Blockscart, the Global Peer to Peer Cryptocurrency E-commerce Marketplace, Blockscart has launched its platform with the ability for users to spend over 50 Cryptocurrencies for purchases.
This unique online Marketplace has combined not just Cryptocurrencies but a Smart-Escrow system with a built in arbitration function to allow users to buy and sell Products or Services without listing fees.
The team is very excited about the potential that the platform has because at this moment in time, it is the only online E-commerce Marketplace that actually has a built in Escrow system for Cryptocurrency spending.
They call it a new version of eBay or Fiverr that only caters to the needs of people who like to trade with Cryptocurrencies rather than fiat.
You can join the Marketplace for free and in less than 2 minutes, list a Product or Service where users can buy directly from you without the middleman or high fees.
Due to Cryptocurrencies being a one way mode of payment, the Smart-Escrow system is then used to stop a Seller from running off with your payment without receiving the order.
All funds are paid directly to Blockscart which hold funds in a stable-coin format until it’s time to release the payment from Escrow to the Seller or alternatively, refund the buyer.
Why the need for Escrow and what benefits does it have?
There have been many websites or shops that accept Cryptocurrencies as a method of payment but none are quite like Blockscart.
Blockscart has a Smart-Escrow system that establishes a private transaction page between a Buyer and Seller when a trade is enacted. If you have ever used Fiverr you will know how this works.
In the private transaction page the Seller requests the information from the Buyer to process the delivery, this results in the Seller shipping the Product purchased. He/She can then provide tracking information straight to the Buyer.
Once the Buyer receives their order, they simply confirm with a button that they have received it.
This will trigger the Smart-Escrow to release the sale balance to the Sellers account in the form of a credit.
Just as a central exchange like Binance has, the users can request withdrawal of their balance in the form of Cryptocurrencies or as an added boost to Sellers using the Marketplace, Paypal at a small withdrawal charge for conversion.
This is called a peer to peer E-commerce Marketplace because Blockscart never gets involved in the sales process between the users unless there is a request for arbitration.
Blockscart has stated that the only time they will ever enter in to the sales process is when a Buyer or Seller cannot come to consensus and requests supports help.
The support team then act as the 3rd person of the sale to either complete the dispute in the favour of the Buyer or the Seller. This decision is solely based on proof of delivery and whether the listing is as described.
Similarly, this process is how a 3 person multi-sig wallet smart contract would work where the 3rd person acts as the arbitrator to complete the consensus.
What else do they offer?
If you visit and sign up to the Marketplace you will notice that listings have location based services which allows for users to offer pickup and collection of an item.
This means that users or businesses can sell their stock and a user can go collect it directly from their store or pickup point.
Blockscart holds the funds in Escrow until you have collected the item so no theft of your Cryptocurrency can occur at point of meeting the Seller.
According to their CEO Tim Rainer, they are really trying to make their platform similar to eBay but without the auction side yet to be implemented.
As an added bonus, the platform also allows users to make requests for a Product or Service they wish to get for their Cryptocurrency.
Again, with over 50 of the most significant Cryptocurrencies accepted, the Blockscart Marketplace truly taps into a lot of communities looking to increase the adoption of their coins and start the evolution of Cryptocurrency as an actual method of barter.
For now, we will see how Blockscart grows over the coming months and how they can transition their Marketplace to work fully on the Waves Blockchain in a form of a DApp and storage of transactional proof of sale.
Take a look and benefit from what they have to offer by visiting https://blockscart.org/