The world is accepting the role cryptocurrency is playing in the world today especially merchants who accept cryptocurrency. The merchants however soon abandon the idea due to lack of demand and the high costs faced by the One of South Korea’s largest blockchain based e-commerce platforms, Qoo 10, also known as QuuBe, announced they will launch a feeless platform for merchants.
The announcement made on TechAsia on Thursday further stated the platform is running a test net on mobile and desktop. The main net version of QuuBe (pronounced cube) will be released at the start of January 2019.
The QuuBe e-commerce Platform
The Qoo 10 platform is created on the Ethereum platform and utilizes the smart contract technology to verify and settle payments between merchants and consumers. The platform uses its own native tokens, Q* coin, a private blockchain token created by Qoo10 for the marketplace and the only acceptable purchase currency.
The decentralized marketplace offers the merchants a feeless platform hence increasing their competitive advantage over other marketplaces.
“As ecommerce moves to the blockchain, the redistribution of power – no longer the sole property of retail giants – will allow more collaborative, creative, and competitive ways of business. Smart contracts will also improve friction points throughout supply chains as transactions undergo a methodological process of verification and execution.”
QuuBe Makes Advertising Its Prime Income Source
The CEO of the company, Ku Young Bae further clarified that despite the merchant not paying a fee, they will be charged for advertising on the platform.
As said before, the marketplace will only allow purchase of goods and services through the Q* token that goes for $1 USD at the moment. The price is set by the Qoo 10 developers to do away with the extreme volatility in the cryptocurrency market today. I will act as a privatized stable coin for the Qoo 10 marketplace.
The Q* token will be stored on a private blockchain unlike Tether (USDT) and the prices will be manually controlled by the Qoo 10 team. The stability will allow merchants to accept cryptocurrencies without worrying on the volatility of the assets.
Qoo 10 is also focusing on the unbanked persons in the South Asia region apart from the e-commerce system. Mr. Ku further said,
“You usually [put your] money in the bank; you wouldn’t put money into a private company’s [mobile wallet]. The company could go bankrupt, they could just change the data, or [money] can be stolen. Unless trust is built, you can’t be very sure that top-ups into the wallet can be the same. Those hurdles are sorted out by blockchain because the blockchain wallet is not something that we can change and access. Only you can access it.”