Qilin.Market is introducing a distributed protocol enabling usage of cryptocurrencies for what they were originally intended, as a payment protocol. Qilin Token is the core of project that allows organizing direct interactions between sellers, clients, delivery services and marketing professionals without intermediaries or geographical barriers affecting the final cost of products and speed of transactions.
The core idea behind Qilin.Market is transferring funds for product purchase to a smart contract that assures seller would receive them only if the product was accepted by the customer. Shipment is assured by an independent party in blockchain using Oracle technology. That ensures the safe transfer of funds for sellers and money back guarantee along with product quality protection for clients.
The Qilin.Market includes features for:
- Sellers that want to sell a product
- Clients that want to buy a product
- Delivery services that deliver a product and confirm its receipt by the client
- Merchants (marketing partners) that help clients find sellers’ products
Step 1 – Seller published his product offer
First, the Seller puts its products to the Qilin Marketplace and sets the price for the goods in cryptocurrency or fiat currency. Also, the Seller sets the reward amount for the Merchants for attracting new clients. Thus, the product becomes available in all stores connected to Qilin.Market.
The Seller can set the Delivery Deposit and must put it to the smart contract with the Delivery Service to ensure successful delivery to the Client.
The Seller can set a discount on its products for the Clients that use Qilin Tokens.
Step 2 – Merchant helps Seller find a Buyer
Anyone can clone Qilin Shop code from Git and start earning Qilin Tokens for promoting products. Buyer finds the product on Merchant’s shop and transfers cryptocurrency to a smart contract to purchase the product.
In order to confirm the order Seller transfers Qilin Tokens to the same contract to make the Deal Deposit and Merchant Reward. Delivery Services deposits the Delivery Deposit to a smart contract in Qilin Tokens and deliver the goods to the Clients. Deposits are returned
All Deposits are returned to parties after successful completion of the deal.
Step 3 – Product shipment
After the goods are successfully delivered to the Client, the Seller receives payment for the product and Delivery Service receives delivery price; the Merchant receives a reward. All deposits are returned.
In order to work with larger amounts of orders both Seller and Delivery Service need more Qilin Tokens. The more customers there would be, the more products are on sale, the more delivery orders, the more demand for Qilin Tokens. Qilin.Market has a number of incentivization activities to rocket start the project, including classic discounts and affiliate program as well as a massive marketing strategy on board.
Denis Ivannikov, Co-founder of the Qilin.Market said:
“We believe that the main purpose of cryptocurrencies on a long distance is to make online payments, mainly for buying goods and services. It solves the barriers of international fund transfer processes and fragmentation of national payment methods that create major challenges for e-retailers and delivery providers today.”
“This approach will enable the use of cryptocurrencies to automatically secure all parties to the transaction and provide protection against scammers. Payments will be conducted directly through a smart contract, which will increase trust between the parties and save money by eliminating intermediaries.”
Sellers will be able to sell their goods on the global market with almost zero commission. Each payment will be transparent and protected by a smart contract, which will also allow getting rid of bureaucratic red tape. Moreover, the Sellers will be able to set competitive prices, since they will sell their goods directly without trading networks.
The project team has already achieved a great success in this niche. Denis Ivannikov is the founder of ApiShip – the next-generation protocol for delivery services, which is used today by thousands of online stores.
Qilin Tokens pre-order starts today, December 1st, 2017. Tokens would be distributed in batches with the price rising on hyperbolic logarithmic progression for every next batch. That means every newly issued token will cost a little bit more. A limited amount of Tokens would be minted with no new emissions ever to be made. That makes sure Qilin Token will never cost less.
More information on the project: