ApolloX Protocol
About the project
Apollox Protocol which emphasize The advent of blockchain technology that brings a new system and model for businesses. Before blockchain, companies and organizations that operate for profit must find a way to bill their users to ensure profit. Also, they have to go through multiple channels to ensure that they are transparent (which they sometimes still find a way to evade).
With blockchain, an organization can issue its own tokens based on smart contracts which gives users a surety of transparency and direct involvement in the organization’s choices according to the consensus model.
What Does ApolloX Do?
The rise of the ecommerce industry in the last 2 decades has led to the emergence of giant online shopping companies such as Amazon, eBay and Alibaba. However, the centralized nature of this industry has created issues of unfair pricing, hidden costs, data abuse and more.
The problems that the e-commerce industry is facing are based on their centralized model, which can be summarized as follows:
The expensive nature of trust between buyers and sellers on existing ecommerce platforms. Sellers have to pay substantial amounts for their products to be listed on big ecommerce sites.
There are hidden costs of advertising and marketing that are centrally controlled. Sellers have no option but to abide by this model, which minimizes their profitability. Also, middlemen fees such as transport and storage fees are expensive on big ecommerce platforms.
Users do not have control over their data on these platforms. The data is often resold to sellers, many times without the knowledge of the buyers (who are the owners of their own data).
ApolloX Provides a Decentralized Ecommerce Solution
ApolloX solves the above problems with a blockchain-based protocol that empowers decentralization in the e-commerce industry.
The ApolloX protocol is a set of built-in functionalities for all essential ecommerce transactions. Developers in the ApolloX community are encouraged to build on the platform to increase the robustness of the ecosystem.
The following are the primary features of the platform,
ApolloX has an Attribution Protocol which keeps every transaction and ecommerce activity in decentralized databases. Each participant on the blockchain can verify the integrity of the data with permissions.
Affiliate sales and referral traffic are managed via the Attribution Protocol. This allows sellers to review the performance of ads from all channels. Publishers get paid directly by sellers, which removes third party agencies and their commissions from the equation.
The Attribution Protocol also helps to track the traffic source of each visit on the ApolloX platform, and hence incentivize community members who share shops or products through their social networks. Each community member has a referral link that makes this possible.
The Payment Protocol enables secure peer-to-peer transactions based on smart contracts, thus eliminating fraud.
There is also a smart contract for shipping time guarantee. This means the product will either arrive on time or the consumer will be reimbursed for the delay.
The Arbitration Protocol resolves disputes between buyers and sellers based on a Deposit-Challenge-Vote system. A buyer or seller can open a case when they cannot resolve a dispute with another party on the ApolloX platform. Each party deposits an amount of tokens and state their case. Once the case is set up, a broader vote is opened up to a randomly selected group of community mediators who cast votes with ApolloX tokens to make a decision about the outcome of the case. After the vote is complete, the losing side will lose their tokens. The winning side and mediators who voted for the winning side get a share of the tokens from the losing side (as incentive). The mediators who voted for the losing side gets their tokens back but with no extra reward.
The Reputation Protocol rewards honest reviews and penalizes fraudulent reviews. Those who give fraudulent reviews lose tokens, and also lose their ability to review other products.
The Oracle and Data Protocol is used to provide external information concerning issues like logistics, personal information and advertising.
History of ApolloX
The team behind ApolloX earlier founded the ecommerce platform Apollo Box, which is focused on selling creative home and lifestyle products.
Apollo Box was designed to be a social ecommerce community, and has now grown into a global marketplace with $15 million in annual gross sales. It has 800 vendors from 20 different countries, and serves over 1 million active users.
The issues they faced in their experience in the ecommerce industry is what motivated the creation of ApolloX.
TEAM
Will Li
Co-founder & Technology Lead
Series entrepreneur, founder of 3 companies. Previously worked at Oracle and MIT Media Lab. Will founded Carrot App in 2010 and got acquired by Sophos in 2012. He received his Master and Bachelor degrees in EECS from MIT. Will is the inventor of the first application locking solution for Android.
Claire Zhou
Co-founder & Product Lead
Previously worked as senior marketing analyst at Google and Newell Rubbermain. Co-founder of CarrotApp and ApolloBox. Claire received her master degree in biomedical engineering from SUNY.
Dr. Shannon Ma
Marketing Lead
Expert in online marketing channels and affiliate networks. Marketing manager at Apollo Box. Shannon received her PhD in Economics from Michigan State University and continued her postdoctoral study at Stanford University
Dr. Yusi Zhang
Cryptography Researcher
Yusi is a PhD candidate in symmetric-key cryptography from University of California. His main research area is provable security in symmetric-key cryptography and designs for cryptographic definitions. Yusi is also an expert in web attack and defense techniques
Kyle White
Marketing & Community
Kyle is an expert in crypto marketing and community development. Kyle holds a master degree in public relations. Kyle has led and advised several crypto projects rasing multiple million funding in the last year
ADVISORS
Zaki Manian
Executed Director of Trusted IoT Alliance
Zaki is an industry leading export in blockchain and consensus algorithm. Zaki is also an advisor for Cosmos and Tendermint and early contributor to Zcash. Co-founder of SkuChain.
Jun Wu
Partner at Amino Capital
Dr. Jun Wu is a major contributor in Google Search Engine for Asian languages and a pioneer of internet search anti-fraud. He also served as Vice president at Tencent from 2010 to 2012 and as an advisor to the Ministry of Industry and Information in China
Felix Li
Founder at Hofan Capital
Felix is the CEO of Hofan Group, China’s largest cross-border marketing services platform headquartered in Shenzhen and with offices in Europe, North America, and Australia. Felix is also a top angel investor in China
The APXT Token
The APXT token is the utility tolen for rewards and payments on the ApolloX platform. It is the primary incentive for the community to contribute to the ecosystem.
conclusion
The inefficiencies of the current state of the ecommerce industry creates an opportunity for a decentralized system of operations. These inefficiencies are addressed by the ApolloX protocol and it offers a way for buyers and sellers to transact with the transparency and trust that blockchain brings.
ApolloX can make a big impact on the ecommerce industry if they are able to to reduce the total cost of ecommerce by as much as 40% as expected. As the ApolloX platform is built on the experience of Apollo Box, there is high confidence that the team will succeed at their aims.
Taking on traditional e-commerce companies is a big challenge, but the ApolloX team looks ready to transform the industry into one that is more transparent, cost-efficient and fair.
FOR MORE INFORMATION VISIT THE FOLLOWING LINK:
WEBSITE:https://apollox.network/?utm_source=bitcointalkBounty
TELEGRAM :https://t.me/apolloxgroup
FACEBOOK :https://www.facebook.com/apolloxnetwork/
TWITTER:https://twitter.com/apolloX_network
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2326054