Decentralized and Disruptive Marketplace
Our engineering team has leveraged the possibilities of Ethereum to build smart-contracts over the Ethereum blockchain that defines the relation between "sellers", "buyers" and “shareholders”. Furthermore, we will use IPFS to store assets to provide a user-friendly store without centralizing all the data at one point.
We have summarised the interaction between users, actors and contracts. Interacting with a smart-contract through raw transactions is not acceptable for most users. That’s why we believe we must make this market as user-friendly as possible.
Our vision provides its wallet file or plugs its hardware wallet (like a Ledger Nano S) and can start using the app. No matter if he is a buyer, a seller or a shareholder, it must be simple and easy to use. So the first thing to remove is the need to install a full Ethereum node or a full IPFS node.
To permit such a system to exist, we need to use public nodes and use web applications that can be executed only on client-side. MyEtherWallet is doing this. They use the wallet locally to transmit the signed transaction to a public node that relays it over the network. For IPFS, we can use a public node too.
This way a user can use the marketplace without needing to run a node, and can use it without uploading its wallet somewhere. Everything is happening locally and is broadcasted to the network when needed.
Furthermore, work is in progress on both the Ethereum and IPFS projects to enable bootstrapping a node directly from the browser. When this technology becomes available, we will be able to use it and connect directly from the browser without the need of a third-party public node.
Another aspect that we want to simplify is billing which can get complicated. To make it easier, the market will generate bills automatically after a transaction is made. Since the market stores all the transactions on the blockchain, we can directly use the blockchain data as the support to create a PDF document on the client side.
We have created some basic wireframes of the views of the market so you can imagine more clearly what it will look like.