[ad_1]
An online market based on blockchain based on the Ethereum protocol was launched to be launched by the e-commerce company Qoo10 on January 1, 2019, Technology in Asia relationships.
Known as QuuBe, the blockchain market is supplied with a cryptocurrency of its own Q * currency. Currently, Q * coins, which are the only accepted payment methods on QuuBe for buyers, can be purchased in 7-Eleven stores. Qoo10 does not provide for the use of other cryptocurrencies on QuuBe due to their volatility.
For the CEO of Qoo10, Ku Young Bae, the platform offers customers better terms as it has removed the commission of 10% of traders and the payment gateway tariffs that are charged by traditional markets. Part of the reason for this is that blockchain technology has helped to reduce administrative costs because the verification of transactions between merchants and buyers on the market is done through smart contracts.
No commission for merchants or payment gateways; Just pay for advertising
The sales model of Qoo10 will mainly be advertising, for which it will charge traders a certain fee for the platform's advertising space on the platform and on the website.
According to Ku, the decentralized regulation offered by blockchain technology could help non-skid communities to participate in economic activities without having to join a financial institution:
Usually [put your] money in the bank; I would not put money in a private company [mobile wallet]. The company could go bankrupt, they could simply change the data, either [money] can be stolen Unless trust is built, you can not be sure that the top-ups in the wallet can be the same. These obstacles are solved by the blockchain because the blockchain wallet is not something that we can modify and access. Only you can access it.
Payment methods
The Qoo10, which aims to achieve a gross merchandising volume of $ 1 billion over two years, aims to ensure that its token does not have the same volatility associated with cryptocurrencies as bitcoins to make it suitable for transactions. At present, a Q * currency is sold at one US dollar and the e-commerce company intends to revise the upward value after each million tokens have been sold to allow for appreciation.
To get more users on QuuBe, the e-commerce company intends to launch a marketing campaign that will involve the provision of incentives. This will include the distribution of Q * coins worth over $ 100,000.
At present, Qoo10 has 6 million active users every day, mainly in Hong Kong, China, Malaysia and Indonesia. Currently, there are about 400,000 products listed on its platform. While developers in QuuBe's blockchain network are based in South Korea, employees who manage operations, sales and marketing are in Singapore.
Get an exclusive cryptographic analysis by professional traders and investors on Hacked.com. Register now and receive the first month for free. Click here.
