Although being one of the most growing markets, the e-commerce market has been faced with certain challenges and obstacles that have hindered the growth and expansion of the market.
These challenges include but are not limited to;
- Higher cost; transaction fees of sellers equate up to about 25% of each purchase on significant e-commerce platforms like eBay, Amazon, Alibaba, etc. This pressure, thus, creates lower margins for sellers and high prices for consumers or buyers. Often, these sellers transfer the total cost to the buyers, making the prices of goods a than usual.
- Expensive infrastructure; costly infrastructures like; data servers, warehouses, advertising cost, real estate, and employment requirements are a few of the problems that affect the growth and expansion of the e-commerce market.
- Payment processes; payment intermediaries like PayPal and others have no desire to walk away from the high paying empire they have built.
- No personal privacy; the websites and applications used in the market have been designed to track as well as exploit navigation and browsing information while retaining financial and personal information.
These and other problems have gravely stunted the growth and expansion of the e-commerce market.
The Plaza platform has been developed to offer solutions to all problems facing the traditional and cryptocurrency e-commerce markets. According to the developers of this platform, they believe that one of the most fundamental aspects of creating an e-commerce application is that of user experience. That is why they have focused on offering users
The Plaza network has a native token that will drive the Plaza Ecosystem. This “PLAZA Token” is an Ethereum Request Comment (ERC-20) token that is capable of being transferrable on the Ethereum blockchain. This token can be held on the PlazaWallet or any other ERC-20 token supported wallet. This token will be made available for purchase on the Plaza Ecosystem and external exchanges. This means that for users to make use of the Plaza Ecosystem, they will have to purchase the PLAZA Token. Just have a look at the picture to understand how The Plaza Ecosystem works.
One of the significant problems that top cryptocurrencies like Bitcoin and Ethereum have had to face is price volatility. This has resulted in tons of crypto losses. The Plaza platform seeks to solve this problem by creating a stable, fiat or traditional currency backed coin, the PlazaDollar (PL$). This stable coin will be used exclusively for all transactions that take place on the Plaza marketplace.
This stable coin allows frictionless transactions throughout the Plaza network as sellers and buyers can conduct their businesses without having to worry about large movements in the value or medium of exchange. They are fully priced, issued, as well as redeemed and backed by reserve deposits. As the need for these coins increases, new coins are minted, and old ones are burned.
The Plaza MerchantChain
In the process of solving the numerous problems that face the e-commerce market, the Plaza network has developed a specific Merchant blockchain called the “MerchantChain.” This merchant blockchain is a proof of work (PoW), low powered developed by the network and has been tested live at the e-commerce market trial in 2017. This layer of the Plaza network has been stress tested in certain high-load environments and has proven to be insightful into the functionality and compatibility of the blockchain technology.
The MerchantChain layer of the Plaza network has certain additional features that it performs on the network. These functions include:
- The creation and management of the PL$ stable coin
- Fiat or traditional currency processor integration
- The storage and verification of smart contracts as well as marketplace related data.
- It serves as a payment gateway for the PlazaCard
- It also serves as a lifestyle reward manager.
Being an open source project of the Plaza network, MerchantChain will allow third-party developers to create and launch decentralized applications and also smart contracts that will give support to blockchain based e-commerce activities. This layer will also provide the option to their own stable coin based on the PlazaDollar coin.
Features Of The Plaza Ecosystem
The Plaza Ecosystem is packed with certain amazing features that cannot be compared to that of any other platform. These features include;
Multiple currency wallet; the network comes with a PlazaWallet that supports many currencies. This wallet has been designed with a fantastic user interface, thus, making it easier to use.
- Mining rig; the network has a mining rig that will be able to mine all SHA-256 algorithm cryptocurrencies.
- A debit card for transactions; the custom-made PlazaCard will enable users to make payments to merchants. The process of using this card is just like every other bank issued a credit card. As an added feature, users can use this card to withdraw fiat currencies at ATM’s.
The Plaza Ecosystem is adequately packed to offer users a one-stop-application of all e-commerce market needs.
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