Blockonomics ICO Review: Bitcoin and E-Commerce Redefined

Overview & Vision

Blockonomics is not a new player to the scene; the project has held a firm foothold in the blockchain industry since 2015, with the release of their block explorer, and have since been continuously innovating using blockchain technology to become the enhanced decentralised Bitcoin payment solution we see today.

The company already boast a plethora of Bitcoin-based products and solutions, with 2000+ merchants using their services worldwide, and now Blockonomics is launching an ICO in order to take their solution to the next level and ensure a solid position in the rapidly growing e-commerce industry. Being strong believers of decentralisation and cryptography, Blockonomics want to ensure Bitcoin’s prominent role in the bright future of e-commerce.

Current Situation

The global e-commerce is gargantuan in size; ever since the birth of the internet, online commerce has slowly grown to dominate sales in many industries, and by 2021 global e-commerce sales are expected to reach a staggering $4.5 trillion. The digital revolution has forever changed the way we transact, that much is for sure, but the e-commerce space is not without its problems and the specifics of the future remain largely unclear and open to innovation.

E-commerce sales figures, taken from the Blockonomics Whitepaper (p.4): https://ico.blockonomics.co/docs/Blockonomics_Whitepaper.pdf

Money has been evolving for thousands of years, and the digital age brought has, of course, brought about electronic payments used largely to fill the need for an e-commerce payment solution. However, just as the digital age birthed electronic payments, so too now has the blockchain era brought a new, superior, form of payment mechanism- cryptocurrencies. With Bitcoin’s use cases expanding to include store of value, it’s easy to forget Satoshi’s main vision of Bitcoin as trustless digital cash, but the Bitcoin whitepaper was literally entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.

As an industry-leading Bitcoin payment processing solution, Blockonomics believe that cryptocurrencies offer a payment solution superior to traditional options thanks to their inherent security, efficiency and transparency. Blockonomics therefore want to ensure a prominent place of cryptocurrencies in the bright future of e-commerce and digital payments.

Blockonomics’s Solution

E-commerce is not without its problems; current payment processing solutions are riddled with issues such as high fees, chances of chargebacks or fraud, and most importantly all rely on a central third party to oversee transactions. Blockonomics foresees a future in which these problems are eliminated by the widespread use of Bitcoin in e-commerce.

Blockonomics have been building their solution since 2015 and have already released an array of innovative solutions to make using and transacting in Bitcoin as seamless as possible- whether you’re an e-commerce site owner, looking to take donations, or invoicing clients, Blockonomics’ ecosystem allows the efficient and secure direct receiving of Bitcoin. The ecosystem broadly comprises of five elements: the Bitcoin Wallet Watcher; peer to peer invoicing functionality; BlockExplorer; Direct to Wallet merchant service; and Bitcoin sending via email solution.

Bitcoin Wallet Watcher

The Wallet Watcher is a handy tool for keeping track of all your Bitcoin wallets in one central place. Easily separate wallets by tags, view charts of transaction history, and receive email notification of transactions without any fuss.

Peer to Peer Invoicing

Blockonomics offers a peer to peer encrypted invoicing solution which requests an amount of Bitcoin relative to fiat currency (e.g. $2); no need to worry about price fluctuations or security during the invoicing process.

BlockExplorer

Blockonomics’ BlockExplorer is one of the most popular block explorers for Bitcoin, offering an excellent user interface, and allows the querying of multiple addresses at once using their lightweight and fast block explorer solution.

Direct to Wallet Merchant Services

Blockonomics’ solution allows for merchants to accept Bitcoin directly to their HD wallets, without the need for approvals, and even provide plugins for popular e-commerce solutions such as Prestashop and Woocommerce.

Send Bitcoin via Email

Users are able to send Bitcoin via email to friends and family in a decentralised way, with no private keys being stored on Blockonomics’ servers, and the option of distributed trust achieved by split key generation.

BCK token benefits and technology, taken from the Blockonomics Litepaper: https://ico.blockonomics.co/docs/Blockonomics_Litepaper.pdf

Blockonomics have introduced a utility token to be used for transactions in order to improve their current services, completing their ecosystem with their own native BCK token which is a zero confirmation payment solution. When accepting BCK merchants will not be charged any fees, and the BCK token also provides a variety of benefits to the customer using the token- including being able to use BCK tokens on more than 2000+ worldwide Blockonomics-powered stores, and receiving rewards for doing so.

Token Sale Details

• Total Tokens: 1,000,000,000 BCK Tokens,
• Public Sale Tokens: 550,000,000 (55%)
• Token Price: 1 BCK = 0.02USD; (Pre-Sale 1 BCK = 0.0166USD)
• Token Pre-Sale Start Date: ACTIVE CURRENTLY (Bonus 20%)

Token distribution and use of funds, taken from the Blockonomics website: https://ico.blockonomics.co/

Verdict & Summary

Blockonomics are doing much to encourage and enhance overall adoption and usage of Bitcoin as a payment processing service. The team believe that Satoshi’s ‘Peer-to-Peer Electronic Cash System’, Bitcoin, and related cryptocurrencies, are the answer to the current problems in the field of e-commerce; Bitcoin is the natural progression and superior technology which will benefit the digital payment ecosystem overall, and it’s great to see Blockonomics advancing this goal.

Projects such as Blockonomics which strive to improve the ease of use and accessibility of cryptocurrencies through payment gateways and related transactional solutions, are slowly making the space more viable and attractive to potential adopters. I for one wish them the best of luck in their upcoming ICO and hope that they can use the proceeds to further advance the cause of Bitcoin and cryptocurrency adoption.

Have any questions regarding Blockonomics? Join their active community on Telegram where you can discuss anything Blockonomics-related: https://t.me/BlockonomicsICO

Learn more at their website: https://ico.blockonomics.co
And dig in deep with their whitepaper: https://ico.blockonomics.co/docs/Blockonomics_Whitepaper.pdf