PLAZA: Bringing e-commerce activities on the blockchain

in #blockchain5 years ago (edited)

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Commerce simply means buying and selling of commodities. The act of buying and selling can be amongst individuals from the same place or can be inter communities. The economy of the big guys countries is largely dependent of the active buying and selling.

From age, goods and services are being exchange amongst locals and internationally. From the era of trade by barter to the era of use fiat for commercial purposes. With the inception of computer and internet buying and selling can be carried out electronically via the concept known as e-commerce.

In a world where computer and Internet is dominating every aspect of human life, there is every necessity for the buying and selling of goods and services to go digital. Lot of transactions are executed online this modern day which makes inter-racial commercial activities easier and faster. But with all transactions being executed using fiat which is government regulated it is easy to say commerce in our world today is centralized.

E-COMMERCE CENTRALIZATION AND IT BOTTLENECKS

Centralized nature of modern commercial activities clearly does not give regards for data privacy as third party influence remains a factor. There is high cost of building infrastructure and also shareholders claims, high transaction fees aided mostly by additional fees from payment methods like PayPal and banks debit card that usually leads to hike of goods and services. Centralized e-commerce lacks the simplicity,scalability, security, and cost-efficiency that comes with Plaza systems “Total bCommerce™”.

BLOCKCHAIN TECHNOLOGY

First into existence in 2008 when the anonymous Satoshi Nakamoto developed Bitcoin: the world’s first ever decentralized cryptocurrency. Blockchain is a decentralized public ledger that allows transactions to be executed in blocks with a unique block code making it impossible for a transaction to be manipulated on the blockchain. Blockchain is independent of third party, that is fully decentralized giving users a maximum anonymity, providing inherent security by executing transactions in blocks.

A state-of-the art technology, blockchain after steam engine, computer, internet, and power, is believed to be the biggest breakthrough in modern day technology. Blockchain technology had been widely applied in various fields like the medical field, agriculture, gaming etc, where various decentralized applications (DApps) relevant to different fields are being developed on the blockchain allowing these sectors to function more on a decentralized platform giving more freedom.

The big thing is yet to come, e-commerce is coming live on the blockchain with the help of Plaza systems. The act of buying and selling is coming on the decentralized platform on the concecpt named Total bCommerce™a short form Total blockchain commerce and to be backed by the fast and future-proof MerchantChain™ and the Freedom Lifestyle™ suite of search & payment tools.

Total bCommerce™ by Plaza Systems

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Plaza systems serves as the crossroads between human day-to-day activities and technology. An integration company set up with the sole aim of delivering the benefits of blockchain technology for business by providing the solution for sellers and businesses via it blockchain infrastructure,and also for buyers and consumer via it lifestyle freedom architecture that allows consumers escape high price and big data.

Total bCommerce is a simplified, secure, and cost-effective way for the act of buying and selling to be carried out on the blockchain.

ARCHITECTURE

● The fast & future-proof MerchantChain

The slow rate at which blockchain execute big volume transaction is not so appealing to crypto users, but Plaza systems is able to overcome this lapse through it fast and future-proof MerchantChain which is the foundation for the Total bCommerce.

the MerchantChain is the fastest, most scaleable, most sustainable, most secure, and most future-proof distributed ledger for commerce. It is stable and predictable.

The MerchantChain is characterized by:

○Incredible Speed: 15,000+ tps at < 3 seconds average confirmation time
○Inherent Sustainability: Ledger maintained by ultra-low-powered IOT (internet of things) devices and mobile/desktop apps according to a proof-of-reputation (PoR) algorithm
○ Infinite Scaleability: Positive correlation between user numbers and deployed nodes
○ Enhanced Security: All parties must possess the AURA SSL (Secure Socket Layer) Certificate, preventing fraud and instilling trust and confidence in the ecosystem
○ Future-proof: Ledger will remain secure long after the code-breaking power of quantum computing becomes a problem

MerchantChain Transaction Coin (MTC)™

MerchantChain allows sellers to develop their own decentralized applications(dApps) to aid individual motive. MerchantChain also allows sellers to mint their own MTC. MTC will by backed by real world value and designed to be for spending rather than holding which is a typical characteristics of most crypto users who prefer to hold and use as store of value due to the rapid rise of value of digital currency.

●The Plaza Freedom Lifestyle

Plaza’s Freedom Lifestyle™ suite of browsing, search, and payment tools are more convenient, more private, more liberating, more rewarding, less expensive, and just as secure as traditional tools. They all interact with the state-of-the-art multi-crypto PlazaWallet™.

PlazaCard™

The use of fiat to complete transactions is much more easier as it involves less complex procedure compare to cryptocurrency. Given a single mistake in the process of trying to make payment with cryptocurrency can lead to loss of everything which is not reversible and technical know-how surrounding it use can put away potential users at a glance.

