There are many e-commerce ventures that sell the idea of building a decentralized community based on the blockchain. On hearing about ApolloX one might want to know what it is that makes it unique. ApolloX is an ecosystem based on the blockchain, for global e-commerce. The platform connects sellers and buyers, giving them transparency and getting rid of the middlemen so that both the seller and the consumer benefit. Given that the idea is commonplace, why is ApolloX necessary? Is it valuable to the cryptocurrency and blockchain industry?
As an internet user, you have probably made a purchase on the web, or at the very least, put something online for sale. One of the benefits of this is that you no longer need to have a piece of land as a center for commerce to do business. In fact, you can transact with anyone, anywhere. On account of the internet, shopping has become simplified. However, there are difficulties that have arisen that may not have been there with traditional business models.
For starters, it is easy to fall prey to a deceptive vendor. You either end up spending money on a product or service that will not be delivered, or you get low-quality items. What makes it worse is that such vendors tend to have faulty or non-existent return policies.
At the same time, e-commerce ventures like Walmart and Amazon, that have managed to build a name for themselves are dominating the market. Retailers have to pay fees to be able to sell their products. ApolloX intends to handle these problems with unprecedented blockchain innovation. It aims at providing easy market access so that small to medium-sized companies can begin participating in the global market. It offers a model that will address the problems of the current market and create a market for e-store convenience that is decentralized.
What exactly does ApolloX do?
The blockchain venture ApolloX plans to build an adaptable center for commerce which is both straightforward and advantageous to the buyer and seller. The platform will utilize decentralization and tokenization to get rid of the present models that have established businesses lease space to smaller ones. The new model will offer information security, shopping insurance and little to no commissions.
The platform is intended to solve the issues that vendors and purchasers face online – unnecessary commission, unjustifiable rivalry, and loss of private information by the client.
ApolloX Protocol Modules
When setting up an e-commerce marketplace, one has to consider how reliable data warehousing is, and how safe the said data will be. For all digital transactions, ApolloX will rely on an in-house protocol and all delicate data and cash exchanges will be kept up by a contract framework. The protocol is an arrangement of functionalities for all network designers and business exchanges.
The ApolloX protocol has five modules that together, work to run the internet business in a decentralized manner. They include:
- The attribution protocol
In any e-commerce business, inbounding traffic is critical. It is, in fact, one of the biggest expense sectors in many online shops. The attribution protocol allows the shops to maintain their existing traffic at low costs and with transparency. Customers are able to get extra money from offering product recommendations to their friends. This protocol manages data flow between publishers and sellers. It runs all the activities that are related to advertisements.
With the attribution protocol, every e-commerce activity and every transaction will be in a decentralized database. All participants will be on the blockchain and will have to verify how legit their data is, using permissions. Attribution will be possible without any need for centralization. Sellers can see the ads performance from where they are and publishers get direct payments.
The payment protocol
The payment protocol will be responsible for running person to person transactions. It will help to get rid of fraud. Payment transactions will be made with the platform’s tokens and protected by smart contracts but price transactions are also allowed. The payment protocol will also handle all shipping activities such that the vendor will be able to provide different options for delivery.
The payment protocol also supports insurance by third parties and the exchange of crypto and fiat in the platform. It contains a data encryption feature that protects both the vendor and customer information, but also keeps this information safe so that in case there is a dispute, it is retrievable.
- Arbitration protocol
ApolloX arbitration protocol helps to settle any complaints or disputes that arise. In a centralized e-commerce business, the shops handle their disputes. They act as a player and the judge, which means that even though it may appear fair, the customer does not have the same negotiation power as the business. In ApolloX’s arbitration protocol, there is a deposit-challenge-vote mechanic that handles disputes independently.
Whenever two members are unable to agree, one of them opens a case by depositing some ApolloX tokens. The other party deposits the same amount and they both explain their circumstance. A broad vote is opened and a random group of community mediators is selected to vote on the matter. After the votes, the losing side loses its tokens to the mediators and the winning side.
In general, customers rely on the product reviews and seller ratings in any market to make a shopping choice. If people manipulate the review system, it can make or break a business. To help provide legitimate reviews from genuine buyers, ApolloX instituted the Reputation protocol. Here, sellers who fake reviews and scammers who post bad reviews to extort payments are penalized. After the reputation protocol confirms a fraudulent review, the reviewer loses some of their tokens and is prohibited from posting future reviews.
Oracle and data protocol
ApolloX oracle protocol opens up API integration with advertising platforms and logistics providers. This is to say that logistics like delivery statuses will be availed on apps in the network as data oracle. Vendors who feed this data will be vetted by the community before they can access the protocol.
How unique is this venture?
In December 2017, the ApolloX team structured an investigation into the blockchain online business. They had just built the center hub and many worldwide brands agreed to be included in the alpha testing. The question to be answered was, ‘what do you have to offer that we cannot secure on our own?’
As it turns out, ApolloX’s protocols make the platform unique. They provide security for all the parties involved, at a minimum cost. As of now, the platform has more than one million users in the U.S and more than 1000 brands all over the world. The platform eases trade, provides convenience, ensures customer confidence and facilitates cross-border trading. The decentralized platform is a valuable addition to the blockchain landscape and e-commerce.
What’s more, the platform could not have come at a better time, what with the inefficiencies of the current e-commerce industry becoming more apparent and transparency becoming an issue at the top of everyone’s mind. Even though e-commerce blockchain ventures are many, they are still in their infancy. Projects like ApolloX will have to work hard to establish themselves. ApolloX has the advantage of being built on the experience of Apollo Box. At the very least, investors have confidence in the team, to know what it is doing.