APOLLOX: A Decentralized E-commerce Platform

APOLLOX: A Decentralized E-commerce Platform

Joecolern

Many people in the fintech industry would agree that we are all very lucky to be living in this significant moment in time, where blockchain and crypto have only just appeared on the global scene. Fintech has opened up a new world for business, a world with a lot of room for new ideas and developments. 

iNTRODUCING APOLLOX PROTOCOL

ApolloX is a decentralized ecosystem connecting buyers and sellers with trust and efficiency, without information silo and commission fees. The ecosystem has three building blocks.

Thanks to the world of technology mixed with the idea of APOLLOX making it possible for the success of this buyers and sellers connecting platform and standing it out in the wild of Cryptocurrency with its exceptional cutting edge effort, as a corner stone and swift transformation in the world of trading.

Every transaction on ApolloX is peer-to-peer, excluding all middlemen. This saves sellers from paying extra fees and gives shoppers lower product prices. At the same time, ApolloX protocol protects both parties from fraud and disputes with smart contracts and community based arbitration at no extra cost. All shopping data is encrypted and permission enabled, only accessible to service providers with the customer’s permission, which ultimately solves privacy issues and reduces unfair competition.

Today’s e-commerce industry forces sellers to pay anywhere between 25% to 50% of the sale price to gain traffic and trust. Blockchain technology and token economy is a promising solution. By rewarding positive community contributions, ApolloX can reduce the cost of traffic and trust by more than 50% and form a transparent and equal e-commerce environment. Products will be 10% cheaper and you’ll never have to worry about scams or disputes when shopping on a new site. This is going to be a revolutionary shift in e-commerce,

ApolloX’s service providers, users of services and owners of the platform have reached a trinity model. With this organizational structure, ApolloX is not managed by managers but rather by all the users on it, which makes it impossible for the ApolloX network to sell out user privacy data, defraud customers and harm consumer interests.

Aligning the Incentive of Users and Platform

As consumers shop more through the ApolloX network, the overall value of the ApolloX network increases, as well as the value of ApolloX token. When someone proposes to significantly increase transaction costs on ApolloX, members of the community will realize that such behavior will reduce the overall value of ApolloX, thereby reducing the value of ApolloX token in its hands, and thus oppose such behavior. The way this organizational structure secures the interests of the organizers and participants in the community is unique to blockchain and is also the core strength of decentralized e-commerce marketplace.

ApolloX Protocol Modules

In the decentralized e-commerce ecosystem, all transactions of money and sensitive information will be maintained by a smart contract system. ApolloX Protocol is a set of inherent functionalities for all essential e-commerce transactions and community developers are encouraged to construct more features set on top of the system. In this chapter, we will discuss in detail how each module of the ApolloX Protocol handles typical e-commerce business activities in a decentralized manner.

Payment Protocol

ApolloX Payment Protocol handles the end-to-end payment escort process between buyers and sellers. It also supports outsider insurance and the transformation between fiat currency and cryptocurrency on ApolloX platform. ApolloX Payment Protocol can prevent a majority of online shopping scams with the help of distributed ledger and smart contracts.

Arbitration Protocol

ApolloX Arbitration Protocol solves this issue by employing the popular Deposit-Challenge-Vote mechanic in every dispute handling to ensure transparency and independence. When two members, usually a buyer and a seller, inside the community cannot reach agreement on a case without anyone else, either one of them can open a case by depositing a smaller amount of ApolloX tokens. The opposite party is required to deposit the same amount of ApolloX for this case and provide their reasoning.

Benefits of the APOLLOX

This platform with the use of decentralized blockchain technology provide a better avenue where buyers and sellers can meet to conduct their business securely, enjoy fair prices as intermediaries that increase cost have been eliminated.

Oracle and Data Protocol

As a platform for e-commerce business, we rely on certain outside information to keep the system running, such as logistics data and advertising data. This information will be provided to smart contracts as trusted data through the ApolloX Oracle Protocol. ApolloX Oracle Protocol opens up APIs for integration with existing logistics providers and advertising platforms. Logistics data, such as tracking numbers and delivery statuses, will be available as data oracle on apps on the ApolloX network. Advertisement data, such as attributions, will also be honored and recorded with each order on the blockchain. Of course, the vendor of those data feeds will have been carefully vetted by the community before gaining access to the protocol.

APOLLOX TOKEN

ApolloX has introduced their token called APTX which will be used for all activities on the platform such as promotion and marketplace services, purchasing products and getting discounts, rewards and loyalty programs, internal transactions of platform members and miners. It is equally used to reward every contribution to the node.

TOKEN DETAILS

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Authorship: Joecolern

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