Over the last 20 years, the internet has changed the way people shop and sell. Thousands of online shops are created for people to browse and purchase items without the limitation of physical location and operation hours. Despite providing consumers with an unparalleled convenient and easy shopping experience, online shopping has created two issues: dishonest sellers and customers receiving damaged or poor quality products. Since e-commerce consumers don’t have the chance to see or touch a product in person before they purchase, the fear of scam or fraud sellers affects the purchase decision and results in higher return rates of e-commerce businesses compared to Brick and Mortar stores. To overcome these two issues, a different selling model was developed in the e-commerce industry and this model produced two of the largest e-commerce giants: Amazon and eBay. Both of these companies behave as a middleman between the real buyer and seller to handle payment escort and dispute settlement. This centralized business model proved efficient and both Amazon and eBay are now two of the most established and powerful e-commerce businesses.
ApolloX is the very first blockchain solution for online e-commerce with a large number of existing participants and mainstream adoption. It also has the potential to disrupt the existing online marketplace landscape and become the first choice of online channels to sellers globally, especially new sellers with cross border selling needs. Existing marketplaces or shops may also migrate their business to ApolloX platform for cost reduction, faster customer acquisitions and better brand recognition.
Existing issues as we described in the previous chapter can all be traced to the core business logic of traditional e-commerce companies. The traditional internet cannot support real time value transmission nor irrevocable contracts, which makes intermediaries an unavoidable piece of the transition. The profit-seeking nature of intermediary companies makes achieving profits the primary goal instead of providing a truly efficient and fair-trading environment. Using blockchain technology to realize the true decentralization of e-commerce marketplace is the only way we can fundamentally solve these problems.
Protection against fraudulent sellers is an essential need for online customers. Currently customers rely on large corporation or well-known brands to obtain this kind of peace of mind, even though some large corporations are not always trustworthy. A decentralized e-commerce community will for the first time provide mutual protection to online buyers and sellers without a centralized company. In other words, the trust is provided by the whole community’s consensus through the execution of the ApolloX Protocols. Decentralized shops follow the rules determined by the community. For example, all related shopping data is stored onto the blockchain so that no one can make changes without the other parties knowing. Any dispute about a transaction over the ApolloX Protocol will be handled by the arbitration process of the ApolloX Protocol to ensure its transparency and fairness. As a result, customers will feel comfortable and protected while shopping on an online store powered by the ApolloX Protocol.
All shopping data in ApolloX Protocol is permission enabled and privacy protected by encrypting all sensitive data before appending blocks to the ledger. Encrypted data can only be decrypted by a user in possession of the corresponding key. On the ApolloX Protocol, all shopping activities, including browsing, clicking and purchasing, are only accessible by the trading parties, the sellers and customers. Without gaining permission from the customers, no third party, including the ApolloX platform, will have access to shopping behavior data.
The overall value of the community is concentrated in the value of tokens, which means that 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 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. 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.
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 built-in functionalities for all essential e-commerce transactions and community developers are encouraged to build 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. The ApolloX Protocol is designed to be an universal blockchain platform for the future ecommerce industry. It will support various solutions for applications beyond marketplace or shops. As the people and businesses of the e-commerce industry join the ApolloX community, we expect to see ApolloX Protocol grow into a thriving ecosystem that provides a variety of business services which cover every process of e-commerce.
The common roles in an e-commerce ecosystem are the following. In actual operations, they convert to each other or have multiple roles at the same time. For example, a region distributor is a buyer to his upstream factory and a seller to his customers. Buyer: Refers to the role of purchasing products in the e-commerce system. A buyer pays a certain amount of money and expects the purchased product to be delivered on time. For a buyer, the quality, price and cost effectiveness of the product are the most important factors to consider when making a purchasing decision. Seller: Refers to the role of selling products in e-commerce systems. Sellers often have their own channels of purchasing and rely on trading spreads to make profits. For sellers, the goal is to increase the price margin of the product and acquire customers at a lower cost. Service Provider: A service provider refers to the role of providing sellers with an advertising service or logistics service. This includes search advertisements, click advertisements, email advertisements, social influencers advertisements and so on. Platform: Refers to the business managing the online website within the traditional ecommerce system. A traditional marketplace usually provide sellers with a series of service integration plans and takes a large commission from the seller's sales. On the ApolloX platform, ApolloX Protocol replaces the traditional platform to connect sellers and buyers without being a middleman for information or payment. The system provides a platform for peer-to-peer cooperation among various roles.
The ApolloX platform will initially generate and issue 10 billion tokens. The token sale will launch soon after the incorporation of the ApolloX Foundation. 38% of the tokens will be held in reserve for the marketing events and for future end-users, to encourage participation in the ecosystem. Tokens will be distributed to attract large brands to the ApolloX marketplace or used to attract developers to build feature enhancing applications on the ApolloX platform. 35% of the tokens will be given during the token sale. 5% of tokens will be pre-allocated to ApolloBox for its role in developing the initial ecosystem of ApolloX Marketplace. ApolloBox will contribute its brand and integration of 1+ million active users with ApolloX. 38 of 53 15% of tokens will be pre-allocated to the team for developing the technology and operating the Foundation. This token allocation will be subject to a long-term (3 years) vesting period.
We will not reinvent the wheel for the underlying blockchain layer but build on an existing blockchain project. We currently choose Tendermint/Cosmos as our top candidate for the following reasons. Proven high performance over thousands of transactions per second. Proof-of-Stake based consensus mechanisms that is energy efficient. Inter-blockchain communication support that enables application collaboration to communicate across different chains. Independent governance mechanism allowing quicker and cleaner resolutions on issues such as theft and bugs We believe there will be several major public blockchains co-existing and many more vertical blockchains for specific industries. As a result, it’s important to think about support for interblockchain communication on day one. ApolloX is built with Tendermint-BFT and can easily get integration with Cosmos and enable features like distributed exchange and bridging for other cryptocurrencies.
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By : Arlonk
My Bitcointalk Username : Jancuki
ETH Address : 0xCC028E8465c39c8B5D250431c82239dc7EE48a6d
ETH Address : 0xCC028E8465c39c8B5D250431c82239dc7EE48a6d
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