The blockchain technology could provide solutions for trading on a global level by developing a global market where all the participants could make business between each other directly and efficiently, regardless of their location and without interference, censure or high costs. This is the goal of BitBoost, a platform for decentralized business that has announced the launch of its marketplace especially developed for merchants.
The term marketplace is used to refer to an online platform that allows the users to purchase and sell products and services. The number of websites for online trading is large, but BitVoost is trying to revolutionize them by using the blockchain technology and the cryptocurrencies.
BitBoost will launch its marketplace next month. The entire project is based on the smart contract technology of Ethereum, which will allows the buyers and sellers to connect directly, besides facilitating the online commerce and making it economic and private, with all the transparency provided by the blockchain technology. This tool will have an application for mobile devices, as well as a web version. Both the mobile app and the web version will use the BitBoost protocol to connect to the Ethereum blockchain network.
The payments on the BitBoost platform will be realized with ethers and the users will have to pay one US dollar to create a listing. The listing is then canceled using a token called BBT, which is the native token of the BitBoost ecosystem. The development team tried to replicate the appearance of the traditional electronic commerce platforms by using an instantaneous search system.
According to BitBoost, this is the first step towards building a rentable market. The goal is to inspire the users to help validate the functioning of the new market. The receptivity of the community will help the company to determine where it should make improvements and lay the groundwork for an e-commerce service built by its own users.
Paul Mahone, the founder and CEO of BitBoost said: “We think this is going to be a game-changing decentralised e-commerce solution. We believe in free trade, and the BitBoost marketplace entirely removes several common barriers and intermediaries in online commerce. Anyone can sign up for an account. You don’t need to submit an email address or any personal details: all that is required is an Ethereum address. The interface is clean and familiar, payments are fast and borderless, and privacy is built in.”
BitBoost will also launch a programme for sellers and ambassadors where the company is looking for companies and individuals who will sell their products and services. These team members will be in charge of working on the development of the platform and helping to create a community involved in the development of a new system for electronic commerce. The Ethereum smart contracts will serve to protect both the merchants and the company, which will be made possible by the transparency provided by the blockchain technology.
BitBoost is also looking for ambassadors to promote the project, both in the blockchain ecosystem and in the e-commerce sector. The company is open to suggestions and all interested users can contact the company to get more information.
The BBT token is an ERC-20 token based on the Ethereum blockchain network and it can currently be exchanged in various cryptocurrency exchanges, such as IDEX, YoBit and EtherDelta. This token is extremely important for the BitBoost ecosystem because of it specific uses. One of them is to create products listings in the application and this will cost the sellers one dollar. This amount will be paid in BBT tokens.
Even though the value of the BBT token will vary, the sellers will always pay the same amount per listing, regardless of the price of the item put on sale. Moreover, the users can also set up identical copies of an item on the same listing.
To sustain its value, since the results of its initial coin offering (ICO) were not as expected, the BitBoost team decided to burn half of the supply of the BBT tokens. Initially, there were 100 million BBT tokens. However, after BitBoost managed to sell only 12 million tokens during its ICO campaign, the company decided to eliminate 50 million BBT tokens and thus reduce the supply.
Moreover, the company also decided to block 11 million BBT tokens until November this year and to do this, the developers had to create a smart contract.
The goal of the reduction of BBT tokens was to stabilize the price of this cryptocurrency, for which the team hopes will remain close to one US dollar. At the moment, one BBT token is worth around 0.14 dollars, according to CoinMarketCap. There are almost 13 million BBT tokens in circulation and the total market capitalization is around 1.8 million dollars.