A new blockchain-based e-commerce marketplace claims its centralized rivals are harming the sector by overcharging buyers and unfairly treating merchants — and plans to launch a new model, offering “complete shopping protection, data security and minimal commission.”
ApolloX[1] says it is hoping to challenge “monopolistic intermediaries” with an ecosystem consisting of three building blocks. The first component is a protocol which the company says makes it easy for e-retailers to build decentralized e-commerce applications[2] on a blockchain. The second block is the independent web stores and marketplaces that will be developed using its technology. Last but not least, ApolloX says that the third block is the whole of its community — including manufacturers, service providers, technologists, sellers and consumers — with users being rewarded when they provide value to other stakeholders.
The company alleges that the dominance of big industry players has sparked massive issues. ApolloX claims that unfair pricing, hidden costs, data abuse and the misuse of power are byproducts of e-commerce giants pursuing ways to maximize their profits. As an antidote to this, the blockchain-driven startup says it wants to decrease the costs associated with e-commerce by 40 percent.
Helping merchants grow their businesses
According to ApolloX, many merchants are stuck in between a rock and a hard place when it comes to reaching shoppers. E-tailers often need to use these e-commerce giants if they are going to reach customers, but these small businesses usually face large fees that eat into profits. To compound the problem, the startup says that these merchants are missing out on precious data about the buyers who come across their stores — preventing them from enacting strategies that will fuel further growth.
The decentralized platform aims to remedy
