
Through its private coin ‘ PART,’ particl is working on resolving the issue of how cryptocurrencies can be difficult to spend on daily basis.
On the Particl marketplace, Users are able to put the digital currency to use. Personal information are not required from its users in the new decentralised marketplace as it respects users privacy.The platform only requires a shipping address.
Interestingly, the decentralised nature of the Particl marketplace ensures that no commissions fees are added to sales as is the case on Amazon.Fees for sellers can be in most cases as much as 45 percent of a product’s cost on Amazon, according to an article on Big Commerce.
Therefore, Particl’s no -fee commission model, enables sellers to ultimately increase their revenue and lower their prices to stay ahead of the competition while still making a profit as well.
Particl’s Project Marketing and Strategy Manager Paul Schmitzer stated;
“Particl Open Marketplace can provide a verifiable private shopping experience that ensures no user data can be created or collected by any party other than the only transacting party. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees, using a combination of P2P and blockchain technologies to achieve this.”
How Decentralised Marketplace of Particl’s Works.
Through the use of a double deposit escrow system without intermediaries and with zero fees, Particl is uniquely approaching fraud and trade insurance. This system is based on MAD game theory and smart contracts where two parties deposit ‘PART’ coins as collateral into a smart contract.
As soon as the transaction between them is complete, the coins are released back to the parties and no fees are charged. This structure allows users to be in control of their transactions and as such eliminates fraud from the transaction.
With the model of decentralisation employed by the market place, the protocol generates all listing fees and redistributes them to the global network of users.
Particl involves three components:
1. An untraceable multi-purpose privacy coin,
2. A private decentralised marketplace where users can shop with cryptocurrencies, and 3.finally, a platform where developers can build decentralised applications.
Particl uses atomic swaps and third-party integrations to convert these coins to PART during transactions and it allows a wide range of cryptocurrencies. Progressively, plans are on the way to add more payment options to its marketplace.
Credits: Angeline Mbogo, Steve morgan.
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