Decentralized marketplace Particl announced the successful implementation of its alpha marketplace on May 31, 2018. Users can now use tPART (testnet PART) coins provided by the developers to test the marketplace. Particl’s cryptocurrency is the only altcoin keeping up with the latest changes in the Bitcoin codebase.
Marketplace Built on Blockchain Technology
Testing the alpha of the platform is the next step in rolling out a public version of the marketplace. Users can download this version from the project’s GitHub page and use testnet coins to sample offerings.
Users must note that the products offered on sale are not real and only for testing purposes, nevertheless, you can buy a Particl t-shirt for free using the marketplace. Once users download and launch the application, they will be taken to the home page where they can browse products on sale. Particl will allow users to buy and sell on a person to person basis on the platform.
Transactions can be made using ‘Part’ coins, the native digital token of the marketplace, but a variety of other altcoins will eventually be accepted, increasing their utility too. For now, only testnet coins can be used, and you can obtain some PART here for testing purposes. Some of the categories include; high-value goods, housing/travel and vacation, software, apparel, and more.
Some of the tesetnet items on the Particl marketplace (alpha).
Particl has announced that all the revenue it generates from its operations will be paid back to the nodes that are responsible for keeping the network running. The project was initiated back in 2014 initially as Shadowcash (SDC), until it decided to shift focus and rebrand to the Particl project and introduced a new crypto PART in place of SDC.
Particl works on the Proof of Stake consensus mechanism which allows coin investors to earn passive income by staking their coins while at the same time, keeps the network secure. The platform uses Confidential Transactions (CT) and RingCT to ensure that the identities of the buyer and seller are not revealed.
Blockchain Marketplace Against Online Marketplaces
Amazon and eBay are two of the most successful online marketplaces on the web. A blockchain-based marketplace guarantees decentralization and security of user data. Online sellers have come under criticism for manipulating prices, editing reviews and compromising user data.
However, since decentralized marketplaces do not have a single entity controlling them, they do not need to store any user data locally on their servers – meaning that data can never be leaked or compromised.
Once fully released, sellers can list their products for sale on such a platform and have it accessible to potential buyers. A smart contract could then be programmed to manage orders, payment, and shipping.
Once a buyer places an order and it is confirmed by the network, an automatically triggered smart contract will deduct the exact amount of cryptocurrency from the buyer’s account. International purchases will also no longer come with high associated fees thanks to the migration to a blockchain based marketplace.
Other Blockchain-based Marketplaces
Particl is not the only platform exploring a blockchain online marketplace.
Origami Network which consists of Origami Marketplace, Origami Payment, and Origami Reviews is another such company trying to develop its solution. A key distinguishing feature of Origami is its Review platform, a decentralized review management system free from bias or malice towards any seller or product.
Online marketplaces have been accused of deleting bad reviews posted by buyers of the products purchased from their marketplace. A blockchain-based marketplace cannot modify previous comments as metadata once uploaded on the blockchain is immutable.
Soma is another such platform whose main selling point is that all listings have a digital ownership record to keep track of the product. An Interactive Item Card (IIC) will be used to discover ownership history, the genuineness of price, the source of origin of the product and track the product during shipping.
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