In view of this, Plaza Systems came up with the PlazaCard that serves as a debit card which can be used to purchase goods online, on the counter, also on the Plaza marketplace just as every other fiat debit card with no complexity enhancing the adoption of payment with digital currencies. D5zH9SyxCKd9GJ4T6rkBdeqZw1coQAaQyCUzUF4FozBvW7VFWvtVuytkmxh7aB5DdNgwwFF8zdVkMU3iQZKkK799uFXPnNLjmrCj3KDiL1vPYDaousycnXtmQbKRsHvS3Ybv8W.jpeg D5zH9SyxCKd9GJ4T6rkBdeqZw1coQAaQyCUzUF4FozBvW8iRTsvmk1LKu4AQ1M688Mix5gsZcBVEhwo23UZiQCDzSMPdZTVnWRdWXcYe8WivsS6RKxp551DPYKR4UnwnWwo8RC.jpeg

The debit card allows card holder to accumulate Plaza token through it instant cash back on all purchases made with PlazaCard. The PlazaCard will only store value for Plaza token and PL$(Plaza dollar coin).

Plaza Merchants

Will be responsible for the sale of pre-paid PlazaCard and also gives out instructions to users on how to set up their PlazaWallets. Plaza merchants will serve as outlets for users to top up their PlazaCard with local currency. Everything seems more easier with Plaza!!.

The PlazaDesktop™ and PlazaMobile™ Applications

Provides same online shopping experience and gives easier navigation experience but with more benefits of:

○ Low transaction fees against centralized e-commerce payment methods like the PayPal and banks debit card
○ The assistance of a discreet artificial intelligence
○ Royalties paid automatically by the MerchantChain maintenance node
○ Searching the whole internet for options and prices
○ Anonymity to browse products and prices online without being mined by “big data” and subjected to targeted advertising

PlazaConcierge: Earn while doing nothing

PlazaConcierge is a desktop voice-activated speaker that uses AI technology that can be found on the Amazon Alexa. Some of it functions include:

○It act as personal assistant and aids anonymous shopping
○Hands-free crypto mining rig: users stand to earn more as PlazaConcierge help mines Plaza token and PL$ on the Plaza MerchantChain blockchain while also providing security for users private data.

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PLAZA ECOSYSTEM

The stability and predictability of the Plaza ecosystem is down to the introduction of a fiat-backed crypto coin called “PlazaDollar(PL$)”. One of the problem of using limited-supply tokens such as thePLAZA token, for commercial purposes is the potential for price volatility as witnessed with the even more established crypto coin like bitcoin and ethereum. In an effort to stabilize prices on the Plaza ecosystem, and allow cross-market e-commerce compatibility, PL$ will be used exclusively for transactions on the Plaza marketplace.

● PLAZA Token

A reusable token that will serve as the traditional token for the Plaza ecosystem. The token isan ERC-20 compatible and is developed to easily integrates into the existing ethereum infrastructure: easily transfered within the Ethereum blockchain and can be held on the Plaza inbuilt wallet or any other ERC compatible wallet.

All Royalties and cash backs on Plaza ecosystem are made with Plaza token. It also facilitates to development of dApps on Plaza Systems.

● PL$ Token

Fiat-backed coin developed to bring price stability within the Plaza marketplace ecosystem. It will be used to facilitate transactions on Plaza. With PL$ consumers can easily buy things online away from the high transaction fees characterized with the centralized e-Commerce.
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ECOSYSTEM PARTICULAR
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BUSINESS MODEL

Plaza systems business model is based upon lowered operational costs and cutting out financial third-parties such as PayPal and credit cardcompanies.

Plaza System charges transaction fees as low as 1% of total transaction value which is in stark contrast to the high transaction fees charged by payment methods like PayPal and banks debit card on centralized e-Commerce

●Exchange Fee

A zero amount is charged when exchanging USD to PLAZA and a 1% exchange fee when exchanging PLAZA for USD

Conclusion

The vision of Plaza Systems is to bring commerce on the blockchain where sellers and consumers can enjoy the benefits of a decentralized platform. Plaza uses the blockchain technology along side AI and other technologies to give Total bCommerce a competitive edge over traditional centralized e-commerce. With Plaza debit card user with little knowledge of how crypto currency works can easily make payment with no fear of losing all. And notably the PL$ coin which is the coin to be used for transactions, is a fiat-backed crypto currency which is stable and not prone to volatility making it an ideal currency for commerce ecosystem.

For more Information and Resources

Plaza Website

Plaza white paper

Plaza Telegram

Plaza Reddit

Plaza Medium

Author: Adebanjo Tayo

bounty0x username: Tonyryce

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