Last Update
Nov 7, 2018
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.
ApolloX solves the above problems with a blockchain-based protocol that empowers decentralization in the e-commerce industry. ApolloX is to disrupt today’s e-commerce marketplace industry and provide everyone all the benefits of trading through a marketplace like Amazon without the unnecessary costs that come from monopolistic intermediaries.
ApolloX uses tokenization and decentralization to replace today’s rent-seeking enterprise with a new model of complete shopping protection, data security and minimal commission. ApolloX believes that with the implementation of their model, ecommerce costs can be reduced by up to 40%. Their goal also is to create an ecosystem that thrives on community.
Instead of relying on an entire company to maintain trust between buyers and sellers, the execution and utilization of ApolloX protocols means trust will be provided by community consensus.F or example, if a buyer runs into problems with a fraudulent seller, they know their case will be reviewed by a group of their peers. Their centralized equivalent would profit from the success of the transaction, regardless of the damage done to the buyer.
With the current ecommerce model, we pay up to 5 times the amount an item costs to manufacture for convenience. Every link in the supply chain is taking a profit. By implementing blockchain technology to the platform, we’re closer to conducting business peer-to-peer. The ApolloX team anticipates a reduction of 40% for consumers by eliminating middlemen with the blockchain.
Inherent in blockchain technology is the ability to encrypt sensitive information and store it on an immutable ledger. If the information needs to be accessed, a user is able to do so with their private key. ApolloX only allows buyers to access their browsing and purchasing activity. Buyers can even choose not to leave any activity history. By having access to this valuable information, users can voluntarily share their data with service providers on the network to earn rebates or personalized services.
ApolloX founding team are from top university and companies including MIT, Stanford, Tsinghua, and Google. ApolloX is also backed by reputable ventures in both US and China: Amino Capital, Redmoon Capital, and Hofan Capital.
ApolloX team has successful track record in building e-commerce marketplace. They founded ApolloBox in 2016 and now has 1 million active users, over 800 global brands, and $15 million annual run rate.
Over 100 global brands and online shops have become members of the ApolloX decentralized marketplace within 2 months since the announcement of the ApolloX platform. Many brands and seller communities positively responded to the new blockchain based marketplace model that ApolloX is building. Based off these reviews, the ApolloX team aims to partner with 1000 stores before the platform’s official launch.
ApolloX will launch with 1 million users and 15 million annual revenue thanks to its strategic partner ApolloBox, a fast growing vertical marketplace in the US. ApolloX users will be able to use both APXT(ApolloX’s native token) and fiat currency to make purchases from ApolloBox and earn rewards.
ApolloX Protocol is a set of built-in functionalities for all essential e-commerce transactions and community developers are encouraged to build more features set on top of the system.
ApolloX’s attribution protocol allows shops to keep existing traffic channels with better transparency and lower costs. It also enables token based incentive for community driven traffic so shops can enjoy lower customer acquisition cost while customers can earn extra money from recommending products to their friends.
ApolloX Payment Protocol handles the end-to-end payment escrow process between buyers and sellers. It also supports third party insurance and the transformation between fiat currency and cryptocurrency on ApolloX platform. ApolloX Payment Protocol can prevent majority of online shopping scams with the help of distributed ledger and smart contracts.
ApolloX Arbitration Protocol solves post-purchase dispute and complaint settlement by employing the popular Deposit-Challenge-Vote mechanic in every dispute handling to ensure transparency and independence. When two members , usually a buyer and a seller, within the community cannot reach agreement on a case by themselves, either one of them can open a case by depositing a smaller amount of ApolloX tokens. The opposite party is required to deposit the same amount of ApolloX for this case and provide their reasoning.
Customers rely heavily on the reviews and ratings of products and sellers on a marketplace to make decisions on their shopping choices. Therefore it is important to prevent people from manipulating the review system and encourage genuine reviews from verified buyers. To accomplish this, ApolloX Reputation Protocol is created to reward authentic reviews and penalize fraudulent reviews.
As a platform for e-commerce business, we rely on certain outside informations to keep the system running, such as logistics data and advertising data. This information will be provided to smart contracts as trusted data through the ApolloX Oracle Protocol.
ApolloX is built with Tendermint-BFT and can integration with Cosmos and enable features like distributed exchange and bridging for other cryptocurrencies. We choose Tendermint as our top candidate for the following reasons. First, High performance over thousands of transactions per second.Second,.Proof-of-Stake based consensus mechanisms that is efficient. Third, Independent governance mechanism allowing quicker and cleaner resolutions to operations issues.
E-commerce applications usually generate large amounts of data in daily operation. It will be a great waste of resources if all that data was required to be stored on a blockchain. Thus in our design, we store certain non-core data off the chain and into a distributed database, such as Cassandra or decentralized data storage system such as IPFS.
Data stored on a blockchain is readable to every node of the blockchain, yet much information in an e-commerce application requires privacy protection, such as the buyer’s name and address. ApolloX handles the privacy data by encrypting them before storing them with the related parties’ public keys. For example, by default only the buyer and the seller have access to an order’s details, and our system will encrypt the order data with the buyer’s key and seller’s key. After encryption, no one can read the order’s data without authorization from the buyer or seller.
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APOLLOX
ApolloX is the first blockchain solution for e-commerce with a huge number of present customers and mainstream adoption. It operates on the rules formed by the community; all related data is kept in the blockchain and as such no single customer can alter them without all other parties knowing. In the event of a dispute, the platform’s arbitration process takes charge ensuring there are fairness and transparency.
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ApolloX is a brilliant idea that is bound to gain traction. The present e-commerce actors exploit both the sellers and buyers and users will gladly adopt this platform. I will be among the first people to invest in this platform.
