Storeplex - Global Marketplace for Billions - Part 1 An Introduction

I really enjoy each time I dedicate myself to a new blockchain project. My first step is almost always to get in contact with the team. This is what happened with Storeplex too. The friendliness paired with curious openness, surprised me immediately positive, that is not always so and in this combination even rarer. I'm even happier now to write an article series on the Storeplex project.

The team has chosen the name very consciously and the recognition value, even outside the universal language English, is very high, at least as far as the first part of the name is concerned. Most people know the term "store" as a store and I'm talking from the viewpoint of a German. Plex as a name reveals itself as the crypto currency the project will use.

But what exactly is Storeplex and what do they want to do differently than anyone else in the blockchain space?

Storeplex is a complex and huge ecommerce marketplace where thousands of merchants will be offering millions of merchandise and buyers will be in a paradise of goods. We all know those well the established global giants Amazon, Ebay and Alibaba, well enough. The Storeplex team does not shy away from comparing their platform with them, but at the same time they make very clear what they will do differently. We will see in a later part how the blockchain technology will help them in regards to this.

First of all, let's look at the issues we face when using Amazon, for example. For my part, I often would like to order something in the US, because the products that are offered there on Amazon, are very different from those in Germany. Do not get me wrong, there are an incredible number of products on Amazon Germany, but many products do not exist either. If I want to go shopping on ".com" now, I have to get my calculator out right away to convert everything from dollars to euros, yes the shipping costs too.

Furthermore, I can not assess whether a trader is trustworthy abroad or not, which will be even hareder to figure out, if I go to a completely different country, which has laws that are not comparable to those from Germany. It gets even more uncomfortable when I remember how my personal details were stolen while shopping online, nearly 2 years ago. It took me days and the massive help of my bank to stop all the transfers which were made with my stolen credit card informations. In addition I should mention, that products from abroad did not reach me, or I had to pay horrendous fees in exchange for them. All those past experiences I would like to avoid in the future.

Storeplex wants to solve all those issues and this is more than just one single big task for them. So how will the do it?

On the one hand, there will be the Storeplex Marketplace, where both buyers and sellers will be protected by the smart contract technology. With this technology they will be able to trade with each other without having fear of losing their money or goods. We will all use Crypto currencies and the most important of them will be the in-house PLEX. The crucial difference to other usable cryptos is the fee, which is completely eliminated in the case of PLEX. All necessary conversions on the platform will run automatically in the background - what a relief.

Another feature, which is similar to PayPal's approach, Storeplex does not release merchandise and money until both parties are satisfied with the deal. The used blockchain technology will secure every transaction by using an escrow helping to keep the traded assets secure in the smart contracts. How exactly this can play out, I'll explain in a later article in my Storeplex series.

What all existing giants in this field have in common are high fees. Let's face it, it bothers every one of us when he has to spend 10% of his retail price on Ebay, and then we have not even paid all the other fees, such as PayPal fees serving as a payment platform. Amazon also takes 15% of the sellers profit and also requires a monthly fee to use the marketplace without having even sold anything.

Nevertheless, we use all their offers and I dare to ask why?

The answer is easy. Because a large number of people use them as well, and therefore we find many sellers and buyers.

Storeplex is at the very beginning of their existence and they are surely not outrunning those giants overnight, but with their zero-percent-fee concept and the many benefits of the Blockchain technology, I see them in the forefront of the ecommerce market in a few years.

Crypto currencies and Fiat money will co-exist for a quite sometime and have their rights to do so. The goal of a project must therefore be to unify both worlds and to facilitate a simple transition into a new technology era. I see Storeplex as one of the potential candidates that will play a key role in this.

More about the intricacies of Storeplex, will be illumined in my following articles, which will appear here on my Steemit blog.

If you do not want to wait, you can get an insight into the Storeplex project yourself. Through the following links you can connect with them and stay up to date.

Webseite: http://www.storeplex.io/
Telegram: https://t.me/joinchat/HkVaF0cOO4clBNwv8i4VcQ
Twitter: https://twitter.com/storeplexio
Email: [email protected]
Whitepaper: http://www.storeplex.io/documents/Storeplex-Whitepaper.pdf