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Qoo10, a major Asian online retailer is ready to launch a blockchain-based e-commerce platform. Called as & # 39;QuuBe& # 39 ;, The blockchain-driven market has its own digital currency called Q * currency.
The QuuBe platform closely resembles the flagship Quu10 market and is now available on mobile and desktop devices. The marketplace is currently in beta and will be launched completely on January 1, 2019.
Currently, Q * currencies are the only means of acceptance accepted on QuuBe for buyers and can be purchased in shops from seven to eleven. And the Qoo10 does not allow the other encrypted to be used on QuuBe because of their volatility.
From the desk of the CEO
According to the CEO of Qoo10, Ku Young Bae, QuuBe can now offer users more competitive prices thanks to the new revenue model. And the platform offers better services by removing the ten percent tax for the gateway and the tax for merchants that are loaded from traditional markets, merchants can now compete with other online platforms.
Ku Young Bae said that one of the reasons for this is that blockchain technology has helped reduce government costs because the transaction verification between buyers and traders on the platform is done using smart contracts.
The revenue model of Qoo10, QuuBe will offer advertising space for merchants to pay on its app and on its website.
Ku also hopes that the decentralized legislation offered by the blockchain will help unbridled communities like Myanmar and Indonesia to take part in economic activities without having to join any financial institution.
Then he went on to explain that people usually put their money in the bank, and would not put money in a private company's mobile wallet because they fear that if the business is bankrupt, or that money can be stolen . And he said that until trust is built, you can not be sure that the top-ups in the wallet can be the same.
Ku also added that all these obstacles can be ordered using blockchain because the blockchain wallet is not something that companies can access and modify. And only users can access it.
The Qoo10 company intends to reach a billion dollars in gross merchandising volume in the United States over a two-year period, which is a high goal because the adoption of the blockchain is still in its infancy. However, many companies are still struggling to adopt technology and only 0.71% of the world's population uses digital currencies.
A Giveaway awaits users
To attract more customers to QuuBe, the online market aims to launch a marketing initiative that will offer incentives. This also includes the distribution of Q * coins worth US $ 100,000.
Qoo10 currently boasts more than six million active users, mainly from Malaysia, Hong Kong, Indonesia and China. As of now, there are almost 400,000 added products on its platform.
Despite the difficulties of adoption, Qoo10 is not the only one in the race. The start of the United States OpenBazaar it also raised a total of US $ 4.2 million with investors Capital Blue Yard is Andreessen Horowitz to open their blockchain-based market. Start in Vietnam guy he also recently published a white paper for his business-to-peer-peer marketplace.
