DeCommerce is about to become a reality. Buying and selling online without any intermediary, in complete privacy, and with no logins or personal details required? That’s what Particl Marketplace offers. While this trustless marketplace protocol has been live for more than a year now, the Particl team has been working on 'Particl V3', the marketplace’s biggest update since launch, which is close to being released. This makes the DeCommerce revolution, namely the ability to buy or sell anything without any restriction or middleman interference, closer than ever to being upon us!
We’ve been happy to learn last week that the first “testnet” client has been completed and is currently undergoing internal testing!
So how does this marketplace differ from the likes of Amazon and eBay?
What makes DeCommerce different than eCommerce?
Well, first of all there is zero third-party involvement. Buyers and sellers are able to transact on their own as the platform does not have payment processors, operators or moderators that one would associate with traditional online stores. Then there’s the infamous data situation. On Particl, your data cannot be mined because you don’t have to give it away to start with. To add to these already-impressive benefits, Particl Marketplace is free to use as there are no fees or sales percentages taken by the platform other than a very small product/service listing fee designed only to prevent spam. And of course, there’s always a tiny fee involved with making cryptocurrency transactions, but on Particl that’s usually less than a US cent.
Since all activity on the marketplace has to use the PART token, all incoming non-PART transactions are automatically converted into PART in the background. As I mentioned last week, atomic swaps pave the way for Monero, Bitcoin, Litecoin, Decred and other Bitcoin-based cryptocurrency users to use the marketplace without having to pass through a regular exchange or third-party swap service.
But back to PART, those people who hold the coin and stake it to support the network receive passive income in the form of dividend-like payments. They can then enjoy steady gains when PART’s volume undoubtedly increases as more businesses realize the advantages of this decentralized and privacy orientated platform. Sellers don’t need to mark up their retail prices so high to cover their operational costs and thus, buyers get keen prices compared to other online platforms.
The most striking feature of Particl V3 will be the inclusion of Multi-Markets.
This feature will now allow anyone to create a wide network of markets or storefronts on the Particl platform and manage an unlimited number of identities across any of these markets through user profiles. The Particl marketplace will then become a network of multi-marketplaces and seller shops. The seller shops themselves can be made private with selected buyers needing an access code to enter. For instance, these shops could be for special promotions only for a particular group of customers or private channels between merchants and their suppliers.
As a regular decentralize.today reader, you probably know by now that Amazon has a nasty habit of using third-party seller data to copy the site’s most popular products, but with Particl Marketplace’s multiple privacy protocols in place, this type of malpractice is simply not possible. That’s a huge plus for all product inventors that do not even want to try the market with new ideas anymore.
The trustless nature of the marketplace is supported by an innovative system of double deposit escrow called the 'Two-Party Escrow System'. This novel escrow system is based on the MAD game-theory, which stands for 'mutually assured destruction'. Both transacting parties need to match, as a security deposit into an escrow smart-contract, the value of the item being purchased by the buyer plus the shipping costs. Then once both parties confirm that the transaction has been completed satisfactorily, the security deposits are returned, in full, minus the regular cryptocurrency transaction fees. If there is any dispute, both buyer and seller are forced to reach a settlement as neither will want to lose their security deposit. As the team keeps on building Particl Marketplace, there will eventually be an adjustable escrow rate wherein the agreed amount can be set anywhere from 0 to 100% to cater to more use-cases, niches, and types of user, each having its own risk assessment.
The new Particl Desktop client, which is the revamped desktop client required to use Particl Marketplace and introduced by Particl V3, will now be modular and come out with three distinct modules—cryptocurrency wallets, Particl Marketplace and the in-app swap engine. Each module will now be enabled by default upon starting up the client.
Additionally, big improvements have been made to the user interface and user experience so the whole thing will be very user friendly. And on top of everything, an encrypted messaging system, which is independently being developed by DeMarkets.io, will allow buyers and sellers or even just friends to exchange secure and encrypted messages on the Particl network without having to rely on servers for relaying messages. No need to trust companies claiming to protect your privacy when messaging pals anymore!
To make sure anyone can get a thorough and ease-to-understand introduction to this groundbreaking technology, the Particl Academy will also be released with Particl V3. The Particl Academy is a documentation hub with all of the information needed for both vendors and users of the marketplace to get started and will complement the more technically-focused particl.wiki It will include in-depth guides about some of Particl’s core components plus FAQs, troubleshooting and all of the basic instructions needed to get started. It’s going to be a plainly written guide without any technical terms or jargon, thus making it easy for everyone to understand. A Vendor Onboarding Program will also come into play to assist those vendors wanting to join. A lot of benefits will be made available to those who sign up for the program
Blockchain technology with its immutability, security and anonymity will certainly disrupt the current big eCommerce players. We see a DeCommerce platform such as Particl's as the perfect solution to the many ills associated with the business models of Amazon and eBay.
decentralize.today will keep its readers updated with all future developments which will no doubt enhance the privacy and adoption of this very innovative marketplace.