Qoo10 launches Blockchain based ecommerce platform named as QuuBe
December 21, 2018 6:16 am,
A Singapore headquartered Ecommerce company, Qoo10 has announced a new Blockchain based ecommerce flagship marketplace called QuuBe and a new Cryptocurrency called Q* coins. It is available on desktop and mobile itself. It will set its business fully on January 1, 2019.
The unique selling point of QuuBe is its use of smart contract which is a Blockchain feature that can automatically verify the transactions between merchants and shoppers. The Qoo10 is designed in such a manner that the payments made are held in escrow until there is any proof of successful delivery. The proof can be either buyers’ confirmation or an update by logistic partner. So like this it basically protects the buyers from any fraud and it does away the need of any third party verification and more over the retailers will not have the full right. Ultimately all this will reduce the cost of purchases and also remove the transaction or listing fees.
All these features will enable more creative and a competitive way of ecommerce business. The platform had total of 400,000 products listed and for its promotional activities it will give more than US$100,000 worth of Q* coins.
The purchases on QuuBe can only be made through Q* tokens. The Q* coins are available for purchase in 7- eleven convenience stores, vendors could start their own businesses and buy goods even without access to financial institutions. At an initial stage Q* coins are sold at US$1 and they are volatile with respect to any revisions at every million tokens sold. These are quite similar to stablecoin or any Cryptocurrencies that hold stable values. Q* coins will be held on private Blockchain, that means the responsibility is on Qoo10 to adjust token values manually.