Create an eCommerce platform based on IOTA
In the world of cryptocurrency, we see an increasingly demand for a decentralized world. In the world of eCommerce, companies tend to charge its customers tons of fees in everywhere they can possibly charge them. Not only that, they may use its customer’s information to generate more profits, most of the time without the customer’s consent. It is time for a decentralized peer-to-peer ecommerce system, this is where tanglefy comes in.
Currently we have well-known ecommerce websites like Amazon, eBay, Alibaba, etc. They are all good websites with a major flaw, they rely on third party companies to process their payments, like VISA and Mastercard for example. The issue here is that everyone needs a “cut” for profitability, leaving vendors a smaller margin of profit, forcing them to increase their prices to offset the profit loss to these fees.
To have an idea of what these fees are, as time of writing of this pre-paper, Amazon charges 15% per product sold plus $1.35 “closing fee”. Please see how much it would cost to sell a book on amazon today.
IOTA is a blockless, scalable and fee-less cryptocurrency based on the Tangle. IOTA allows a user to send funds to anyone, anywhere in the world. Tanglefy will use IOTA as its only method of payment, thus giving the user a more reliable and secure way for making payments. Everyone using Tanglefy will benefit. Here’s how:
Seller: A seller will benefit from Tanglefy by increasing their profits based on the structure of the sale’s process. There is no sign-up fees, no referral fees and no surcharges. A seller will pay a fixed service fee of 5% per product sold, and that’s it. This is 66% less than what Amazon currently charges, not including their closing fees and others. A seller will receive their payments in IOTA, which ultimately will increase in value, thus giving the seller a higher rate conversion to FIAT where they are located.
Buyer: A buyer will benefit for two major reasons; there are no sign-up fees, no payment processing fees, no fees at all. A buyer signs up and start shopping, it’s that easy. When a buyer is ready to checkout, the only information required by Tanglefy will be buyer’s shipping address. Tanglefy will never ask for credit card information, bank account information, Seed information or passwords. The checkout process is easy as scan, pay and receive.
How IOTA and the Tangle will benefit: Each transaction made on Tanglefy will help the Tangle network. Because one transaction requires the confirmation of two other transactions, Tanglefy will benefit the network by helping the confirmation of transactions made within the Tangle. The more people using Tanglefy, the faster the IOTA network will become.
Continue reading: https://www.tanglefy.com/tanglefy_whitepaper.pdf